The world's first blockchain option for gold mining project’s aim is to establish the high-technological and profitable gold-mining business in Sudan. The study area about 8017.8 Km2 that study area is located in an area of promising gold mineralization potentiality zone.
The concession area of the block in Northern State is under the name of GS Multi Activities CO. LTD Financing will be raised by issuing and proposing the Ethereum based tokens during the ICO. The mining facilities in Sudan will be managed by the audited Dubai company - SG mining Co. The decentralized gold exchange will allow to use the SGC token as the main currency for purchasing gold extracted by the any mining company and cross-sale between the gold buyers/sellers, banks and other customers. The unique combination of real gold mining business and an integrated decentralized exchange will ensure the stable growth of the token price.
To make a secure project, we've decided to use a Smart Contract and invite an Escrow.
The ICO funds will be held in a 2-of-3 multi-signature Vault. Each escrow will hold one of two necessary keys for withdrawing funds and the Sudan Gold Coin developers will also hold one. We have decided to use a multi-signature vault in order to secure and maximize the trust that our investors have in us as a team. By using this vault, the invested funds can only be withdrawn if two of the three signers agree.
Our escrow conditions:
1. All funds raised during the ICO must go directly to the multi-signature Escrow wallet.
2. If the ICO minimum amount doesn't rise, a refund will be initiated.
3. If the core team is not online or not responding to messages for a period of seven (7) days or more, a refund will be initiated.
To make refunds possible, the Escrows will have the access to the email address, will monitor the amount of Crypto-currencies invested per account and the Crypto-currencies address supplied by the user for the refund.
Problems and solutions
Gold at all times was an extremely valuable metal, it was used as a measure of the value of things. Even now, gold is used in the world economy as a powerful tool. However, in the modern world it is impossible to freely use gold anywhere in the world due to legal restrictions. Therefore, in the modern world, cryptocurrencies have become extremely popular - anonymous payment methods that can be used from any place in the world. However, the rate of these currencies is extremely unstable due to the fact that the price of any cryptocurrency is settled exclusively by demand / supply. After analyzing these factors, Dmitry decided to create the world's first cryptocurrency, which value will be backed by a gold reserve. That's how the Sudan Gold Coin project was born.
Growth of the token
Each token at the beginning will be tied to the 0.05g of gold per token. That will be the token’s ""weight"". Each day a fully functional plant (if a project will achieve $16.500.000 - the plant will be fully functional) - will be able to process 1500 tons of ore. If the project won't get $16.500.000 - the numbers may differ. A fully functional plant will be able to produce around 10kg of gold per 24h. Some part of this gold will go to pay the bank services, salary etc. But a big part of it will be tied to each SGC token. Each quarter of mining the amount of mined gold will be fixed on a blockchain and each SGC token weight 0.06g, 0.09g, 0.12g and so on...of gold. The price of token will grow each quarter.