The first cryptocurrency, BTC, was introduced in 2009. Since the introduction, its price history portrays it as a highly volatile virtual currency that has seen many rallies and crashes.
Bitcoin was first valued at $0.0008 in 2010 and changed to around $0.08 a coin in the same year. Today, a single bitcoin trades at $11,718.68, although the value is still prone to volatility issues.
Even with volatility issues, bitcoin remains a dominant cryptocurrency in the industry, although the narrative could change. Cryptocurrencies being on the brink of losing or gaining value makes most investors nervous. That’s why the industry came up with stablecoins, to mitigate the price volatility of crypto.
Stablecoins are either fiat-backed, commodity-backed or backed by precious metal. This article will look at a stablecoin backed by the most precious metal, gold, and how it is increasing in value for investors.
GSX Stablecoin
GSX refers to Gold Secured Currency, a coin from Apollo Fintech that is backed by gold and gold-rich land. The virtual currency combines the features of cryptocurrency, a stable coin, and an investment coin.
The volatility of cryptocurrency prices has been the major problem with the first virtual currencies. Consequently, a new form of digital assets came up, the stablecoin. Tether became the first stablecoin after its launch in 2014 and remained alone in the market until 2018.
Stablecoins address the price volatility problem by pegging to distinct backing forms. However, these stablecoins still come with their share of insecurities. Fiat currency-backed coins are prone to the backing currency’s inflationary effects, while crypto-backed coins are still under some volatility risks.
An ideal stablecoin should maintain stability, remain decentralized, regulated, and audited to support market adoption. Apollo Fintech recognizes these essential aspects and has chosen a great asset to back its new currency. Furthermore, Apollo has put up programs to ensure the GSX coin’s stability and perpetual growth in value, which is the most exciting currency feature.
The Coin with Guaranteed Value Addition
According to Apollo Fintech’s CEO, Steve McCullah, GSX combines stability and growth, making it the ultimate cryptocurrency investment. It has the best backing of gold, which has been the most protracted tradable asset since introducing gold coins.
Apollo Fintech holds over 3,700 acres of gold and precious metals-rich land in Africa. The company intends to back the new currency with the vast property and recently released a document to show its GSX gold backing mines in Zimbabwe.
Apollo adopted a program that intends to increase the gold and asset backing continually. Boasting a variety of international products and services, Apollo will use a quarter of its income from product sales and transaction fees to buy more gold-rich land. Half of the gold and metal-rich land profits will also buy more land, which will all back GSX. The acquisitions of land and increases in gold mining will be tracked, and weekly reports issued to allow holders to see the consistency in value addition.
Currently, there is a maximum GSX coin supply of 30 billion. However, Apollo plans to present 10 billion coins to the CDE and lock the remaining coins for a year. Half of the GSX remaining after the coin distribution event will get transferred to the genesis account, while the other half gets burned to back the successful coins.
Other than the land reserves, the company plans to expand its assets, including opening a gold refinery, forming a GSX backing reserve. Besides, the price of gold and land take an upward trend. As a result, the value of the Gold Secured Currency will keep going higher as it will never value below the price of the asset backing.
Rights to Property and Annual Dividends
GSX will be among the first stablecoins to pay holders annual dividends. Coin holders become shareholders with entitlements to the multi-billion company property.
Profits from the gold mining projects will be split into two, where half will go to acquiring more land while the other half gets distributed to holders as dividends. Holders will be beneficiaries of all proceeds from the sale of company assets.
Transparency Issues
The cryptocurrency market is filled with thousands of coins, although only some of them make sense. Other than volatility, some of the other issues plaguing the market relate to transparency and security.
The GSX coin is based on Apollo blockchain, a real solution provider, including global economies and governments. Apollo recently became the first company to implement database sharding, a theoretical technology for achieving blockchain sustainability.
Apollo blockchain’s capabilities provide the best security for GSX investors while supporting the direct exchange of coins for their fiat currency’s gold worth. The company solves transparency issues by engaging third-party auditors who will audit all their assets and asset growth, and give regular reports.
Parting Shot
Apollo Fintech has, over the recent years and proved its commitment to provide solutions to real-world problems by pushing blockchain technology capabilities beyond the limits. Its projects have been a success, including the Apollo Currency.
As one of its latest projects, Gold Secured Currency is set to become the next big investment in the crypto world due to its unique characteristics. Apollo Fintech is in the best position to exploit blockchain capabilities and has the best assets and program to ensure an infinite rise in GSX value.
