I'm a software developer with 30+ years of experience. There may soon be demand from State governments for R&D, prototyping and development of gold-backed digital currencies as described in Texas bills S.B. No. 2334 and H.B. No. 4903.
This white paper is an overview of a GOLD-backed DIGital currency (GOLDDIGR) using blockchain technology and backed by a State precious metals depository. It outlines economic forces, existing State legislation, proposes a multi-State commission to guide design, describes key features and technical issues.
- Proposal (https://broward.ghost.io/golddigr/proposal/)
- Economic Forces (https://broward.ghost.io/golddigr/forces/)
- Legislation (https://broward.ghost.io/golddigr/legal/)
- Strategic Design (https://broward.ghost.io/golddigr/strategy/)
- Tactical Design (https://broward.ghost.io/golddigr/tactical/)
- Considerations (https://broward.ghost.io/golddigr/consider/)
- Conclusion (https://broward.ghost.io/golddigr/finis/)
- Author (https://broward.ghost.io/golddigr/author/)
Low Energy Use:
GOLDDIGR should consume the same energy as sending an email or editing a document. Most crypto-currencies refer to "mining", "Proof of work", etc, which are energy-intensive features to create artificial scarity. GOLDDIGR's scarity is the gold depository.
GOLDDIGR should be less complex than other crypto-currencies. It won't require complex schemes to generate scarcity, validation, etc.
In 2018, I wrote a similar crypto platform using Ethereum. I believe a production system could be ready within a year by a team of five people for under $2 million.
In my opinion, the biggest technical variable will be revisions to the inventory system at the Texas Bullion Depository. Addressed later in the paper.