Why are precious metal backed crypto tokens better than just buying metal and storing it in a vault?
Crypto Tokens are more fluid and will soon be used for purchasing everything, you can transfer an asset-backed crypto token anywhere in the world in a matter of seconds without paying shipping fees dealing with that country laws, third party etc…
You can easily trade them on the exchanges, You cant do that with physical gold, silver etc..
Buying a Precious metal backed crypto token is a whole lot faster and easier than buying physical metal and having it shipped to you.
It’s cheaper for the same amount of metal, Due to AssetBase buying its metal directly from the cheapest supplier in bulk, Assetbase can buy most the metal under spot and will provide it in the form of crypto token a whole lot cheaper than all the other options. Note AssetBase makes it easier than ever to redeem 100% of your metal and have it sent to your desired location.
Storing, if you bought precious metal and wanted to store it in a vault there are storage fees that apply, if you want to move your metal from one vault to another there are huge shipping costs. The only fee on this token is a very small microtransaction fee of .0017 that can be lower by a vote.
Would people be interested in a precious metal backed crypto token?
The answer is Yes. Precious metal ownership in a digital form and/or a gold backed paper note, is not a new concept, it goes back almost to the beginning of time and it works. The concept of a precious metal backed receipt is not new and neither are the problems that arise with it. Here they are…
Fractional reserve, making more receipts then you have the metal backing them.
Do you trust a private company or individual with your gold?
Not redeemable, in order to truly have a metal back anything it needs to be redeemable anytime.
Transparency. You need to have complete transparency to prevent fractional reserve.
Assetbase is a Community-guided foundation. This ensures that no one company or person is in control of the precious metal or assets. Is best because it can be guided by the people that want to see success. And the way its guild is truly decentralized.
How does the community guild this foundation?
Much like a DAO token, AssetBase has Prime Tokens. There are 100 million of these tokens if you own one you can vote on functions and directions regarding the foundation’s operations, of course, the more of these you own the more your vote is worth. If you own 10,000 or more Prime Tokens you will be able to make proposals.
100% of the transaction fees on the precious metal tokens we talked about earlier, will be paid out to the Prime Tokens holders that own 10,000 or more. Remember the more Prime Tokens you have the more of the transaction fees you will accumulate.
This is huge for the Prime Token. As AssetBase expands there will be a lot more transactions, which means more fees will accumulate and the Prime Tokens holders will get all the fees. As the Wealth accumulation increases over time so will the price on the Prime Token.
AssetBase is unique because it gives all revenue to a supporter that wants to guide the foundation through owning Prime Tokens, and provides the secure easy to use crypto tokens redeemable in precious metal for individuals and companies to use in the 21st century. AssetBase is 100% developed and ready for us whether you want to own metal backed crypto tokens or Prime Tokens.