Sometimes you must go back in order to go forward.

In an age of contactless payments, when our wallets and purses no longer jangle with change, the notion of transporting blocks of gold to make payments seems medieval.  And why question the value of the money in your account so long as it gets you what you need?

But nobody is immune to the effects of inflation, deflation and currency exchange rates.  The euro has had its fair share of crises in its short life, and the mighty dollar has been in a downward spiral for years now.  Bitcoin and the other cryptocurrencies are hardly models of stability, so where does money go from here? Everyone wants the convenience of digital payments and a global market, but not one that’s tethered to currencies that can be devalued by governments, or that plummet in value with no apparent warning.

Puregold has launched a cryptocurrency (PGG) that is based on gold.  Real gold, not just some conceptual gimmick. When you hold PGG, you hold actual gold in digital form.  The gold itself is in storage, but its value is in your pocket, on your smartphone and, eventually, available to take out of ATMs in local currency.

The Singapore based company behind this revolution are already an established gold merchant.  There is even a Gold-Dispensing machine in Singapore. How’s that for bling? Puregold wants to take us back to the days of the Gold Standard, where the fiat printed by governments was underpinned by gold reserves.  Nixon got rid of this in the early seventies, and the result has been boom and bust economics. When the going gets tough, investors still turn to gold as a safe and reliable form of capital.

Puregold wants to take the stability of gold and combine it with the flexibility of digitisation.  It’s a token that is actually worth something: not just a utility for a service that doesn’t yet exist.  Puregold is using the Ethereum blockchain, the most trusted and adaptable blockchain, for its ability to produce fully transparent smart contracts.  Meanwhile, the physical gold in storage is tagged to its owners. This can go as fine as 1 gm of gold. There is only as much PGG as there is gold in storage.  Don’t expect any free airdrops of this token.

Puregold recently finished its ICO and will launch PG-Pay, its Gold Payment Gateway, this year.  It also targets an IPO for next year, a signal of its intention to gain credibility and trust.

The blockchain will disrupt many traditional industries and markets over the coming years, with everything from healthcare to charity funding expected to utilise blockchain technologies.  While Bitcoin steals all the headlines, the real revolution is far beyond currency-speculating. But if history has taught us anything, it is that we always return to gold as the most valuable and reliable of commodities in a crisis.  With gold on the blockchain, Puregold may have mined the most powerful currency solution for investors and savers yet.

If you would like to have your company featured in the Irish Tech News Business Showcase, get in contact with us at [email protected] or on Twitter: @SimonCocking

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