The KaratGold Coin - KBC - is a Blockchain-based cryptocurrency linked to physically deposited gold in the form of the so-called CashGold, a true gold standard. A certain number of KBCs can be exchanged for the corresponding amount of CashGold at any time.
With the introduction of KBC, the world's first and only coin with real physical gold coverage worth up to 4.5 billion euros, the Karat Gold Coop., The Karatcoin Bank in Miami and owner Harald Seiz in May 2018 model »Cryptocurrency« to completely new contours.
The gold-covered KBC but back to a serious shortcoming to share the previous crypto currencies such as Bitcoin, Etherium, etc. with the traditional Fiat currencies à la Euro, US dollars and yen: the lack of coverage by a real, indestructible equivalent.
The concept of giving real gold coverage to a new cryptocurrency right from the start and thus providing a man-made unshakable resistance to crises is a real innovation in this field.
However, the idea is based on a classic and proven, but abandoned principle: Until August 15, 1971, the US dollar was covered by gold.
However, the face value of outstanding dollar paper money exceeded the value of US gold reserves. In order to solve the problem, the US government at that time decreed the gold-plating of the world's leading currency, the US dollar.
According to many experts, this was the cause of the numerous financial crises that have shaken the world ever since.
The KaratGold Ecosystem consists of KBC, KBC-Pay-System and the KaratGold Wallet. The KBC is currently still based on the Ethereum Blockchain protocol. That's why it's safe, cost-effective and fast, and it enables the use of smart contracts. This protocol replaced by KBC protocol at the end of 2018.