GST is different from many gold digitization projects. It is not a simple form of traditional “gold standard” tokenization. Instead, GST aims to serve the wider gold value chain through multiple processes such as gold mining, production, distribution, gold financing, operations banking and securities. The GST is also a system of circulation of values. It uses blockchain technology to implement gold provenance and traceability, three-party registration and settlement, so inefficiencies in the traditional gold value exchange supply chain be shortened, made transparent and more secure. As a result, mining companies that are upstream from the gold industry will benefit directly. Their costs will be lower and they will no longer need to pay the extra costs for the circulation and exchange of gold value, and the gold tokens generated by digitization will also be welcomed by downstream gold companies and will gradually expand the scope of the activity.
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 a miner or owner to mine and collect GST and will gradually connect to e-commerce, social media and online competition in the ecosystem.
The GST Open Platform will connect digital open banks, digital gold issuers and operators, and allow participating banks and other commercial institutions to use blockchain technology to issue, transmit or stake digital assets related to physical gold. On the one hand, the GST is a good basis for application in the gold mining industry. On the other hand, it uses listed securities as the basis to establish distributed nodes in various fields such as finance, payment, trust and circulation, and finally to form a golden economic ecosystem in the digital age.
Hong Kong Jufeng Industrial Group Co., Ltd. (abbreviated JF) became the first operating node of GST. JF operates gold mining activities in a number of countries around the world. In 2019, it completed a merger with Taxus Pharmaceuticals Holdings Inc, a company listed on NASDAQ (stock code: TXSP). TXSP’s ExcellagenÂ® brand of drugs has entered the late stage of Phase III clinical trials and will soon be in widespread use. This collaboration aims to jointly build the application of the digital gold ecosystem. Currently, JF is using TXSP stock as a GST endorsement and will also be implementing applications in the areas of games and gold-related payments. It is believed that in the future, JF will provide better application services in more scenarios such as medicine and education.
“GST solves the many drawbacks of gold settlement applications in the blockchain age. After experiencing different currency standards over the decades, blockchain or GST is making our currency once again back to basics. financial and economic gold, ” Royce Hoyin Ng, CEO of Great Mountain Explain. âTherefore, we have chosen Hong Kong Jufeng, which provides both gold mines and title endorsements, as the first operational node in the digital gold ecosystem. “
SOURCE Great Mountain Holding Group Limited