What if we started backing the value of cryptocurrency with some tangible commodity? How would that change the way we view this market?
Many of the innovative projects in the cryptosphere are based on the Ethereum Blockchain. One of these projects is called Ethereum Link.
A brief history of digital gold currency
It hopes bring the blockchain solutions of Ethereum into the world of business and have it fit seamlessly.
The specific solutions are for autonomous management and monetary storage within the blockchain itself. But Ethereum Link has one very interesting and unique quality that other cryptos do not have: Silver.
Precious metals in a digital world
For many who buy into the Cryptocurrency mindset, precious metals may only be worthwhile as the components of the miners and devices on which they access and operate within the Blockchain. However, the idea that some investments are not backed by anything tangible can be worrying, and an obstacle to entering the market.
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Here is where Ethereum Link really stands out. It acts as the connection between the Blockchain and the international silver market.
The project developers hope for it to become a large, but decentralized platform for trading silver certificates. Ethereum Link will use tokens as representations of various shares of silver bullion.
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What we may have here is an entirely new way of thinking about digital assets and investments.
What exactly is and LNK?
LNK is the ticker abbreviation of Link silver token. These tokens are representations of silver shares on the market.
Since this is an opportunity for investors to have cryptocurrency assets that are backed by a tangible commodity -in this case, silver- it may change the way many traders operate in this field.
It may even bring previously hesitant traders into the fold of the crypto world.
Traders may be able to take advantage of the best of both worlds here. They could trade with the speed and security that Ethereum’s Blockchain can offer, but also have the added stability that comes with precious metal investment.
LNK Token ICO
Link’s LNK Silver project is crowd funded via their public ICO.
The choice to crowd fund this helps keep the spirit of decentralization, while also providing the public to buy into this exciting new potential.
At the time of writing this article, the ICO’s funds boasts an impressive 431.11 BTC (~ $1,062,638.72) which is the equivalent of just over 30,000 LNKs.
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The exchange rate of one LNK is .01620 Bitcoin. LNK tokens being sold on the ICO receives 0.19% fee tradign as well.
That initial investment is not only a few whales throwing around massive amounts of coins.
In fact, well north of 450 Investors have already purchased some LNK tokens during this ICO, and the minimum cap for the project has already been reached.
The sale of these tokens closes in about 15 days.
Disclaimer: This is not trading or investment advice. Rather this is being distributed for educational purposes. The only investing advice I will ever give is that you should never invest more than you are able to lose.