Mar 10, 2020
Sudan Gold Coin AMA Summary with Decentralized Club ✔️
Dear Community _
Welcome to our community on t.me/decentralized_club Telegram group’s AMA. We really appreciate all your support. There were really good and thoughtful questions that were asked. For those who missed our AMA, this blog post is for you :)
✔️Introduction with Sudan Gold Coin :👉
Trader(BILLY):
Q1. Can you introduce yourself and SGC In brief?? @ElijahCMO
Elijah:
I am Elijah Ifeanyi CMO& Co-partner of sudangoldcoin current Vp inblocksolutions, founded coinnewsafrica at 20,
notably in Marketing and finance.with BSc in computer science, and interest in wealth management I brought my wealth of experience into the blockchain space 6yrs back.
In SudanGoldCoin We are building a company with fair distribution system of Gold
Trader(BILLY):
Q2. SGD project was born to solve what problems? Is your market really potential?
Elijah:
We created #SGC to solve the volatility issue in crypto space, giving the blockchain community a real asset crypto token backed by real gold
Each $SGC will be weighted to 0.004g of gold
The Gold market is huge
And We are exploring a huge Gold market sector combined with blockchain technology
Trader(BILLY):
Q3. What are your security measurements?
Elijah:
At $SGC we have proven security measures to ensure the safety of our project.
After processing our Gold in Sudan the final product will be pushed to our reserves/holding company located in dubia which will nw kept securely
Our developers are working tight on implementing high standards military grade security into our platform
So safety precautions on our mining factory we work with the government of Sudan to protect our workers on site
Trader(BILLY):
Q4. How are the plans shaping up for marketing and building a strong, core community which is essential for any project in the crypto industry?
Elijah:
We are launching huge marketing/promotional campaigns to build/promote our brand/project
Right now the $SGC community grows by 1000 new members daily and yet we’ve planned a bounty campaign and influencers campaign too
If interested contact me after this #AMA
We have been feature on hackernoon.com and cointelegraph of late
Huge Interest in our project now
Trader(BILLY):
Q5. Finally, please shed some light on the tokenomics??
Elijah:
We have a unique token model
Will have been carefully structured to effect token ecosystem and investors
Here is an explanation about
How the SGC token grow
1. The SGC token was originally issued as the digital equivalent of 0.004g of pure gold (with a market value of ~ US $ 0.1), with a total issue volume of 999,999,999 tokens.
2. On a quarterly basis, 30% of all gold mined by the project is evenly distributed between the tokens in circulation. For example, if 200,000,000 tokens are in circulation, and 5,000 kg of gold were mined during the first (accounting) quarter, then each token will “grow heavier” (add weight) by 0.0075 g (5,000,000 * 30% = 1,500,000; 1,500,000 / 200000000 = 0.0075), i.e. each token will become the equivalent of 0.0095 g of pure gold.
3. When exchanging tokens for gold, they are destroyed, thus reducing the total issue volume and increasing the mass fraction of gold in each token in the next quarterly distribution.
4. In addition to the increase in the mass of gold represented by the token, one should also take into account the several-year growth in the market price of gold.
75% of the total supply of $SGC will be locked
🐧Community ask Questions by Twitter ✔️
Trader(BILLY):
▪️Twitter Question No 1 :
Username : @Kankir_Pola
How is the burning rate controlled? Since every purchase of gold burns coins. In a situation where there are millions of gold purchasing and selling will the coins run out?
https://twitter.com/Kankir_Pola/status/1236356181259517952?s=20
Elijah:
We have a unique strategy that will allow us control such scenarios
With 75% locked up, this model will only spur the token appreciation and will be Interesting to our Investors
But to note that the only tokens which are going to be burned are those used to exchange for physical Gold.
Trader(BILLY):
▪️Twitter Question No 2 :
Username : @static_current
How difficult it was for you guys to educate the local people, government and businesses about blockchain?
https://twitter.com/static_current/status/1236479574667452416?s=09
Elijah:
It’s been an interesting journey.
At the start we faced a little difficulty with people always questioning why we choose Sudan but I believe we have proven that over time with our collaboration with the sudanese government and building our Goldmines
Our community is super active now and we’ve conquered all early fears now we are in conjuction with the government in Sudan (more huge news will be announced soon)
Stay tuned and Follow our community for regular update on our development
Trader(BILLY):
▪️Twitter Question No 3 :
Username : @ejioforkel
do you have full backing from the Sudan government and can I swap my sgc token for actual gold bars
https://twitter.com/ejioforkel/status/1235996157760897024?s=19
Elijah:
Yes
We are backed and regulated by the sudanese government.
We’ve had productive talks with Sudan prime Minister and central bank governor
On our decentralized platform you can always exchange your $SGC token to real gold which will be delivered directly to your address from dubia(SGC holding company)
Trader(BILLY):
▪️Twitter Question No 4 :
Username : @Chotadonmxc
Does a Sudan gold coin holder exchange his asset for real gold ever?
https://twitter.com/Chotadonmxc/status/1236339509958066176?s=20
Elijah:
Yes
Holders of $SGC can exchange tokens for real physical Gold
This feature is one major utility of our $SGC token in our ecosystem
Trader(BILLY):
▪️Twitter Question No 5 :
Username : @RajniCh02568990
Could you please shed more light on security side of SGC ecosystem? How secure is the #SGC structure? What measures have been taken?
https://twitter.com/RajniCh02568990/status/1236108059035893760?s=19
Elijah:
We have built a fully equipped military grade security system to provide safety for the $SGC platform
🌐Telegram live Questions answered by Sudan Gold Coin
Mission:
Why SGC choose to IEO with DoBitTrade & Ex Market instead of any other exchanges like Huobi or Binance?
How many initial investor you got & how you are planning to make them profitable?
Elijah:
We are in contact with top 10 exchanges
But as you noticed the HBOs(houbi, binance okex) have stopped doing IEO for a while now
So we can’t use thier launchpads
Our investors believes in us and if you’ve taken note in this session I have shared model of our token appreciation on how investors can profit
Newbie — Hodled:
I have heard from several sources that SCG is expected to list the top market in the near future, so can you tell us about the plan and progress of this?
Elijah:
Yes
Right now regarding listing abd partnerships with major exchanges is ongoing
But names I can’t confirm now due to NDA signed
But for our dear members/communities we will deliver the best exchange
BTC Mining:
Due to the onset of the global crisis, gold prices are rising. Do you think this will turn out to be positive for your project? Or are these jumps temporary?
@ElijahCMO
Elijah:
Yes
Its good for the development and progress of SGC
But the good side is when gold prices plummet it won’t affect the sgc token prices because we have weighted each token to weight of Gold per token not tagged with price in $
Microbyte Trader:
Do you guys have plans to burn #SGC tokens separately or do you think it is unnecessary as #SGC tokens will be made scarce anyways as part of it will be burned because of its utility?
Elijah:
For every $SGC tokens used for exchange of real gold will be burned
尺ﾑﾉズズひ | nERD:
IS THEIR ANY EFFECT ON SGC ON AFTER SOUTH KOREA GOVERNMENT LIFTED THEIR BAN TO CRYPTO?
Elijah:
It’s positive for the future crypto market
South Korea is pivotal to blockchain adoption
So with the government in full support now it’s only good for $SGC and blockchain
