What Is Gold Secured Currency (GSX)?
Gold Secured Currency (GSX) is a cryptocurrency belonging to the Apollo Fintech organization, which was developed with the aim to provide coin holders with growth opportunities. It is a financial technology organization that focuses on finding financial solutions for challenges that are perceived to be unsolvable. According to the website, Apollo aims to push the boundaries of technologies to offer feature-rich products that benefit both industries and users with fast and secure solutions. According to the whitepaper, in order to achieve this aim, Apollo Fintech uses the Apollo blockchain, thenative blockchain of the organization that acts as a platform to develop and launch its products. This blockchain functions using a distributed ledger technology that provides a cost-effective solution for product development. Further, the Apollo blockchain also uses other advanced technologies that facilitate security, safety, privacy, and fast transactions for users on the platform. The use of this overall structure and features of the Apollo blockchain has allowed Apollo Fintech to develop products across three different segments:
Commercial products
Government products
Consumer products
Among these three segments of products, the consumer product segment is the one under which the Gold Secured Currency (GSX) was developed.
According to the website, the coin’s mission is to benefit holders by providing them with minimum asset value like stablecoins along with growth opportunities like traditional cryptocurrencies. In order to fulfill this mission, Apollo Fintech backed the GSX coins with trusted assets that will add value to the coin. These trusted assets are different gold-rich lands acquired by Apollo Fintech through a memorandum of understanding (MoU) with the national government to carry out gold and mineral mining. These lands and mined gold, in turn, provide stability to the GSX coin through the integral value that land and gold have in the market.
Besides this growth opportunity through stability for coin holders, the GSX coin features many other benefits for users:
Trust Ownership: This highlights all coin holders being beneficiaries of the assets and mineral rights of the organization.
Combination: This reflects the coin providing its holders with stable price and growth opportunities backed by assets, along with a perpetual bonus as a reward for holding the coins.
Redeemable: This signifies that GSX coins can be redeemed against original gold.
Audited: This reflects the assets backing GSX coins will be audited from time to time by third-party auditors, allowing coin holders to stay updated with the value of the coins.
These benefits, in turn, provide a strong position for coin holders within the Apollo Fintech ecosystem. Besides this, GSX is also used for expansion and cost bearing for different operational expenses related to the mining business of Apollo Fintech, thus reflecting the growth opportunity role GSX coins play, for both Apollo Fintech and its stakeholders.
History of Gold Secured Currency (GSX)
Gold Secured Currency is headed by CEO Steve Mccullah. According to the URL designated element of the whitepaper, GSX’s whitepaper was released in December 2020. Further, GSX coins reflect a maximum supply of 30,000,000,000 GSX.
How Are GSX Coins Created?
GSX coins are created through the mining process on the Apollo blockchain, a native blockchain of the Apollo Fintech organization. The coins are backed by the value of original gold and mining lands owned by the Apollo Fintech organization.
