Gold backed cryptocurrency Lionsgold hopes to provide alternative to bank accounts by end of the year

by Kenneth Schortgen, The Daily Economist:

Over the past several months we have discussed the growing number of cryptocurrencies being formulated that are backed by a tangible assets such as physical gold.  And while it can often be hard to distinguish which business model in the gold backed cryptocurrency sphere may be better, the reality is that so far each seems to be focusing on a specific sector of finance they seek to replace.

One of these up and coming companies is called Lionsgold, and by the end of the year they hope to complete a new cryptocurrency that is backed by gold and which will use a new blockchain technology called GoldBloc to allow individuals to use their gold backed cryptocurrency the same way they would any regular currency held today in a bank account.

Lionsgold Ltd (LON:LION) roared into action on Wednesday afternoon after the fintech-cum-gold explorer updated investors on the development of its Goldbloc digital currency. 
The AIM-quoted firm has been working on a digital currency backed by real gold for some time now under its majority-owned subsidiary TRAC technology.
The aim of Goldbloc is to give customers the “convenience and utility” of a normal bank account albeit one that is backed by physical gold. 
Each Goldbloc unit will represent 1/1000 of a gram of physical gold – worth around 3p based on current spot prices – and will be divisible by two decimal places.
The ultimate goal is for Goldbloc to become a gold-backed digital currency and banking platform. – Proactive Investors

There is already a well established company called Goldmoney that facilitates many of the attributes and services that Lionsgold is seeking to employ.  But the major difference appears to be in the cryptocurrency model being created by Lionsgold, and how this may synthesize with the slew of other cryptocurrencies currently being traded in the global markets that will go along with their goal of replacing the antiquated model of banking for depositors, savers, and even small businesses.

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