OneGram is creating a gold backed cryptocurrency. I am particularly interested in Onegram, because this is the first product that potentially can offer yield on gold. Ibrahim Mohammed the founder of OneGram has answered our questions about his creation. The ICO of OneGram starts on May 27th 2017.
What is OneGram?
OneGram is an organisation based in Dubai, which plans to launch a blockchain based cryptocurrency backed by gold. The gold backing OneGram will be stored by GoldGuard with Loomis a vault provider in Dubai. Each coin will represent a share of the gold stored. Each coin will represent a share of the gold stored.
When OneGram tokens are bought and sold a 1% fee will be charged. This fee will be used to maintain the system, pay gold storage fees, fund the OneGram charity foundation and buy more gold. This will result in each token being backed by more gold, which is a form of yield for the token holders.
When will the ICO start and end?
The start date of the ICO is 27th May and will run for approximately 120 days. The maximum supply of OGC is 12,400,786.
If the tokens do not sell out, there will be a new total supply of OGC equal to the amount of OGC sold in the ICO. After that, no more coins will ever be issued.
Why do you only accept payment in Gold?
In order to participate in the ICO, investors need to first buy gold on GoldGuard.
We have used gold as the payment method during the ICO to acquire OGC because this is a requirement to maintain our shariah Islamic regulation. People can buy gold with Bitcoin or Wire Transfers. Then they can redeem their OG tokens.
Is there a minimum amount which you need for the project to launch?
No minimum required, the project will launch anyways, between you and me, there are already many people who com a substantial amount.
How will the ICO funds be used?
The Coin is a mix of technologies from Bitcoin, Dash and Blackcoin. It seems that the blockchain technologies is from Bitcoin and the node technology is from Dash, what technologies are from Blackcoin?
At the moment we are testing and weighing in the pros and cons of various options. You raised some very good points here, and is the reason we haven’t committed to any particular solution yet. Each option has its own pros and cons.
Blackcoin developers are the ones who invented Proof of Stake v3, and OGC will have similar consensus mechanism. We are still debating whether we should have masternodes or not. At the moment we are arguing against it, and implementing an alternative way to address the fungibility issue (similar to Monero or Zcash).
We are committed to keeping OGC decentralized! So we won’t force the coin holders to select particular nodes. However we need to weigh that against the requirement for security of the chain.
Will all the Gold be stored in Dubai?
All Gold backing OneGram will be kept in Dubai. We have the option to decentralise the gold if required but our long term goal is to build our own hi-tech vault where we can store our gold and our members can have access to view and audit it if they so wish.
Can you provide more information about GoldGuard?
- Company Info: GoldGuard FZCO, Company Registration
- Register No. DAFZ/1572 License No. 3287 Expiry Date: 15-02-2018 Issue Date 16-02-2017 Jewellery/Gold/Bullion Trading.
- Address: GoldGuard FZCO · 2E MO17 East Side, DAFZ · Dubai · United Arab Emirates. GoldGuard is at the intersection of Al Quds Street and Damascus Street, right next to Dubai Airport.
- More information here: About Gold guard
Does Gold Guard have any business continuity plans, in case it defaults?
GoldGuard is launching a number of products such as liquid gold where investors can hold spot gold in their account and through our MasterCard issued debit card utilise gold for conventional daily payments instantly.
Is OneGram designed for world adoption?
OneGram is geared for the Asian markets as they have a long affiliation with gold however the product has a global appeal.
Will OneGram provide pictures of the Vaults and Audit reports?
Our vault will be with Loomis in Dubai, and sure, the audit reports are made to be public. We will have more social proof, pictures of our vault and partnership with the CEO of Loomis.
How is OneGram different from other Gold Backed Cryptocurrencies?
OneGram has a lot of unique features primarily that it is the first Islamic Shariah compliant cryptocurrency. Approved by sharia advisors. It is also unique in the reward transaction structure where we add new gold to the coin by sharing the transaction fees with our investors.
What functionality do you envisage to add to OneGram in the future?
We hope to have our own merchant services solutions rolled out for retailers so OneGram can be used globally. Please see the roadmap below.
What would you like investors to know in addition to the above?
If you review the Shariah whitepaper OneGram has all the hall markings to be the greatest and most complete cryptocurrency offering till date.
More Information on OneGram
- Sharia Whitepaper
- OneGram Whitepaper
- Ibrahim Mohammed on Twitter
- OneGram on Slack
- Feature of OneGram on Forbes
We thank Ibrahim Mohammed for the interview.
Dear Reader, I enjoy working on these interviews because of my passion for fintech however, they are a massive amount of work. I would appreciate your comments on the questions and information I am presenting. What would you like to see more of and less of? What do you think about OneGram is it an investment that sparks your interest. Let’s discuss in the comments below.