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Crowd funded ICO on Etherium Blackchain Working to Establish a Silver Backed Cryptocurrency
by Kenneth Schortgen, The Daily Economist:
Last week we published an article on a new ICO (Initial Coin Offering) called ZenGold which is working towards the creation of a cryptocurrency backed by physical gold. Now on May 25 we discovered an ongoing ICO on the Etherium blockchain that is in the process of using gold’s sister metal silver to back a new crowd funded cryptocurrency.
What if we started backing the value of cryptocurrency with some tangible commodity? How would that change the way we view this market? Many of the innovative projects in the cryptosphere are based on the Ethereum Blockchain. One of these projects is called Ethereum Link. It hopes bring the blockchain solutions of Ethereum into the world of business and have it fit seamlessly.
For many who buy into the Cryptocurrency mindset, precious metals may only be worthwhile as the components of the miners and devices on which they access and operate within the Blockchain. However, the idea that some investments are not backed by anything tangible can be worrying, and an obstacle to entering the market.
Here is where Ethereum Link really stands out. It acts as the connection between the Blockchain and the international silver market. The project developers hope for it to become a large, but decentralized platform for trading silver certificates. Ethereum Link will use tokens as representations of various shares of silver bullion.
Link’s LNK Silver project is crowd funded via their public ICO. The choice to crowd fund this helps keep the spirit of decentralization, while also providing the public to buy into this exciting new potential.
At the time of writing this article, the ICO’s funds boasts an impressive 431.11 BTC (~ $1,062,638.72) which is the equivalent of just over 30,000 LNKs. The exchange rate of one LNK is .01620 Bitcoin. LNK tokens being sold on the ICO receives 0.19% fee tradign as well. – Merkle
Backing cryptocurrencies with physical assets such as gold and silver could be the springboard towards making decentralized digital money part of the mainstream, and one where a critical mass of individuals and businesses are willing to transition into this new frontier at a time when sovereign currencies are racing towards the bottom in a flight to devaluation and loss of purchasing power.
