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Great questions! Let me address them all: 1. Enforcing Title and Physical Possession: Each NFTroxie is backed by a real gold bar stored with a trusted custodia
by binquasin 2y ago
Great questions! Let me address them all:
1. Enforcing Title and Physical Possession: Each NFTroxie is backed by a real gold bar stored with a trusted custodian. Ownership of the NFTroxie grants the right to claim the corresponding physical gold. Provenance is maintained on the blockchain, ensuring a transparent and tamper-proof record of ownership. In case of disputes, the chain of title on the blockchain provides clear evidence. This is more secure than conventional paper certificates, which can be lost or forged.
2. Paper Certificates vs. Blockchain: While traditional methods like paper certificates and human custodians have been the norm, they come with risks such as fraud and mismanagement. Blockchain technology provides a decentralized, immutable record that reduces these risks, offering a higher level of security and trust.
3. Misstating Gold Information: Trusted custodians verify and report the gold's location, quantity, and purity. Regular audits and transparency measures are in place to ensure the accuracy of this information. The immutable nature of blockchain makes it difficult for any party to alter records without detection.
4. Human Decision-Making vs. Code: While some investors may prefer traditional systems with human oversight for dispute resolution, many are drawn to the predictability, security, and efficiency of smart contracts and blockchain technology. NFTroxies aim to combine the best of both worlds by providing a secure digital record backed by reputable physical custodians.
By leveraging blockchain technology, NFTroxies offer a more secure, transparent, and flexible way to invest in gold, appealing to modern investors looking for innovative solutions.
At least that's the idea. We are currently building the infrastructure, but we are also working hard to start these partnerships.
Hope this clarifies your concerns!