Goldmint - Blockchain based platform which operates gold-backed cryptoassets



  • About GoldMint

    What is GoldMint?

    GoldMint runs on a blockchain ledger and works through a digitized cryptoasset called GOLD whose cryptocurrency value is based on physical gold. The decentralized platform uses a special blockchain that helps gold owners trade, loan, invest in and, generally, use their commodities for profit. GoldMint buys, sells and repurchases GOLD at the current market price for physical gold. The company uses exchange-traded funds (ETF) or physical gold (of 999 quality) as its security. GoldMint’s gold reserves equal or exceed its mined amounts of GOLD.

    Differences between GoldMint and other gold cryptocurrency blockchains include the following:

    • GoldMint uses its own blockchain and altcoin, called MNT, for GOLD transactions.
    • GoldMint uses Proof-of-Stake where miners are doled out blocks/ transactions according to the amount of MNT they have. Proof of stake (PoS) is faster, simpler and cheaper than proof of work (PoW).
    • Physical gold and ETFs are stored in a programmed decentralized storage unit.
    • Custody Bot — GoldMint’s innovative storage unit is programmed to automatically identify and store gold jewelry, small ingots (up to 100 grams) and coins, without human intervention.

    The characteristics of the GOLD cryptoasset include the following:

    • 100% transparency of information about all Gold owned by GoldMint, disclosing the company’s gold reserves and its ability to buy back GOLD at its current trading price.
    • GoldMint uses the decentralized blockchain for smart contracts and for harboring its cryptoassets.
    • GoldMint uses ETF for liquidity and elasticity. ETF helps you trade gold much faster than physical gold does.
    • A secured loan may contain gold, like jewelry or coins. GoldMint helps you store this collateral in its unique Custody Bot.
    • The ability to receive passive income as market price of GOLD rises.
    • Buyback of GOLD for fiat according to the current price of GOLD.
    • A fast user registration system and identification.

    The GoldMint platform includes:

    • Its own blockchain that uses GOLD and MNT cryptoassets.
    • Programmed safe deposits – namely, Custody Bot.
    • Application Programming Interface (API) for building application software and for helping software components interact.

    Target Market

    • Crypto traders – These participants can use GOLD for hedging cryptocurrency volatility, as described in the white paper. GOLD can also be used to convert cryptocurrency into fiat.
    • Standard investors – These investors may want to buy GOLD as cryptocurrency or as a type of security.
    • E-commerce and self-employed individuals – GOLD can be used to pay for goods and services. Its low volatility as an asset and its predictability make it an invaluable form of currency.
    • Banks – GOLD cryptoassets give banks new opportunities. There is free liquidity and extra earning potential from trading gold into fiat and vice versa. The use of cryptocurrency has become a major industry. Banks can profit from earning standard commissions, commissions on gold storage, and from using the GoldMint cash management system. At the same time, banks that invest in GOLD reinforce GOLD’s reputation, which increases their profit. Banks also earn commissions from participating in the GoldMint partner program.

    Today, overall cryptocurrency circulation has exceeded $700 billion a year and the commissions for deposit and withdrawal are more than 5%. In case the bank sets lower commissions for GOLD buy/sell for a client, most transactions (cryprocurrency deposit and withdrawal) will switch from underground exchanges to the banks. At the same time, the integration with GOLD only is necessary, while all the other cryptocurrencies can be purchased on a cryptoexchange directly. Banks also have revenues from cash management and commissions charged for stored gold owned by GoldMint company. Another source of income for banks is revenue from the partner program which includes adding GOLD digital assets to the product line of the bank’s department of wealth management.

    GOLD: Its Applications

    The following sections provide some applications of how you can use GOLD
    cryptoassets. Of course, GOLD can be used in many other ways. In some
    cases, you’ll want to use blockchain to protect or record your
    transactions, while at other times
    you’ll want to connect to GoldMint’s API. You’ll use customer relations
    logic in all other situations.

    • Savings storage

    GOLD cryptoassets can be stored long-term in a special and secure storage bot with options of either converting the gold to fiat or to some form of cryptocurrency, such as BTC, ETH, Dash, etc. GOLD uses the current price of gold set on the LBMA Gold Price, so its market value fluctuates accordingly.

    • GOLD secured loans

    You may be able to receive a cryptocurrency or fiat loan from GoldMint PTE LTD, using GOLD as collateral. All applicants will need to undergo the KYC procedure.

    The GoldMint team has already launched a special bank card called “ Bogatstvo ” for prominent pawnshops like “ Blago ” and ” Fianit “.

    Process:

    1. GoldMint loan applicants transfer their GOLD as collateral to a certain GoldMint application.
    2. The rate of the loan is established at the time of issuance and remains fixed through the loan period. Applicants must consent to GoldMint loan terms prior to receiving the loan.
    3. Applicants are given various options for loan repayment and for mode of repayment.
    4. If the borrower defaults, his GOLD cryptoassets are transferred to GoldMint.
    5. Credit card limits are set according to the value of the user’s
      GOLD. These cards can be used for payment in shops, restaurants and cafes. Interest is accrued on unpaid credit debt. If this remains unpaid, GOLD reverts to GoldMint.

    GOLD Investment Returns

    Process:

    The investor transfers his GOLD cryptoassets to the company's trust management for X% per year for a certain number of months. Simultaneously, GoldMint uses Custody Bot to lend to parties for Y% per year through pawn shops all over the world. Interest on trust management is paid in GOLD. The amount payable to the investor at the end of the period is the following: SUM = (1 + (X / 12) × T) × Q where the number X (i.e., x%) is set by GoldMint based on market conditions.

    • Example: As of August 2017, the parameters would be X = 10%, Y = 28% per annum, and T = 1 year. This means that GoldMint receives 28% per year, an annual 10% of which goes to the investor.

    The investor’s GOLD's cryptoassets are converted into fiat or crypto currency, while W% of the received amount (for example, $80) are transferred to a pawnshop for T months at Y% per year.

    A maximum 4% of the remaining GOLD will be invested on the CME Group stock exchange in Q amount of CALL options with an expiration date of T months on the Central Strike and Mini-Gold futures. Thus, GoldMint hedges itself against volatility and guarantees a 100% return of funds in T months with specified interest rate.

    • Example:Joe buys one Gold Call Option and one Mini-Gold futures, giving Joe a total of 1.1 ounce position of gold. Joe hoards his gold (via GOLD) for T months on GoldMint and either does or does not convert this gold in USD/ fiat or cryptocurrency. If he does convert in USD/ fiat and this fiat declines, GoldMint still receives the GOLD at current market value along with the interest accrued for interval T at the rate of X.

    After T months, the pawnshop that received the loan has two alternatives:

    1. It returns the trust in full with Y%. GoldMint converts this fiat into GOLD and returns the loan to the investor with X% interest.
    2. The pawnshop defaults on the loan. GoldMint uses the collateral stored in its Custody Bot. It mines its corresponding value in GOLD and returns the asset with interest to the investor on the agreed date.

    Note: X,Y parameters are determined by GoldMint and published on the company’s website.


    • GOLD exchange for gold

    GoldMint helps you convert gold into GOLD cryptoassets and reconvert these GOLD assets into gold to facilitate border crossings. Carrying gold from one country to another can be problematic and frequently results in additional expenses and possible interrogation. By converting your gold into GOLD, you not only avoid this aggravation, but you retain 100% of the value of your gold at journey’s end. All applicants need to go through GoldMint’s KYC procedure.


    • Hedging cryptotrading risks

    Commercial producers and gold workers, like miners, jewelers, or the government, tend to use gold options, futures and ETF as hedging tools.

    Today, a significant number of investors prefer to use gold to hedge against inflation or to diversify their investments. In fact, gold has become the common investment for all metals having a legendary history as both a commodity and as coin. Like other commodities, gold depends on micro and macro economic and political events, resulting in a value that fluctuates with these events. GoldMint helps you cushion the risk of this volatility as well as giving you the option of taking a short position in physical gold bullion, coins or mining stocks.

    Here are some reasons why investors choose GoldMint:

    • You can hedge your investment in gold using the GOLD token. Doing so protects your gold from bear market conditions. Investors can chose to convert any portion of their assets with this GOLD cryptoasset.
    • Investors may want to invest in a minimal amount of GOLD to assess whether or not they profit.
    • GOLD is based on real physical gold and therefore possesses far more face value credibility than other cryptocurrencies, including Bitcoin.

    The gold market/gold returns look promising. GoldMint helps investors hedge their risks and promises more for their investments.

    • Using GOLD for ICOs

    GoldMint helps ICO who use GOLD hedge their risks in declining markets by providing guaranteed return and value of their money.

    GOLD CRYPTOASSET AND MNT INTERNAL TOKEN DETAILS

    Here’s how GoldMint uses its GOLD crypto asset and its internal MNT
    currency.

    GOLD

    GOLD is a crypto asset issued by GoldMint that uses the current price of
    gold set on the LBMA exchange 4 at the time of sale.
    GOLD: Its criterion
    ● Equal to one ounce (31,1035 grams) of gold (999 quality)
    ● Shards into 100,000 parts.
    ● Commissions are given in GOLD.

    Process:
    Information is transmitted to the blockchain ledger about the number of
    ounces of physical gold or ETFs owned by GoldMint.
    ETF is bought on the stock exchange NYSE Arca and subsequent
    information is publicized on GoldMint’s decentralized blockchain, making it
    transparent and open to all members. Statements are received from the
    depositary (electronic or printed).
    All physical gold owned by GoldMint exists in the following forms:
    a. Manufacturer-certified bullions
    b. Gold coins
    c. Gold jewelry
    d. 999 quality granules, stamped by manufacturer
    Physical gold is locked-up in storage and rated according to its value:
    e. Moody’s - A2 and above.
    f. Standard & Poor's - A and above.
    g. Fitch - A and above.
    All ratings are confirmed by bank statements which are encoded in
    blockchain by uploading relevant forms in IPFS 5 to the blockchain, thereby
    recording ownership of the gold to GoldMint. These documents let the
    system check that GoldMint company owns X amount of gold.
    This X is checked by an auditor from GoldMint. This number is verified each
    month by an objective TOP 100 audit company.
    Inspection confirms that the total number of GOLD cryptoassets in all
    wallets (Y) is less than the total number of X ounces of gold on the balance
    sheet.
    Once done, the blockchain emits X-Y = G number of GOLD cryptoassets to
    the GoldMint company wallet.
    GOLD users are provided with a separate link (www.GoldMint.io/
    transparency) that contains copies of all GOLD transactions as well as the
    total amount of assets that GoldMint owns.
    Members can upload and edit their forms however many times and
    whenever they wish.

    If the audit results show that, the number of X is less than the number of
    the Y, the excess amount of GOLD will be written off automatically from the
    company wallet via the smart contract.
    All GOLD records and assets are stored in the IPFS, a peer-to-peer
    hypermedia protocol to make the web faster, safer, and more open. This
    gives it a sort of immutability where users can check the records of their
    transactions and gain security from knowing that these important
    documents are locked in the blockchain ledger forever. The transparency of
    the blockchain makes records open to all viewers.


    ETF (Exchange Traded Funds) — An ETF, or exchange-traded fund, is a
    marketable security that tracks an index, a commodity, bonds, or a basket
    of assets like an index fund. Unlike mutual funds, an ETF trades like a
    common stock on a stock exchange.
    These types of investments have been around since 1993, but large scale
    use began about a decade later, when investors found them to be cheaper
    and better than mutual funds. Investors also discovered that ETFs offer
    low-cost diversification, trading and arbitrage options. New ETF launches
    number from several dozen to hundreds in any particular year

    The three most popular ETFs are «Spiders» (ticker (NYSEARCA:SPY)),
    «Diamonds» (ticker (NYSEARCA:DIA)) and «Qs» or «Qubes» (ticker
    (NASDAQ:QQQ)).
    A similar demand for ETFs sprung up among commodity assets,
    particularly gold. In 2006, Barclay's Bank introduced ETF for gold, ETN
    (Exchange traded notes) and ETC (Exchange traded commodities).
    Top ETFs for gold can be found on ETFDB .
    The commission for the management of a portfolio of gold is 0.2-0.8% per
    annum, depending on the volatility of gold and the inflow / outflow of
    investors. After analyzing the correlation between the value of gold and the
    stock price of the three largest ETFs — the GLD (announced expense ratio
    0.4% ), the IAU ( 0.25% ) and SGOL ( 0.39% ) — we estimate that the real
    backlog of ETF shares in physical gold is about 0.7% (prices are taken from
    COMEX on the LME ). Commissions and broker commissions are taken into
    account in calculating our commissions for GOLD.

    GOLD AS AN INVESTMENT

    BUYING BULLION AND CONVERTING THEM
    INTO GOLD CRYPTOASSETS


    As an example, the AmsterdamGold dealer as a depiction of the European
    market for gold. AmsterdamGold was founded by Willem Middelkoop in
    2008 and quickly developed into the most successful full-service bullion
    dealer in the Netherlands and the largest bullion storage in Europe.

    Look at his prices, and you’ll see that the South African Krugerrand and
    bars 1-20 grams cost the most, while gold coins like the Canadian dollar
    that weighs 1 troy ounce, and bars 1 troy ounce- 100 grams cost the least.
    In fact, some of these items may cost less than their inherent gold content,
    since retail prices are updated less frequently than are quotes on physical
    gold. In any case, you can clearly see that markup is close to zero, leading
    us to conclude that the spread on operations with ingots is minimal (not
    more than 1%), although never disclosed by dealer.

    It also seems to us that if you want to profit, your best bet would be to buy
    bars weighing 1 troy ounce as well as coins like the gold Canadian dollar. At
    the same time, you may want to buy old and freshly minted coins that were
    never owned by anyone.

    When it comes to laws of transporting gold from one country to another,
    you are alright as long as you carry a small amount/ volume of gold
    (usually up to 500-600 g), since you are not charged extra. If you want to
    export/ import more than that, you usually need to hire the services of a
    specialized cash collection company, like Brinks, to insure safe
    transportation. Tax usually ranges 1%- 4% of the cost of the transported
    goods (if the amount in question is not about industrial volumes).

    TRADING GOLD FOR FIAT

    BUYING GOLD CRYPTOASSETS FOR FIAT MONEY

    Applicants who want to trade GOLD for fiat need to undergo the KYC
    procedure 6.
    Cost of one GOLD equals one ounce of physical gold on the LBMA + 5%.
    Buyers who pay with VISA/MC card or via PayPal are charged standard
    commission for payment systems.

    • GOLD BUYBACK FOR FIAT CURRENCIES

    GoldMint company guarantees any number of GOLD cryptoassets buyback
    for fiat according to the following system:
    1. Buyback price for one GOLD equals one ounce of gold of 999 quality
    on the LBMA + Q% (1 < Q < 5). GoldMint updates prices in real time
    on its site. In case money is assessed to MC/VISA credit cards or
    PayPal, standard commissions of these payment systems are
    charged.

    2. GOLD (that corresponds to physical gold in any of its forms) is stored
    in a GoldMint wallet. This GOLD cryptoasset is transferred from the
    GoldMint wallet to a special GoldMint account and is burnt to recieve
    fiat from banks. GoldMint sends this fiat to the client.
    See the diagram below for clarification.
    Example:
    John buys GOLD
    John bought one GOLD from GoldMint for the LBMA Gold Price value
    of 1,200 USD + 5 %. He pays 1,260 USD + rate of his merchant
    payment system. In total, John pys about 1,285 USD. GoldMint
    transfers the GOLD crypto asset to his wallet.
    John sells GOLD
    John sells 0.5 GOLD back to GoldMint. The current LMBA price is
    1,380 USD. Buyback price is LMBA+ 3% . John receives 1,380 USD*0.5
    minus his payment system’s commission, which comes to about
    696-690 USD.
    The conversion commission for fiat => GOLD => fiat is 2%.

    • GOLD COMMISSION

    GOLD commission is Z% (no more than 0.3%), but no less than a fixed
    Y amount of GOLD (i.e., more than 0,0025 GOLD depending on the current
    gold price).

    MNT

    MNT refers to GoldMint tokens. It is used as a Proof-of-Stake (PoS)
    consensus algorithm. The more MNT a person has, the more blocks he can
    validate and add to the chain. Miners may get as much as 75% in GOLD
    commissions for validated transactions.
    ● Miners who have too little computational power to validate their
    blocks or are unable to fulfill their duties, are removed from the

    White List of reliable miners and lose their rights to mine. The
    responsibility of validating blocks goes to another member chosen
    by GoldMint calculations.
    ● To become a validator, you simply need to download the GoldMint
    Wallet app from the official website and launch it using your
    GoldMint account.
    ● Users with a significant amount of MNT who have too little
    computational power can rent computational power from other
    miners.
    ● Members can own no more than 10,000, 000 MNT tokens.
    ● Owning MNT does not imply rights to participate in company
    management of GoldMint nor does MNT represent a share in
    company partnership.
    ● MNT tokens holders are allowed to vote on GoldMint platform
    proportionate to the number of tokens they own. This means that
    MNT holders can participate in the right to vote on changes to the
    platform.

    • REWARD DISTRIBUTION

    IN ACCORDANCE TO THE MNT AMOUNTS
    Whenever any GOLD transaction is conducted, the following occurs:
    ● 75% of the subsequent commission in GOLD is received by the MNT
    holders to confirm the transaction.
    ● The remaining 25% of that GOLD commission is spent on GoldMint
    maintenance needs while the remainder is distributed to some or
    more of the following charities (subject to change):

    ICO

    At ICO launch the MNTP price will be $7 which can change during the
    crowdsale due to the changes in the exchange rate:
    ● ICO investors are given MNTP (MNT pre-launch) tokens that can be
    converted to MNT after GoldMint has mined enough GOLD to
    independently support its platform.
    ● MNTP tokens will be moved to GoldMint’s blockchain and converted
    into MNT in a 1:1 proportion.
    ● ICO cap will be set in fiat 15 days before ICO.
    ● minimum cap for ICO is $150 000. If less than that is raised, the
    investors recieve their funds back.

    MNTP tokens are released when tokens are distributed around one month
    after ICO starts.

    ROADMAP: OPERATIONAL

    BUSINESS MODEL

    GoldMint receives most of its revenues from:

    ! GOLD transfer commissions.
    ! GOLD security lending commissions.
    ! Revenue from exchanging physical gold into GOLD.
    ! Revenue from using private and franchised Custody Bots.

    Most of GoldMint’s expenses come from the following:

    ! Legal expenses and taxes
    ! Staff – Development, marketing, business development.
    ! Fees for participating in conferences, travel.
    ! Marketing and PR
    ! Holding assets in gold – Payments for storage and management (for
    ETF)
    ! Ethereum costs
    ! Development of Custody Bot
    ! Taxes

    WORK SCHEDULE

    Roadmap:
    ! Q 42017 and Q 12018: Technical and legal fulfillment of the project, as
    well as creating partnerships with business partners.

    ! The second half of 2018: Mostly devoted to marketing the GOLD
    cryptoasset and launching the manufacture of Custody Bot.


    ROADMAP: TECHNICAL

    ● MNTP tokens will be found on Ethereum.
    ● Ethereum’s ERC20 interface will carry the first mined MNTP load.
    ● MNTP tokens will migrate to GoldMint’s blockchain and given a MNT
    ticker.
    ● GoldMint’s blockchain, using the Graphene platform will be
    launched.

    Advantages of using GoldMint rather than Ethereum are as follows:
    ● Safer — GoldMint’s blockchain uses its own coins rather than Turingcomplete
    smart contracts.
    ● Fungible — GoldMint uses Point-of-Stake (PoS), and since it relegates
    its platform to GOLD transactions alone (rather than to additional
    ICOs) processes your transactions faster.
    ● Cheaper — There is no charge for ether commissions.
    The Graphene blockchain supports PoS.
    Graphene also allows you to use other platforms that include:
    ● Openledger — exchange
    ● Rudex — exchange
    ● Satoshi.fund — fund
    ● Hubdsp — DSP platform
    ● Peerplays — betting platform
    ● Steemit / Golos.io — news platform
    Qualities of the GoldMint private blockchain:
    Transparent
    ● Anyone can be a miner. You just need to download a program from
    the GoldMint repository, launch it on your device, fine-tune it and
    start mining.
    Consensus algorithm
    ● We use PoS as our primary mining system.
    Miner rotation
    ● The amount of stakes depends on the amount of MNT a miner
    holds. So, if a miner owns 50% MNT, he will be chosen to process
    every second block.
    Miner rewards
    ● A miner receives a GOLD commission from each processed block.
    No tokens are emitted once the block is processed.
    Different incentives
    ● Since different blocks contain varying amounts of transactions, their
    total reward can vary from block to block. On the whole, however,
    the miner’s reward correlates to his, or her, amount of MNT tokens.
    ● The amount of MNT is never more than 10,000,000.
    ● GoldMint’s mobile and personal wallets and apps for ETH and GOLD
    can be found on www.GoldMint.io

    ● GoldMint uses CloudFlare, a web performance and security
    company, to protect against DDOS attacks.

    WORK SCHEDULE



    TEAM

    GoldMint was founded in 2016 by the founders of the LOT-ZOLOTO
    company. This company buys unwanted gold securities from pawnshops,
    processes them and supplies them to jewelers.
    In the first six months of 2017, turnover of LOT-ZOLOTO amounted to 50.2
    million USD. The company is a marketplace leader and has an extensive
    background in gold trading.
    Cofounders of GoldMint (founders):

    • Dmitry Plutshevsky, CEO of GoldMint.
    ◦ 2003 – 2009 — founder and CEO of a marketing agency
    ◦ 2007 – 2009 — development director of a trading company ГК
    «Domo»
    ◦ 2009 – 2016 — founder and CEO of a company for mobile app
    development.
    ◦ 2012 – 2016 — mentor and teacher in business school Skolkovo
    and GVA Launch Gurus
    ◦ 2013 – 2016 — development director of a venture fund
    Typhoon Digital Development
    ◦ 2016 – 2017 — development director of LOT-ZOLOTO

    • Konstantin Romanov, co-founder
    ◦ 1992 – 1997 — Soyuzcontract First vice-president
    ◦ 1997 – 1999 — Interros Vice-president
    ◦ 1999 – 2004 — Rosbank Vice-president=
    ◦ 1997 – 2004 — Norilskiy nikel CEO Advisor
    ◦ 2004 – 2006 — Hi Sys trading President
    ◦ 2006 — current. Vice president in Russian Fund For Service
    Trauma
    ◦ 2016-2017 CEO of LOT-ZOLOTO

    • Igor Ryabenkiy — Altair Capital, best business angel in Russia

    • Eugeny Volfman — Investor relations management
    GoldMint team members:
    • CTO — Konstantin Pichugin, IT-development experience since 2006
    • Lead blockchain programmer — Anton Akentiev, chain.cloud
    • Business Development — Vyacheslav Sokoltsov
    Development team (vacancies open after ICO)
    • Blockchain development — Two members
    • Web — Two members
    • Design — Outsource
    • Mobile Development — Two members
    • Custody Bot team — Software developers and engineers - seven
    members

    PROJECT ADVISORS

    Links:

    Website:

    Blog:

    Reddit:

    Bitcointalk:

    Telegram:

    Facebook:

    Github:

    Twitter:

    White Paper:



  • First Custody Bot Development Report from the GoldMint Team

    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.

    Blockchain Integration

    The research team tested this blockchain interplay using the “Kovan” test network. The proceeded as follows:

    1. 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.
    2. In order that it could be made a part of the contract, the file was converted to a hex file (fromipfshash.js).
    3. A new entry was added to the smart contract (hash, sum, weight).
    4. An ID appeared in the lastID field.
    5. Data was obtained from the smart contract using getItem(ID).
    6. 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.

    Concept 1:

    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.

    Concept 2:

    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.



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