Sudan Gold Coin (SGC) is a new innovative platform offering solutions for mining enterprises. The platform allows everyone to keep track of the world of mining through a decentralized platform where precious metals like gold can be traded, and users can receive valuable information on the precious metals’ market.
Brief History Of The Company
The idea of creating the cutting edge blockchain platform was conceived in 2017. The platform began operations in June 2018 where the concept was developed which described the platform’s architecture. After the prototype was developed, which consisted of an interactive platform prototype which is similar to the future-ready to use application.
The project is involved in gold mining in Sudan and now through the new decentralized platform will offer users the right to buy gold mined in the African nation. It will provide investors with a unique opportunity to invest both cryptocurrencies and real-world assets that are backed by digital tokens (SGC) with the right to purchase a pre-defined amount of physical gold.
The platform uses Ethereum’s smart contract technology which offers maximum security and transparency of the invested funds. This provides the project with a bunch of advantages, including the ability to combine blockchain tech with precious metal trading on a decentralized platform.
The platform boasts a highly professional balanced and committed team of professionals who have vast experience in IT, legal field, gold mining, digital security experts and marketing specialists. The company’s legal framework is designed to make the most of safety and security.
So far, the company has several agreements with many leading marketing agencies that help with marketing and promotion of the ICO through their existing base of more than 50,000 active investors. Thanks to the government of Sudan, which is continuously creating favourable laws, regulation and initiatives, the investment in mines is protected.
Incredibly the government of Sudan doesn’t insist on getting a majority stake in the mining operations and profit-sharing and treats both local and foreign investors equally. Also, mining projects in Sudan are exempted from profit taxes for the first ten years from the beginning of commercial production.
Issuance of New Tokens
The issuance of new SGC coins is only possible after an agreement has been reached between three critical parties, including the Gold Storage Partners, SGC and Audit Companies. Each party has unique private keys that are needed by the smart contract for the system to emit gold tokens. As such, all three signatures have to be obtained for the emission of any size to occur.
Gold storage partners are made up of the likes of big banks and precious metals storage facilities which will tokenize their gold reserves and get fiat money in exchange for the issued SGC tokens that will be sold to the users. Emission of new tokens isn’t possible without the permission and guarantee of the partners providing gold for exchange.
The audit partners are made up of established firms that have a strong reputation. They guarantee that for every SGC coin there is an untouchable gold reserve.
The IEO is set to begin on February 26th 2020 on Chainx where 999999999 tokens will be emitted on the Ethereum blockchain without the possibility of additional emission. The soft cap for the fundraising is set at $10 million, and the hard cap is set at $20 million.
Users will be able to purchase the tokens using significant cryptocurrencies including Bitcoin, Ethereum, Litecoin, Bitcoin Cash and many more. Purchases can also be made through fiat currencies using debit cards and wire transfer.
All tokens will be sold through smart contracts to ensure full transparency and proper recording of all funds received. The received funds will be used by the Estonian company to develop the SGC platform. Also, some of the funds will be used to finance the Dubai company, which is tasked with investing and managing the mining facilities in Sudan.
The initial amount of gold that can be purchased with each token at every stage of the project realization except post-IEO stages will remain constant at 0.002 grams.
However, the price of the tokens will differ at each stage of the project maturity from $0.10 up to $2.47.
Also, the right for each token to buy gold on the decentralized platform won’t be restricted to 0.002 grams only but will be increased by 0.01 grams in the weight of gold per each token for every quarter based on the distribution from the mined gold.
This proposition will allow SGC token purchasers to continue accumulating the right to purchase the increasing assigned gold amount to each token until the mine is in operation. Also, users will be able to purchase tokens through the decentralized platform, which will be sold either to the Dubai company or other third parties.