Digital Gold in Action: Discussing Features in Detail
Hi again! Welcome to another exciting article. Today, I discuss the features of the Digital Gold project and its native token, GOLD Token in detail. In my article, those features are discussed by considering the real screenshots. Finally, I give new ideas which explain how to improve the project by using Decentralized Artificial Intelligence (AI). Now you may be interested in what I am talking about. Let me go into detail.
For an introduction, Digital Gold is a blockchain-based project. It is powered by the Ethereum ERC-20 GOLD Token. GOLD is a stablecoin.
Now I am going to discuss 3 features of the Digital Gold project and its GOLD Token in detail.
Feature #1: GOLD is a stablecoin. (This helps us to protect against volatility.)
GOLD is a stablecoin, but it is completely different from traditional fiat-based stablecoins. Alternatively, the price for 1 GOLD Token is equivalent of 1 gram of physical gold. If the current price of 1 gram of physical gold is $48, then 1 GOLD Token is worth $48 approximately. The price depends only on the price of physical gold. As the price of physical gold is fixed, then the price of GOLD Tokens will remain fixed. The physical gold market does not fluctuate as the cryptocurrency market does. If you have GOLD Tokens, you do not need to worry about volatility. So, you are safe.
Feature #2: GOLD is a low-cost token. (You do not need to pay high fees to do transactions with GOLD Tokens.)
The following image shows an event of attempting to do a transaction of 0.40 GOLD Tokens.
This is a real example taken from my wallet. It only costs $0.41 (with the current ETH price of $188.01/ETH) to send 0.40 GOLD Tokens (approximately $19.2) to an ETH address. The transaction will be completed within 2 minutes. You need to pay only the standard gas price for ETH network transactions. Let me discuss how to do this kind of transaction step by step using MyEtherWallet (MEW).
1. If you have GOLD Tokens in your wallet, please log in. You will be directed to the wallet dashboard.
2. Now click on "Send Transaction" under "Actions".
3. You will need to add the GOLD Token as a custom token. Click on "+Custom Tokens". Now you will see a new popup window. Fill it with the following values.
Token Contract Address: 0x0d16450d347c12c086d6c94c76c5aaac35ea07e0
Token Symbol: GOLD
Decimals: 3
4. Now you will see the GOLD Token under "Type".
5. Select GOLD under "Type" and enter the amount you need to send under "Amount".
6. Then enter the recipient address under "To Address".
7. Then go to Settings and click on Transaction Speed. Select Economy and then Save.
8. Then click on "Send Transaction". You need to confirm again. Double-check your details and confirm the transaction.
Feature #3: GOLD is easy to exchange. (You can instantly exchange GOLD Tokens to ETH or BTC in the Digital Gold's official marketplace.)
Now I discuss how to exchange 0.1 GOLD Tokens to ETH. You should go to the Digital Gold's Official Marketplace (https://gold.storage/market). Fill the form there as in the following image.
Then click on "Submit Exchange". Then you will go to a new page as in the following image.
Copy the recipient address (don't type by hand) and paste it in the "To Address" field in your MEW and complete the transaction (discussed earlier). The rest of the process is automatic and you will receive the relevant amount of ETH to your wallet.
New ideas: How to improve the project by using Decentralized Artificial Intelligence (AI)
Decentralization already exists in the project. If you integrated it with Artificial Intelligence (AI), you will end up with Decentralized Artificial Intelligence which is one of the most innovative technologies in the 21st century.
People define intelligence in many different ways. However, you can say that intelligence involves certain mental activities composed of the following activities:
Learning: Having the ability to obtain and process new information.
Understanding: Considering the result of information manipulation.
Considering meanings: Applying truths to particular situations in a manner consistent with their relationship.
Why Digital Gold project should use blockchain technology with AI?
Since there are so many risks with a centralized approach of AI such as Privacy Problem and Transparency Problem, you will better consider using the decentralized approach of AI with blockchain technology. If you want to do predictions by training transaction data using a model without having to disclose your data, you should consider blockchain technology with AI. This addresses the Privacy Problem. If you want your results to have appeared transparently to all parties without the need for a centralized authority, you better consider blockchain technology with AI. This addresses the Transparency Problem. With the use of AI, you can reduce common or repetitive errors.
More Information
If you are interested in learning more about Digital Gold and its GOLD Token, I recommend you to refer the following resources.
Disclaimer: The information presented in this article is for information purposes only and should not be construed as financial or any other advice.
BTT Username: rpromoditha