Best Blockchain Development Consultancy Firm in 2021 by APAC Insider

The Gold & Silver Standard

With the support of Blockchain Australia's exceptional technology and professional counsel, Gold & Silver Standard is striking a balance between trades in tangible commodities like gold and silver and digital assets like cryptos and NFTs.

Connect with an expert
Home > Case Studies > Gold & Silver Standard

The Challenge

The founders of Gold & Silver Standard had been working with investors for a while when they discovered two big challenges in the finance world. 

Precious metals like gold and silver provide excellent store-in value and no matter how many fiscal troubles hit the planet, their value can never drop to zero. However, there was no virtual asset in existence that had this quality, nor was there any representation of these hard assets in the digital world. In fact, virtual assets like crypto are so volatile that their value often drops to the negative, resonating panic in the investor community. This also meant investment in cryptocurrencies had too low security for common citizens to invest in it. 

Another big issue of the investment world the Gold & Silver Standard developers realised was that traditional institutions refrain from allowing NFTs to be used as collateral while lending. This was quite a counterintuitive idea since NFTs, just like precious metals, have terrific store-in-worth which makes them quite viable long-term assets. 

All this led the creators of Gold & Silver Standard to design NFTs that are backed by real-life assets like gold and silver bullions, allowing this crypto asset to avail the security of such precious metals. One can deposit gold or silver in Australia’s high-security vault, Reserve Vault, and mint Gold Silver Pirate tokens against them. The value of these tokens is determined by their attributes fixed with a mathematical formula by the company. This not only makes crypto investments more secure and therefore, inclusive, but also grants a very safe way to increase the value of NFTs in one’s holdings. On top of this, the inventors developed a structure of borrowing against said NFTs to earn interest in gold and silver.

  • No representation of physical assets like gold and silver in the digital world

    Precious metals like gold and silver, despite having high store-in worth, were not adequately represented in the world of cryptocurrencies and NFTs.

  • Virtual assets lose value too often, making investors hesitant in involvement

    Owing to the extreme volatility of the crypto market, the existing crypto assets recurrently declined in value which made common people scared to invest in them.

  • Not enough opportunities for using NFTs as collateral for a loan

    Even though NFTs are very worthy long-term assets, most conventional financial institutions don’t allow them to be used as security while lending.

The Challenge

Even though their aspiration was clear, Gold & Silver Standard required assistance in fleshing out their concept. Because their participants come from all over the globe, they needed an impenetrable smart contract that was utterly equipped. It was even more difficult for them to find a dedicated and competent team of engineers who are skilled in both blockchain and NFTs. They also needed an educated and experienced blockchain consulting team to help them through the ins and outs of the industry. That’s how they found Blockchain AustraliaTM, and we were happy to assist and guide them through the whole operation.

The Solution

Blockchain AustraliaTM was the perfect partner for Gold & Silver Standard because, in addition to our capacity to model ideas into holistic products, we also have substantial experience in the blockchain and NFT industries. We walked them through the entire process of designing and manufacturing NFTs, branding and distributing them, as well as providing any other blockchain counsel they needed. We developed a robust smart contract that could be used for all of their NFTs. Blockchain AustraliaTM had been with Gold & Silver Standard from the front- and back-end development and launch to surveillance and 24-hour client service assistance in the event of any future complications.

What Gold & Silver Standard achieves

Offer digital representation to valuable physical assets

Gold & Silver Standard is the first company to make NFTs that are backed by precious metals like gold and silver bullions that already have a huge store-in value.

Ensure consistent worth to crypto assets

Gold Silver Pirates NFTs being backed by real-life valuable assets like gold and silver made certain that the value of these NFTs will never be zero.

Allow NFTs to be used as collateral while borrowing

Gold & Silver Standard is also the first company ever to permit the use of NFTs, which have better store-in value than a lot of other assets as security for loans.

Interested in blockchain for your business?

quote-marks

The internet is an ever-growing platform that encompasses every part of our daily life. Blockchain is playing a huge role in transforming it.

Ralph Kalsi
Ralph Kalsi

Founder and CEO, Blockchain Australia ™