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GST is different from many gold digitalisation projects. It is not a simple form of traditional “gold standard” tokenisation. Instead, GST aims to serve the wider gold value chain across multiple processes such as gold mining, production, distribution, gold financing, banking, and securities. GST is also a value circulation system. It uses blockchain technology to implement gold provenance and traceability, three-party registration and settlement, so that the inefficiencies of traditional supply chain of gold value exchange will be shortened, made transparent and safer. As a result, mining companies that are upstream in the gold industry will benefit directly. Their costs will be lower and they will no longer need to pay the excess costs for the circulation and value exchange of gold, and the gold tokens generated by digitalisation will also be welcomed by downstream gold companies and gradually expand the scope of the business.
The first application in the GST ecosystem will be in a new form of blockchain game.
It’s a gold mining game called “Richman”. Players play as miner or owner to mine and harvest GST and will gradually connect to e-commerce, social networking and online competition in the ecosystem. The GST open platform will connect digital …
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