Design Issues
The most complex and controversial areas are
- integration of blockchain with inventory system
- cash equivalency, yes or no? (KYC validation)
- key management (like safety deposit box keys)
- appropriate blockchain
State Depositories
In 2009, there were 50 State governments and a handful of crypto-currencies. In 2023, there are 23,000 crypto-currencies but still only 50 State governments. Many currencies are used mostly to buy other crypto-currencies, a sign of a bubble. State depositories can be a significant option for non-inflationary wealth preservation of high-worth organizations and people. There should be funding potential here.
Private Gold-Back Currencies
Many private gold-backed cryptocoins were released since 2018, most based on Ethereum but several blockchains were released since then - Solana, Avalanche, Cardano, etc but a private blockchain is probably better.
Ethereum is probably adequate but not optimal.
Perth Mint Gold Tokens
Perth Mint Gold Tokens are the closest equivalent to our proposed gold-backed digital currency. Perth Mint was government-owned and Ethereum-based until their blockchain host discontinued support for legal reasons. This currency should be a primary research item.
Existing Depository
My educated guesses about an existing depository inventory system:
- traditional client-server app
- standard RDBMS for deposit entries
- no external API for remote entries
- no external API for verification of accounts
Currency integration would probably require significant modification of the inventory app.
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