Silvertoken

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Template:Infobox asset based currency Silvertoken is the receipt for the purchase of silver. Silvertoken is cryptographically secured receipt which utilizes a blockchain.Because of this format Silvertoken could be used as a decentralized cryptocurrency.[1] Silvertoken represents the value of silver. Since Silvertoken is deployed with a blockchain this allows users to transact with physical silver.[2] Each Silvertoken represents vaulted silver bullion stored and insured at no cost to the holder.[3] Silvertokens can be redeemed for the silver they represent or exchanged for government issued currency or cryptocurrency.[4]

History and features

Silvertoken was created in early 2017 by Richard Malik and Andrew Malik. Sales of silver started in November 2017.[5] Silvertoken is a cryptographic receipt for the purchase of physical silver which provides stability to currency by receiving it's value from an actual asset. The company offers physical silver for making transactions, the user receives a redeemable receipts for the silver they purchase in the form of a digital token, which is known as Silvertoken (SLVT). Silvertoken is the combination of digital currency and silver bullion.[6] The purpose of Silvertoken is to create a digital currency with minimum volatility and stable value. Cryptocurrencies and government issued currencies are notorious for their instability and loss of value. The company's business model is based on the trajectory for continuous growth from transaction fee growth.[7]

Transaction

All silver bars that represent Silvertokens are the product of a London Bullion Market Association refiner, which hold to the LBMA Good Delivery standards. Each Silvertoken, as of May 2018, represents 1 troy ounce of .999 pure silver bullion.[8] Silvertoken is an ERC20 token using the Ethereum blockchain and can be kept in ERC20 wallet.[9] ERC20 is a technical standard used for smart contracts using Ethereum blockchain for implementing tokens.[10]. When a transaction is made, the sender is charged with a 1% transaction fee, and the receiver gets the cryptographic receipt commonly known as Silvertoken. The user can hold Silvertokens in any ERC20 wallets or they can exchange them for government issued currency or cryptocurrency.[11] Whenever a Silvertoken is sold, the wallet address changes and the cryptographic receipt is programmed to send 1% of the total amount of the transaction in the form of Silvertokens back to the company to pay for the required storage, insurance, overhead and profit. The unused portion of the Silvertokens sent from transaction fees is used to purchase more silver to increase the amount of silver that each Silvertoken represents. The growth rate of silver that represents each Silvertoken is a direct correlation to the velocity of use.[12]

Silvertoken is owned and operated by SLV Token, LLC Nevis in Saint Kitts and Nevis. The company's silver reserve is stored in a UL Class 3 vault in Grand Canyon<ref name="wp">[1]. The Silvertoken silver is insured and underwritten by Lloyd's of London<ref name="wp">[2] and audited by Bureau Veritas.[12]

See also

References

External links

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