HelloGold is an existing business has been in operation for several years now. It is aimed to remove the disparities and make available all the things to the common people that are now available only to the rich. HelloGold brings in an equation with a process of decentralization, democracy, and digitalization. The HelloGold foundation (HGF) was created after the founders practically experienced a financial crunch and were hit by high devaluation. The primary objective of HGF is to ensure availability of all products to the underprivileged with simple financial assistance and without much documentation and paperwork.
HelloGold changes the concept of savings in fiat currencies to savings in the form of gold. Those holding gold for long terms can make high profits. But gold is not easily accessible to all. The poor cannot afford to invest in Gold. HelloGold is using the blockchain technology and raised funds through an ICO (initial coin offering) selling HGT tokens. The foundation raised 17148 ETHs in the first round out of the 3 proposed rounds. The other two rounds are slated for 2018 and 2019.
The HGT token holders are provided with Gold Backed Tokens (GBT) which will be issued on an endowment basis. HGT will donate 10% of its fee revenue to HGF which in turn will convert it to GBT. Each of the GBT is supported by 1g of 99.99% investment grade gold. HGF rewards the HGT holders for their support by issuing some GBT. Both HGT and GBT are individually tradeable in public exchanges.
HGF uses its authority to distribute GBT to the HGT holders. The total allocation of GBT is capped at 3,800,000 to 1 billion HGT created. This means one HGT carries a value of 0.00038GBT. The returns on HGT may vary largely due to the price of gold and the speed with which the foundation’s gold assets grow till such time that the maximum GBT is issued. The HGT holders receive a proportional share of the GBT reward that is distributed by HGF as a right for holding HGFT tokens.
There are 6000 registered members and the rise has escalated at a much faster pace in recent times. The sale of gold has also increased by about almost 200%. The foundation is creating new publicity content and new marketing engagements in the coming year. They also are coming up with updated versions of the app to make it easier to use.
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