Jinbi Token Goes for Gold
Jinbi Token, a Switzerland and UK-based gold-backed blockchain company, is set to transform the security of gold assets through a crowdsale beginning on Friday June 1, 2018. There will be a pre-sale starting on Tuesday, May 29, 2018 where 1.25 million Jinbi Tokens (JNB) will be available to purchase.
Co-founder of Jinbi Token, Andre Rafnsson, said: “Today, people, who wish to buy twenty-four carat gold, face a number of challenges. For example, where do people go to buy gold and how do they know if it is authentic? Is the gold from a trusted source? How would they store it? How do they get access to it? The list goes on.
“We live in a complex and confusing environment to purchase twenty-four carat gold. It is a well-known fact that you can buy gold with paper contracts, and you could be subject to counterparty risk. But what if you owned the physical assets and they were under your control? Transparency is what the gold industry needs, and blockchain is the solution to deliver it.”
Jinbi Token will be the first token to be partnered with a gold mining company. Each token will be assigned gold via smart contracts, meaning that every piece of gold will be accounted for. Participants will be able to see where their gold is and the exact value of the tokens at any time. Blockchain technology provides an easy, safe and simple way to transact in an efficient, anonymous and high-frequency manner.
There will be at eight stages within the Jinbi Token process, these are:
1. Jinbi Token holds a legal offtake agreement with the mining partner for the production of gold
2. The gold is produced
3. The gold is then refined by a world-leading precious metals refining company
4. Following this, it is stored securely in vaults and insured
5. Bureau Veritas will perform as the independent third-party auditor
6. Once approved and verified, the gold is linked to smart contracts permanently on the public blockchain
7. Dividends will be paid in physical gold when Jinbi Token reaches its first production target
8. Jinbi Token will be a safe haven crypto asset class with an increasing gold floor.
Jinbi Token will also hold quarterly audit inspections on the quantity and quality of gold stored in vaults. By doing this, the company ensures proper and correct accounting is upheld. In addition to this, Jinbi Token will use cryptographic security, meaning only those within the supply chain are able to view the details. Those taking part will be provided with transparency, so they can have a precise understanding of the location of their gold.
Rafnsson continued: “Our expectation is to have 150,000 ounces of gold linked to smart contracts by 2019. All bars produced are twenty-four carats with a fineness of 999.5. They will all be delivered brand new and will be stored in various sizes, from 5g to 12.5g. Once the gold has been allocated, it can then be delivered or stored.
“A maximum of 10 million Jinbi tokens will be available to the public, priced at $88 million. The Jinbi token will be the first token, other than the Pillar token, to use the new Pillar wallet. Pillar, which was created by Twenty-Thirty AG is set to create the most secure Ethereum token wallet to date and will be launched later this year.”
