What if there was a system in which tangibles such as gold could be exchanged for virtual currencies in the digital age?
Well, there just might be such an ecosystem.
The developer of cryptocurrency The Midas Touch Gold (TMTG) announced on July 31st, that it plans to implement a payback system on its cryptocurrency platform, Digital Gold Exchange. The Digital Gold Exchange aims to create a safe and secure place where users can keep their assets and trade with other users “without intermediary intervention.”
The South Korea-based blockchain development company created the Ethereum-based cryptocurrency TMTG. Users can take TMTG and use it to purchase MDG, which can be traded for real gold bars. Additionally, DGE is creating “Crypto Dino” which is a game that uses The Midas Touch Gold.
The Payback System is being developed as an ecosystem that will benefit both the users and the developers by returning some of the transaction fees to users. In a statement, DGE said, “Because the current platform is still being developed, the actual payback rate cannot be disclosed at this point. However, the payback will be shared from the net profit.”
The company went on to say, “Our payback system is more than just a promotional event. It will be set as one of our company policies. We will continue to develop policies that benefit us and the users.”
While gold seems to be the primary focus for DGE, the company’s whitepaper suggests that it could offer diamonds, white gold, and other precious metals in the future. With conversion rates that are based on the market prices listed on the gold exchanges in South Korea and other parts of the world, DGE wants to ensure exchanging gold for tokens is a worthwhile experience.
DGE wanted TMTG to be listed on cryptocurrency exchanges. It started with IDCM on August 1st, and expects Coinsuper to also list it on August 16th.