Virtual currency designs for a more beautiful blockchain experience.
The team at Goldsmith Moneyare excited to unveil our first virtual cryptocurrency series.
In honour of the rapidly expanding blockchain gaming ecosystem Taurion, we have minted our first range of virtual tokens, which we are calling our Taurion Cubit Faction Coins – or ‘Cubit Coins‘ for short.
Cubit is a dark and rich precious metal native to the harsh, yet resource rich planet of Taurion.
Cubit is rare, malleable and remarkably beautiful, making it an ideal medium of exchange on the planet.
Naturally Cubits are highly prized by all 3 factions currently occupying the planet. Their prospectors, miners & craftsmen alike, all strive to amass their cubit fortunes. Not to mention the thieves, raiders and pirates who have also made the planet their home.
Wars will be fought over Cubits and the battles will be rife. For some, Cubits will mean success and wealth beyond measure. For others, cubits will mean a lifetime of failed pursuit and shattered dreams.
Cubit Faction Coins – Series 1 (2020)
Artist – EDX Designs
From the water covered planet of Aquarion, this genetically enhanced race of seafaring villagers, now seek land, minerals and cubits on the desert planet Taurion.
Most certainly out of their watery comfort zone – will Reubo technological prowess be enough secure them success on Taurion?
With a strength forged in the lava pools of Lionis, the Jodon are brutal and uncompromising. Answering only to Baron Vostok himself, the Jodon will do whatever they must to ensure this authoritarian regime thrives in this new world.
Alternatively – could Taurion mean an end to the political class warfare, which has plagued Lionis for so many centuries? Whispers are – a ‘cubit revolution‘ is afoot.
Their home, the lush forest planet of Verdis, is a vision of beauty within a canopy of death. Both flora and fauna can kill in an instant. Regardless, this final race of Earth descendants, is both enterprising and motivated and have managed to tame the planet and survive.
As proponents of free markets and capitalism, will these masters of trade and commerce be able to overcome the strength and technological superiority of the other two factions? Time will tell. And time has historically been a friend to expanding republics.
Get your own custom Cubits!
These are the Taurion Cubit Faction Coins – Series 1 (2020).
If you would like your own customised cubit coin/s, with your own branding / avatar image on the front – please reply to this post with an expression of interest.
Virtual Mint (GM Virtual Mint)
The GM Virtual Mint webpage is currently in production. We hope to have the catalogue page up and running soon. Here you will find all our customisable virtual currency mintings, for your blockchain business, branding and pleasure needs.
Those of the Financial Awakening appreciate two things – the first is GOLD; the second is BLOCKCHAIN. The merging of the two was simply a matter of time. How this merging would take place was all that needed to be determined.
We thought it would have stemmed from the US. New state based precious metal depositories have been built over recent years. We assumed one of the depositories would have then established themselves on a blockchain. Allowing citizens to transact in gold and silver backed tokens, convertible for the metal held in the depository.
We have no doubt that this will still take place. However, it appears that the first institution to take their gold vault to the blockchain may be Australia’s PERTH MINT.
INFINIGOLD has released its Whitepaper 1.1. In collaboration with the Perth Mint they are taking the GoldPass digital certificate to the Ethereum blockchain, as an ERC20 standard token. The token has been aptly named the Perth Mint Gold Token – or PMGT for short.
Each PMGT token is backed by a 1 ounce GoldPass certificate, which is in turn redeemable for 1 ounce of physical gold at the Perth Mint.
Whilst stored physical gold is not allocated to each certificate, the Perth Mint claim that they have the gold available to meet any redemption request. It is also noted that the mint is guaranteed by the state Government of Western Australia – providing addition credit security.
So what do we make of this?
The PMGT is a terrific development for the cryptocurrency industry!
Tokens backed by physical assets will enhance public perception of cryptocurrency generally, as the tokens are now without doubt, a store of value. In time this should encourage more adoption of the tokens as a medium of exchange, outside of the failing fiat systems.
The PMGT could be good investment vehicle for some – just buy and hold. Though if you want to buy and hold gold – wouldn’t it be better to just buy and hold physical? Perhaps.
PMGT will be available for purchase on selected cryptocurrency exchanges for account holders who have satisfied the necessary KYC identification requirements. This in itself will limit early take-up. Once purchased however, these tokens can be moved onto the Ethereum blockchain to be transferred and traded within.
Redemption for physical gold would need to take place back at a selected exchange. This may not deter interest in the tokens though, as many would not be interested in converting anyway. Instead they may be simply looking to peg some of their cryptocurrency wealth to the price of gold – and the PMGT may be an ideal solution.
However, if the desired purpose of the token is everyday trade – forget it. A single transaction on the Ethereum network is costing as much as $US20 at present. The network is being pushed past capacity by the current exploding DeFi demand. The high transaction costs and network limitations will crush any chance of PMGT replacing fiat currency as an exchange medium.
In many ways it is a shame InifiniGold selected the slow and overworked Ethereum network to build their product on. There are so many other options now. In fact, one of our two favourite blockchains, Telos, is already capable of running thousands of transactions per second, with all transactions being feeless.
Furthermore, the Ethereum Virtual Machine(EVM) is built upon Telos, allowing token developers to continue to use their Ethereum style coding, on this profoundly more capable public ledger.
In the end…
the PMGT is certainly a step in the right direction, on the path to Good Money.
Is a new political system the only fix for democracy?
For many of the Financial Awakened – the problems in society are stemming from the obvious. There is a political and bureaucratic swamp engulfing the world. They are enriching themselves and their masters, but at the expense of the working middle-class and underprivileged.
There are some who want to drain the swamp. A noble cause indeed. However, what if the swamp cannot be drained?
What if our political system, the Democracy we treasure so deeply – is itself, deeply broken? Broken to such an extent that change is now impossible. Corrupted beyond all chance of repair.
Is it time we had a new form of Government?
This is the theme behind a recent and thought provoking publication by Mr Daniel James Larimer (Dan for short).
For those who don’t know Dan, Dan is a blockchain engineer. He is not just any engineer though. He is the mastermind and builder of the Delegated Proof of Stake (DPOS) concept and protocols.
Dan has been ultimately responsible for 3 generations of DPOS blockchain development. First BitShares, then Steem a popular social media blockchain and now the third generation EOSIO utility blockchain.
Bitshares and Steem were both highly successful in their day, always abuzz with activity.
Currently the two most active blockchains in the world (accordingly to blocktivity) are EOS and Telos – both based upon Dan’s DPOS EOSIO protocol.
I mention Dan’s history to ensure that you fully understand that this is one self-made and HIGHLY INTELLIGENT individual.
Just as important in Dan’s resume however, is his staunch and long time advocacy for individual liberties, free markets, property rights and small government.
In his article titled (perhaps controversially) ‘Can we end riots with a new kind of Government?’, Dan highlights the critical failings of the current political system in the US – which we deem to be applicable to most Western nations.
Dan lists some of the factors responsible to for the failings and these include:
Gerrymandering, effectively permanently captures a district for a party
Major parties don’t have to be democratic (or accountable) and make their own rules and they change them every time an outsider (e.g. Ron Paul or Bernie Sanders) threatens the elite’s choice.
Media and parties control the discussion of who is eligible for masses to consider.
Incumbent advantage leads to re-election of people with 20% approval rating!
Campaign finance that favors celebrities and big spenders.
Debate about people and not about policy.
All valid criticisms of the current political system of course.
If Dan had of left it at that, this would be the end of the discussion. However, in the usual helpful style of any good engineer, Dan has offered the world a potential solution, based around a whole new political system.
Dan has named this system –
Randomized Hierarchical Representative Government
Let us refer to this system as RHRG for short.
Dan outlines the basic process as follows:
Randomly assign people to small groups (~10 people)
Each group must select a representative from their members with 8/10 approval.
Randomly assign selected representatives to small groups (~10 representatives)
Every election season would start with people assigned to different random groups.
Under this process:
incumbents would have no power as any single group of 10 people could prevent an incumbent from advancing.
Celebrities have no power because you can only vote for people in your group.
Identity politics has no power, because you can only vote for those in your group.
Special Interests have no power, because there are no long-term relationships with incumbents and 8/10 must agree.
Vote fraud has no power, because how can you cheat a vote of 10 people?
Political Parties have no power, because you must reach consensus on a representative with 8/10 people.
Campaign finance has no power, because the only people you have to communicate with are the people in your group(s).
In a country with 100 million eligible voters, each group of 10 could be given 30 days to discuss and reach consensus on a representative and it would take at most 8 months to pick a president and a hierarch of people under them. Each step in the process eliminates 90% of the candidate’s.
The output of such a system would be a form of government which should represent the will of the people (to the extent such a thing exists). The system is neutral with respect to political opinions regarding the size/scope of government. It is neutral to Republican and Democratic opinions. It is neutral with respect to race, money, religion, abortion, war, etc.
What are the benefits of this system?
Dan goes on to discuss historical instances of small group voting for representatives up a hierarchy and the advantages and potential drawbacks of RHRG. As you come here for the Goldsmith Money opinion however – here goes.
Assuming a grassroots movement could gain enough moment to usurp the current democractic system – RHRG would indeed lead to:
A higher quality of political representative.
A better majority representation on important issues.
Lower levels of political interference from unions and other special interest groups.
Lower levels of media interference in the election process.
Less power for minority interest groups holding the majority (and sometimes all of society) to ransom.
However, the first drawback to spring to mind what that there could be a loss of continuity, political memory and experience. This could be detrimental to the outcome – particularly in the short term. This disadvantage could be easily overcome by staggering implementation and term commencement.
To his credit – Dan briefly mentioned this above failing and offered a similar solution, along with countering a few more potential criticisms of RHRG.
To conclude, Dan briefly discusses some of the amazing new technologies which could be utilised to ensure the successful implementation and management of this proposed political system.
So does RHRG have merit?
But that does not mean that we do not seek the opinion of other thought leaders in the libertarian establishment.
Mr Douglas Horn, chief architect of the governance enhanced Telos blockchain (mentioned previously) offered Goldsmith Money a technical dissertation on the RHRG proposal.
We will go into the full details of Mr Horn’s review in a followup article in a week or two. In brief though, Mr Horn states.
The tyrannies Dan Larimer mentions in his article about Randomised Hierarchical Representative Government will feel quite tangible to anyone paying attention to American politics of the past century or more.
Mr. Larimer’s excellent treatise on a new look at electoral processes would be better served by proposing that we first show the value of this Randomised Hierarchical Representative Government through other means.
Unfortunately, you will need to wait for the full story.
At the very least… RHRG is worth discussing.
You can find Dan’s full article here on the new blockchain based social media platform – Voice.
Dan states that if we want change ‘the first step is to raise awareness of a new form of representative government.’
We at Goldsmith Money have taken our first step – we have started a conversation and created awareness. The question now – what will you do?
Please be sure to subscribe to Goldsmith Money updates here; along with our YouTube channel for all manner of discussion – monetary, blockchain, gaming or otherwise.
Be well friends.
Looking for more on politics, try The Political Pendulum – it is sure to put a few political ideologies in perspective.
According to an article by Mr Jeremy Eng-Tuck Cheah, published in The Conversation, on 26 August 2020… it very well could be. Link here.
DeFi stands for Decentralised Finance and according to Mr Cheah, this financial industry has grown from US$2.1 million to US$6.9 billion in the past 3 years.
DeFi refers to and I quote…
… financial services using smart contracts, which are automated enforceable agreements that don’t need intermediaries like a bank or lawyer and use online blockchain technology instead.
DeFi smart contracts began with the Ethereum blockchain network and have now evolved into much, much more – encompassing a wide range of blockchains and decentralised applications (Dapps).
Lending, trading, cross-platform trading, derivatives, currency pegging and hedging are all being done within smart contracts; and, are but some of the use cases.
In a recent announcement by the Telos blockchain – they will be providing the infrastructure to tokenise a EURO 30 million property in Croatia. In partnership with Dapp development platform Katalyo and other stakeholders, they plan on tokenising both the property ownership and the rental revenue income. Another new example of DeFi in action. Article here.
In a YouTube broadcast last week (embed below) we discuss both the above articles and the financial opportunities that continue to arise in the blockchain and cryptocurrency industry.
Enjoy the video and remember the term – DeFi. For you will be hearing it more over the years to come.
What is Blockchain?
Check out one of our recent blogs on just this topic.