What is Comtech Gold CGO?
While modern tokenization options such as NFTs and crypto have gained popularity in recent years, physical commodities are still all the rage, with demand for gold reaching over 4,000 metric tons in 2021. Globally, the crypto market capitalization surpassed the $2 trillion mark last year as well. Many users now find themselves face-to-face with the question: Which option to choose — crypto or gold?
Comtech Gold has found a way to provide a hybrid option of cryptocurrency linked directly to physical gold assets, hence appealing even to users who are used to traditional options. This article will discuss Comtech Gold (CGO).
What Is Comtech Gold (CGO)?
Comtech Gold (CGO) is an asset-backed token issued by Comtech Gold. One CGO token represents one gram of pure gold.
Users receive CGO tokens representing legal ownership rights to a part of the gold held by the regulated custodian in the UAE. Since the CGO token represents real, physical gold, its value is tied directly to the real-time market value of gold.
The CGO token gives its owners the benefit of real physical ownership of gold bars, with the mobility and speed of a digital asset. CGO token holders can have fractional ownership of physical bars and convert their tokens to unallocated gold, allocated gold, or fiat currency (and vice versa) This conversion process is quick and efficient, reducing vulnerability to settlement risk.
How Comtech Gold Works
Comtech Gold runs on the XDC Network blockchain. Its CGO token follows the standard XRC20 protocol, and all transactions function according to the smart contract rules set by the XDC network.
Every CGO token represents one gram of gold stored in vaults. CGO uses the same consensus protocol and blockchain features as XDC Network, including access to smart contracts.
Comtech Gold checks and surveys each CGO transaction via third–party analytical tools to investigate potential cases of fraud and money laundering. It also conducts regular smart contract audits, by which developers analyze code to identify bugs and vulnerabilities.
Comtech Gold charges a small fee (around 0.2% of the amount of CGO sent on the blockchain) for the creation of tokenization or destruction (or burning) of CGO tokens. Users also pay on-chain fees (below 0.01 $) for moving their tokens on XinFin.
What Is XDC Network?
XDC Network is a blockchain platform technology that hosts applications, digital money, and global payments. The XinFin community has created a booming digital economy, with bold ways for creators to earn online and more.
A XinFin smart contract follows a standard protocol for defining custom tokens on the blockchain. The contract must specifically declare basic token characteristics (name, symbol, decimal precision), track the total number of tokens, monitor the token balance for each XinFin address, and allow address owners to transfer parts of their balances to other addresses.
Since Comtech Gold follows the standard XRC20 protocol, many XinFin-supported wallet applications already have built-in support for viewing and transferring Comtech Gold CGO tokens.
Key Features of Comtech Gold
CGO, built as an XRC20 token on XDC Network, can be moved or traded 24/7 from anywhere in the world.
Comtech Gold is a custodian and trust company. The CGO Gold token is also fully backed by allocated gold held in the world’s most secure vaults. Every month, a nationally ranking auditor ensures there is a matching supply of CGO and underlying gold.
Comtech Gold is the gold token that can be redeemed. Comtech Gold customers can always redeem CGO for USD at current gold market prices. Institutional customers can also redeem their CGO tokens for Gold.
CGO holders can easily redeem or convert CGO to fiat, physical or unallocated gold through the Comtech Gold platform. CGO can be used wherever XRC20 tokens are supported. Comtech Gold tokens can also be traded for other digital assets on popular cryptocurrency exchanges.
Who Is Comtech Gold For?
Comtech Gold is a valuable asset for active gold traders (institutional or retail), as well as market participants both outside and inside the crypto-asset ecosystem.
Bitcoin enthusiasts are also attracted to Comtech Gold investments for many of their shared properties. Both Bitcoin and Comtech Gold are decentralized “outside” assets that are no one else’s liability and are not tied to any particular government. Both assets are also scarce and transcend universally recognized borders. Therefore, many investors who hold and trade Bitcoin are also likely to be interested in holding and trading gold, which is where Comtech Gold comes in.
Comtech Gold’s similarities to Bitcoin also ensure an easy introduction to new asset classes within a familiar ecosystem. ComtechGold is listed globally on crypto-asset exchanges and trades directly against USDT.
Comtech Gold is an attractive option for many people worldwide who are interested in physical gold ownership, as it’s allocated to high-quality gold, doesn’t require any storage fees, and is highly accessible. In addition, people who already hold physical gold may be interested in converting their Gold (minimum 1kg Standard Gold Bar) to CGO Token. Comtech Gold provide a similar facility to redeem CGO token against a Physical gold bar (minimum 1000 CGO = 1kg of Standard Gold Bar)
Is Comtech Gold (CGO) a Good ?
Even though the price of gold may be volatile in the short term, it has historically maintained its value over the long term. For this reason, many users use gold as a hedge against inflation.
The price of gold often increases in response to events that cause a decline in the value of traditional paper investments, such as bonds and stocks. Therefore, it’s important to consider a gold holding as a major part of a diversified portfolio as per the expert market advisors. This strategy is effective in offsetting losses from more volatile assets during a downturn in the market.
Is Comtech Gold Token (CGO) tradable and how to store CGO token?
CGO token trading at bitrue.com exchange against USDT pair (Link:https://www.bitrue.com/trade/cgo_usdt ) and getting listed with various exchanges in near future. CGO tokens can be stored with various cold storage options like Dcent, Trezor etc. More details at: https://comtechgold.com/wallets-&-exchanges.html
CGO offers the same value proposition of physical gold, in addition to the liquidity, security, and divisibility of digital assets powered by blockchain technology.
Comtech Gold’s unique value proposition ensures that both traditional and modern users can keep up with today’s trends without compromising on their personal goals and preferences.
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