Based on the Metaverse blockchain, ZenGold is an application that digitizes gold to enhance liquidity, trading and retail models as well as provide increased transparency and auditability.
ZGC is the token used on ZenGold to represent the right to receive profits generated by the network. A total of 100 million (100,000,000) ZGC tokens were created on the Metaverse blockchain. 95% of the tokens will be released into the market to be freely circulated, while the remaining 5% will be allocated to the ZenGold Foundation to promote the development of the project ecosystem.
Each ZNG token represents one gram of 99.99% Gold stored in the Shanghai Gold Exchange. The value of each token is pegged to that of one gram of gold, while the token retains all the benefits of digital assets - it does not suffer from geographical constraints and is secured cryptographically. With ZNG, as little as 0.001 grams of gold can be traded, enabling more convenient transaction models.
Relationship between ZGC & ZNG: ZNG transactions give rise to transaction fees. ZGC holders are entitled to receive a portion of these transaction fees, proportional to the amount of ZGC they hold. These transaction fees may be distributed to holders in several ways, such as performing a ZGC buyback to increase its market value or by distributing tokens including ETP, ETH and BTC.
The Android version of the ZenGold wallet is live for beta testing, while the iOS version is currently undergoing internal tests. At present, the app’s gold trading functions are only available to residents of the People’s Republic of China. In the future, services such as bespoke gold jewelry and gold redemption will be added to the wallet. Crucially, ZenGold aims to serve as a frictionless global payments system by establishing partnerships with various gold exchanges and retailers, such as the Dubai Gold and Commodities Exchange, to enable customers to directly redeem currency.
ZenGold will also leverage on digital identity services provided by the Metaverse blockchain to strengthen its user credit rating system.
The wallet may be downloaded at: http://zengold.org