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PR Newswire
27-10-2018, 07:24 PM
The real challenge for an alternative global system of value exchange is not for it to be a wealth creation exercise for the elite, but an effective method of transfer that is stable, cannot be manipulated by institutions or governments, protects the individual, has an intrinsic value and can be used quickly for ordinary, day-to-day transactions.
After the gold standard that once defined the value of currencies was abandoned in the 20th century, the monetary system became dependent on central banking policies and political instability.
Against this backdrop, the evolution of blockchain and cryptocurrencies opened up new opportunities to ensure decentralisation and stability. However, current blockchain payment systems and their cryptocurrencies have suffered from severe price volatility, limiting their holder’s desire to be used as tender.
A large part of this is owing to the cryptocurrencies' lack of intrinsic value: Cryptocurrencies are merely pieces of digital information subject to the whims of a volatile market.
With Kinesis, a new gold standard is being developed using the latest blockchain technology to digitize the most precious of all commodities.
Kinesis is a monetary system that combines the age-old stability of gold and silver with the efficiency of transactions on the blockchain.
With cryptocurrencies currently overwhelmed by speculation and volatility, a crypto that is based 1:1 with gold and silver deposits will bring stability to the coin, promoting its use as a functioning currency rather than just an investment to hold or trade.
Kinesis was founded by the Allocated Bullion Exchange (ABX), the world’s first electronic, institutional bullion exchange for physical precious metal.
This gave the new blockchain-based fintech company an exceptional start: extensive infrastructure and a fully operational exchange built for the trade and storage of physical bullion in seven locations around the world.
"We’ve combined the knowledge and experience we gained from that, as well as the infrastructure we developed with ABX, with the advent of blockchain technology and the introduction of cryptocurrencies," says Mr Case, chief commercial officer at Kinesis Money "Doing this has given us some significant advantages against other cryptocurrencies in the gold space."
"I can’t do much with a kilo bar of gold that is stored in a vault somewhere. I can’t monetise it and I can’t access the liquidity in terms of the dollar value that is represents. But we saw the introduction of cryptocurrencies, and combining a traditional asset such as physical gold with a digital currency, as a great opportunity to return to being able to transact gold easily and efficiently - using it as a medium of exchange."
To encourage users to send, spend and transact on the Kinesis Blockchain Network, Kinesis has introduced a multi-faceted yield system that remits the 0.45 per cent it takes on each transaction back out to the network based on how they’ve participated.
When you purchase Kinesis currencies, you have simultaneously allocated real gold or silver stored securely in one of several third-party vaults around the world ensuring no counterparty risk. These digital coins (KAUs represents the gold-based coin and KAGs represents silver), can easily be spent at point of sale through the Kinesis debit card, allowing users to make fast and safe transactions. Holders of Kinesis currencies can redeem the coin and take delivery of the underlying physical precious metal guaranteeing intrinsic value to this cryptocurrency.
Kinesis enhances money as both a store of value and a medium of exchange.
After the gold standard that once defined the value of currencies was abandoned in the 20th century, the monetary system became dependent on central banking policies and political instability.
Against this backdrop, the evolution of blockchain and cryptocurrencies opened up new opportunities to ensure decentralisation and stability. However, current blockchain payment systems and their cryptocurrencies have suffered from severe price volatility, limiting their holder’s desire to be used as tender.
A large part of this is owing to the cryptocurrencies' lack of intrinsic value: Cryptocurrencies are merely pieces of digital information subject to the whims of a volatile market.
With Kinesis, a new gold standard is being developed using the latest blockchain technology to digitize the most precious of all commodities.
Kinesis is a monetary system that combines the age-old stability of gold and silver with the efficiency of transactions on the blockchain.
With cryptocurrencies currently overwhelmed by speculation and volatility, a crypto that is based 1:1 with gold and silver deposits will bring stability to the coin, promoting its use as a functioning currency rather than just an investment to hold or trade.
Kinesis was founded by the Allocated Bullion Exchange (ABX), the world’s first electronic, institutional bullion exchange for physical precious metal.
This gave the new blockchain-based fintech company an exceptional start: extensive infrastructure and a fully operational exchange built for the trade and storage of physical bullion in seven locations around the world.
"We’ve combined the knowledge and experience we gained from that, as well as the infrastructure we developed with ABX, with the advent of blockchain technology and the introduction of cryptocurrencies," says Mr Case, chief commercial officer at Kinesis Money "Doing this has given us some significant advantages against other cryptocurrencies in the gold space."
"I can’t do much with a kilo bar of gold that is stored in a vault somewhere. I can’t monetise it and I can’t access the liquidity in terms of the dollar value that is represents. But we saw the introduction of cryptocurrencies, and combining a traditional asset such as physical gold with a digital currency, as a great opportunity to return to being able to transact gold easily and efficiently - using it as a medium of exchange."
To encourage users to send, spend and transact on the Kinesis Blockchain Network, Kinesis has introduced a multi-faceted yield system that remits the 0.45 per cent it takes on each transaction back out to the network based on how they’ve participated.
When you purchase Kinesis currencies, you have simultaneously allocated real gold or silver stored securely in one of several third-party vaults around the world ensuring no counterparty risk. These digital coins (KAUs represents the gold-based coin and KAGs represents silver), can easily be spent at point of sale through the Kinesis debit card, allowing users to make fast and safe transactions. Holders of Kinesis currencies can redeem the coin and take delivery of the underlying physical precious metal guaranteeing intrinsic value to this cryptocurrency.
Kinesis enhances money as both a store of value and a medium of exchange.