Trust in fiat money is in accordance on what is regarded to as the “full faith and credit” of the government that distributes the fiat money in question. There is no asset supporting the currency; the dollar value is based on what the people think it is worth rather than inherent value. If the government raises the supply of fiat money at will, the value will fall with no destination as it is subject to abuse and miscalculation. That is why money supply today is a significant topic for many governments who have employed quantitative easing policies in the preceding years.
Any misconduct by the government or politicians could end in vital stress of the value of that currency. Throughout this time of a heightened lack of confidence in fiat money, crypto assets have emerged. This rising is evidence to the “untrustworthiness” of fiat currencies and also to the fast advance in technology.
To address the difficulties with fiat money, and to fully implement monetary discipline, the currency system must be based on a commodity, indicating the currency should be supported by something of real value or something that takes effort or means to produce, such as gold. The key effect is to take away the facility at which politicians can create money to manipulate money supply due to its scarcity of resources. The commodity-backed currency indeed rectifies the shortfall of the fiat money by benchmarking its value versus commodity.
Introducing GGC As The Solution To Resolve Fiat Currency And Crypto Asset Issues
GGC is pegged to gold bullion and is based on the Ethereum ERC20 blockchain that is trading compatible on all large crypto exchanges that partner with GramGold Coin Collaboration. Each GGC denotes 1g of gold bullion recorded by a vault account. For each 1g gold shown by vault statement that is sent via a smart contract through a Proof of Asset (“PoA”), one (1) GGC will be produced on the blockchain.
GGC has 100% of its rate supported by real, physical, gold bullion. With real inherent value backing it, GGC works as a safe option for exchanging valuation and providing liquidity in the crypto world. The gold bullion backing GGC is held by a trusted vault service provider. GGCC itself will not keep the gold bullion at any time. The gold bullion kept under vault will be reviewed from time to time to confirm the actual number held in reserve. Transaction charges from transactions of GGC will help pay for the maintenance and upkeep costs of the Ecosystem, including the fees for the vault service provider and auditor.
Initial Coin Circulation Instead Of Initial Coin Offering
GGC is 100% supported by gold bullion before it is ever distributed onto the blockchain. Each GGC is allotted out of Gold already purchased and kept by vault service providers instead of crowdfunding from concepts and plans, which is the largest difference between GGC and other cryptos. GGC’s process is the ‘Initial Coin Circulation’ (“ICC”), instead of an ‘Initial Coin Offering’ (“ICO”).
Who offers GGC and how much required in the crypto world?
GGC is offered by a smart contract created by GGCC, which itself was founded by a group of financial/IT professionals, each with over 20 years of background. GGCC is a Special Purpose Company (SPC). The only business objective of this SPC is to offer GGC on blockchain and develop GGC related solutions to serve participants of the Ecosystem.
One billion GGC tokens would be capable of fulfilling the demands for GGC development on various stages.
For Hedge & Stable Coins – 10% of Cryptos outstanding, ~25 billions market cap, ~600 million GGC tokens.
For Investment Coin – 10% of Gold ETF outstanding, ~10 billions market cap, ~240 million GGC tokens.
For Reserve Coin – 10% of world gold reserve, ~3367 tones, ~3.3 billion GGC tokens.
For Payment Coin – 10% of USD Money Supply (M1), ~360 billion, ~8.6 billion GGC tokens.
Mission and Vision
Developing the intrinsic and extrinsic value of GGC through the collaboration of GGC’s ecosystem:
GGC is distributed upon receipt of a corresponding Proof of Asset vault statement that is a smart contract. Gold bullion shall be kept by the vault service provider to assist in validating GGC, and transactions are protected and secure through the blockchain.
One gram of gold is held under the supervision of the vault service provider and hedge against inflation and uncertainty.
Offer the efficient pricing mechanism across fiat and crypto assets, and abundant liquidity is connecting the digital and real world. Also, perform versatile applications by smart contract and blockchain.
One-third of the transaction fee will be sent to GGE to cover maintenance and other costs. GGC both creates and transfers value through stability.
The GGC Team
The team is established by top-tier finance professionals with an average 25+ years of background, with knowledge in all perspectives of the industry. They originate the GGC initiative with a single goal, to grant investors a peace of mind in this turbulent market.
Philip Tsao, CFA
Founder and Chief Advisor to GGCC. Philip has 27 years of expertise in investment banking with Goldman Sachs, UBS, Morgan Stanley, Citibank, and Barclays in the fields of Sales and Trading, Debt and Equity Capital Markets, Private Equity and Investment Banking in Taiwan, New York, and Hong Kong.
Clode Ku is a Founder and Chairman of GGCC and a Chairman of the Sky Mirror Technology Co., Ltd. Clode has more than 20 years of large-scale IT system platform development background, concentrating in artificial intelligence, data mining technology. He hosted the Industrial Technology Foresight Research Program and won some technical patents, product technology, and service Innovation Awards.
Allen Hsu, FRM
Allen is a Founder and advisor to GGCC. Also, the Founder and Chairman of Hearts & Mirrors Investment Co. Allen have over 20 years of experience in the financial industry comprising
exchanges, asset management, wealth management, and investment banking in Taiwan, Hong Kong and Mainland China working with Barclays, BlackRock, etc.
Founder and CEO at GGCC. Before GGCC Thomas has 23 years of experience in the field of investment banking, wealth management, risk management and quantitative trading with
Louis Dreyfus Company, UBS and China Development Industrial
Bank in Taiwan, Hong Kong, and New York.