GoldMint is a platform which helps people to trade, loan, and invest in gold using a gold-backed digital asset. GoldMint’s Custody Bot is essential to this.
The Custody Bot is a blockchain-integrated device, designed to receive, appraise, store, and deliver physical gold. The GoldMint team has successfully proven the Custody Bot concept in the research phase of development, and has been able to conceptualize two possible working prototypes.
This article is intended to make interested parties aware of the progress made in the development of the Custody Bot prototype.1. The Research Phase
The development team began by proving the Custody Bot concept in the lab, simulating the appraisal process.
Verification of gold composition:
In the working prototype, whenever a gold item is deposited into the device, there will be a determination of its physical composition, in terms of fineness. The higher the fineness, the higher the price.
The team tested three ways to verify gold items: Spectrometer, hydrostatic measurement, and the weighing of water displaced by gold item submersion.
Each method was found to have advantages and disadvantages: Spectrometer analysis accurately displayed the mineral composition of the tested gold items, but the specific device used by the researchers proved inapt when evaluating larger items. The hydrostatic balance allowed for larger items, but had a slightly higher margin for error. Weighing gold items in water provided accurate results, but was a highly manual process.
Determination of the gold item’s value:
Once evaluation has been carried out, it becomes possible to calculate the monetary value of the gold based on internationally agreed upon gold prices. The research team multiplied the gold’s weight by the price for gold, as listed on the official website of the Central Bank of Russia.
Eventually, the appraisal process could be automated. Data from the evaluation process can be automatically input into a computer program that multiplies the item’s weight in gold by up-to-date gold prices.
To ensure transparency in all transactions, there will be interplay with the blockchain. This too was simulated in the lab.
The research team tested this blockchain interplay using the “Kovan” test network. The proceeded as follows:An IFPS hash (ifps add <file>) file was received with a log of the measurement and an evaluation of the price of the gold item.In order that it could be made a part of the contract, the file was converted to a hex file (fromipfshash.js).A new entry was added to the smart contract (hash, sum, weight).An ID appeared in the lastID field.Data was obtained from the smart contract using getItem(ID).In order to get the IPFS hash, toipfshash,js was used. 2. Two conceptions for the development of a working prototype
The team is considering two options for the development of a Custody Bot prototype.
In this version of the prototype, the device would resemble a showcase in a jewelry store. There would be one or several rows of transparent storage cells, into which the gold item can be placed. Each cell would be equipped with a sensor, which would confirm periodically the continued presence of an item inside the cell.
When the gold item is initially deposited into a cell, composition analysis would occur using an X-ray fluorescence spectrometer. A conveyor belt located underneath the cell would then transport the cell into a secure location further inside the Custody Bot.
This version of the prototype would consist of three main parts — a weighing device, a composition analysis device, and a storage compartment for the gold items. The outer casing of the whole apparatus would be a safe.
Like in the other option, gold items would be transported within the Custody Bot by conveyor belt and would be inside cells.
The device would function using the following algorithm: First, the operator would open an access door, and put a gold item into a cell. After closing the shutter on the access door, a sensor would send a signal to the Custody Bot’s internal computer, initiating the appraisal process. When appraisal is over, the gold item would be moved by conveyor belt into its storage location.Website: goldmint.ioTelegram group: https://t.me/goldmintioTelegram ICO channel: https://t.me/goldmintICO