What Is PAX Gold (PAXG)?

PAX Gold is a unique asset-supported coin where one token denotes one adequate troy ounce (t oz) of a 400 oz London Good Delivery gold bar stowed in professional vault structures. Users who own PAXG have ownership privileges to that gold under the control of Paxos Trust Company. Since PAXG symbolizes physical gold, its worth is tied straight to the real-time market price of that physical gold. This highly accessible coin is built on the Ethereum blockchain as an ERC-20 token.

PAXG seeks to offer customers the advantages of absolute physical ownership of precise gold bars with the pace and mobility of a virtual asset. Furthermore, the token allows customers to have fractional licenses of physical bars. On the Paxos platform, consumers can aim to transform the tokens into either allocated gold or unallocated gold (and vice versa) very efficiently, thereby seeking to lessen settlement risk exposure. 

Furthermore, PAXG is also open for trading on the Paxos's itBit exchange and other crypto-asset swaps, wallets, and lending platforms within the crypto environment. At any point in time, PAXG holders can look at the serial number, worth, and physical aspects of the vaulted gold simply by entering the Ethereum wallet address on the accessible PAXG lookup tool (Paxos.com/paxgold).

As per the whitepaper, PAX Gold is an effective asset for active traders and market users inside and beyond the crypto-asset world. PAX Gold is a leading choice for many individuals curious about owning physical gold as an acquisition since the token aims to be easily accessible, high-quality gold, and there are no storage fees.

The ERC-20 token is an essential Ethereum smart contract that obeys a standard protocol for defining custom tokens on the blockchain. Smart contracts are just like regular contracts; however, instead of being drafted on paper, these contracts run in the form of protocols on the blockchain. The specified contract must state essential token attributes such as symbol, name, and decimal precision. Also, the contract tracks the number of token balances for every Ethereum address. It permits address holders to transfer some balance portions to other addresses.