Can Digitized Reserves Disrupt Bullion Market? Join New Gold Rush with I-ON Digital Corp

I-ON Digital Corp is looking to democratize and tokenize unrefined gold deposits globally. While many investors will agree that gold is a store of value, few have access to it since individuals can only own large portions of gold. However, by leveraging blockchain technology, I-ON will allow individuals to hold fractionalized bits of unrefined gold.

Consequently, the company will eliminate the cost of gold mining and extraction. Also, the move will reduce the environmentally degrading activities associated with mining gold, making the project environmentally friendly.

Chainlink Hackathon Win Strengthens Project Positioning

I-ON emerged as one of the 2023 Chainlink Spring Hackathon winners for the Space and Time Data category. Company CEO Carlos Montoya believes the win validates the company’s stellar project approach.

He said:

“This gives us validation at the top-level from the Web3 and technology community that our approach is considered to be stellar.”

Since winning, the company has been positioning itself as a project to reckon with.

Already, I-ON’s team has leveraged legacy accomplishments in the digitization of gold reserve claims. The team has also delivered a zero-trust proprietary tokenization framework to allow fractional ownership and transferability of physical gold claims within a secure, immutable blockchain environment.

How the Digitized Reserves Will Work?

I-ON’s approach to digitizing gold will translate into a new investment asset class for precious metals. It will enable claim holders to unlock the value of their unrefined gold reserves.

To onboard users, I-ON will require a pedigree and proof of title of US gold mining claims. These will help ensure regulatory compliance (since gold exploration and extraction companies work in partnership with national governments, and none can go their way)

Once verified, these mineral rights will transfer to I-ON. The company will then issue a vNFT representing one ounce of digitized gold for every 5 ounces of the proven claim. What is interesting is that ownership is fractionalized using real-time proof of reserves and added to an auditable digital wallet. This way, the assets are kept secure. Once secured, users can then buy, sell, and trade the digital gold.

Beyond digitizing gold and other precious metals on the blockchain, I-ON is also looking to drum up support for its next-generation digital security format, ION.au.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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