Ok I'm back again to this for one more time.
I sat back and thought to search further for another thing, so I went to the search bar and typed in the following:
"blockchain for gold transaction"
which returned very interesting results! Many to be accurate. After a little reading through those results I felt like I've trapped my good judgment around RMG without broadening my research to more extent by asking right questions like this:
Has anybody else tried or is trying to do something similar to what Royal Mint is promising?
The answer is yes! Actually more now than ever before. So I gathered some useful resources for you guys to ponder about.
They all revolve around what blockchain technology is and it's impact on the financial global transactions. The ongoing trials and attempts to really put blockchain technology into use.
Here are the links :
How to Use Blockchain to Buy and Sell Gold
Gold and The Blockchain - PDF
How Blockchain and Gold Can Work Together
Could Blockchain Reawaken Goldโs Role as a Payment?
Blockchain Companies Tackling The Gold Market
Buy Royal Mint gold Using Bitcoin Technolgy
Royal Mint Gold-backed Blockchain
Euroclear and Paxos Launch Blockchain for Gold Settlement in London
Other Arenas:
The second largest Chinese Insurer Company in The Country Joined The Blockchain Consortium Alongside Barclays, HSBC and Goldman Sachs
Ericsson Wants Blockchain ont Their Cloud
Also some videos trying to explain in simple terms what Blockchain is. Sure there're many to reference, but feel free to go hunting. It's all mixed up bitcoin and blockchain sometimes, but they're not the same.
So at the end it all boils down to the blockchain technology.
Blockchain, in simple terms, provides the ultimate secured transaction database system alive today.
It has two major components:
- The Open Ledger
- The database itself
By the way in one of my previous comments I pointed out that mining is a major component of blockchain technolgy. That's not correct. Blockchain is not bitcoin. That the important point here. Blockchain is the technology underpinning bitcoins and others. Bitcoin is just one of the endless applications of the blockchain. While mining is a major component of bitcoin. But I was actually talking in terms of RMG being probably used as a digital currency, just like bitcoin. However, it's very clear now that RMG is not technically a virtual currency but tokens traded internally on the new upcoming Royal Mint blockchain backed platform.
So after grazing on all of the above resources the obvious question becomes: what's the new thing Royal Mint is offering to the gold trading system, if others has already experimented on this idea?
The vague answer lurks in this article That skipped my attention.
The last part. A commercial campaign or something new?
Exchange ?
You are not using RMG as a currency itself. It's a proof of ownership - a digitized gold product living in their blockchain platform and traded internally. Simply put those folks are trading crypto tokens and keeping the gold at their premises LoL! I don't know.
If they're creating something similar to
Bitshares, only then RMG can be converted to other virtual currencies and we might be seeing something like RMG/BTC and BTC/RMG.
I guess it's all about the blockchain revolution taking over the world, not RMG anymore.
Sorry for the lengthy comment!
Thanks to all who contributed to OP thread.
I did the same kind of research about two minutes. And I always think big picture and be generic as possible .
The broader picture isn't RMG completely. But the concept of
GOLD+BLOCKCHAIN
Like I mentioned earlier royal mint isn't thee only mint on the planet. Any country with a coin in its currency has the ability to ramp up its gold and silver production. That's 50 countries.
There are shops online that sell a multitude of gold offerings in coin and bullion. I can see in the future these shops adding block chain gold into their product line.
Or someone can create a shop that just deals with these what's the word? Derivatives ? Lol learned something new !
where you can look for a website that provides info on this future Gold Block Chains. wait for it.
GoldBlockchains.com
MintBlocks.com
BlockBullion.com
BlockMints.com
blocks.com 130,000 USD 2006-02-07 Moniker
smartblocks.com 6,000 USD 2015-10-25 Uniregistry
babyblocks.com 2,322 USD 2009-03-03 NameJet
concreteblocks.com 2,000 USD 2009-03-03 Afternic
virtualblocks.com 1,688 USD 2015-11-12 BuyDomains
yogablocks.com 1,500 USD 2008-09-30 Afternic
pictureblocks.com 1,150 USD 2015-06-11 BuyDomains
artblocks.com 1,000 USD 2013-05-20 Afternic
mintcoins.com 15,000 USD 2008-03-05 SnapNames
minto.nl 13,300 USD 2012-04-04 Sedo
minto.nl 13,185 USD 2012-03-23 Sedo
mint.net 8,155 USD 2007-03-21 SnapNames
minty.com 6,888 USD 2016-01-05 NameJet
minties.com 6,000 USD 2012-09-23 Afternic
mintdata.com 5,500 USD 2015-04-14 Uniregistry
mintcoin.com 5,000 USD 2014-03-02 Afternic
minted.net 4,000 USD 2016-01-07 BuyDomains
mintevents.com 4,000 USD 2015-02-27 Uniregistry
or even go very generic
ShopBlockchains.com
ShopBlockchain.com
shopworld.com 21,060 USD 2007-09-11 SnapNames
shopmate.com 15,000 USD 2014-12-03 Sedo
shopfittings.com 11,000 USD 2011-12-21 Afternic
shopvacs.com 6,800 USD 2015-05-11 Uniregistry
shopamc.com 6,099 USD 2015-06-18 Sedo
shopxinh.com 4,500 USD 2016-03-09 Sedo
shopac.com 4,500 USD 2015-07-14 Uniregistry
TheBlockchain.com sold $16K
and upon writing this post. I had an idea. and got these gems.
BlockPrices.com
MintCheap.com
there will be money in creating a portal site that discusses all the different FUTURE Mints using Blockchain to sell derivitives of their gold inventory. perhaps a website the lists them all with charts with reviews and fees and locations. etc etc.