The Golden Coin Token (GCX) is a core part of Digital Gold’s business model.
The Golden Coin Token creates value for the members:
When joining the marketplace, new members buy a certain amount of Golden Coin Tokens.
Members then use the Golden Coin Tokens to partially pay for goods and services on the marketplace. They benefit from reduced transaction costs, speed of transaction, and less administrative burden.
The direct settlement between buyer and seller, via Smart Contracts, makes the financial aspect of transactions easier, more secure, and trustworthy. This is particularly beneficial for larger, cross-border transactions.
Members hold Tokens and benefit from the increased purchasing power of Golden Coins over time.
The inherent benefit of using Golden Coin Tokens (GCX) results from interactions, that are assisted by the Digital Gold Protocol.
- GCX is required to obtain membership and access to the platform and all core operations on the digital gold transaction protocol.
- GCX is a a compulsory part of the payment mechanism for the Digital Gold Platform;
- Golden Coin Tokens have to be spent on executing Smart Contracts. A minimum percentage of each transaction has to be settled in tokens;
- Golden Coin Tokens will also be distributed through membership referral programmes, in order to facilitate network (user based) growth.
How members of the marketplace acquire Golden Coin tokens:
- At admission, each applying member has to acquire a number of tokens equal to a certain percentage of their turnover as reported in their most recent audited financial statements.
- Additional purchases are allowed for existing members, as per their requirements, subject to certain upper limits set by the Wise Founders
- Sale of goods and services on the platform, once a member is admitted will require a certain minimum part of the transaction to be settled in tokens.