What is VEIAG?
In the current market, near all cryptocurrencies draw value almost entirely from utility and speculation, rather than being backed by any recognized store of value. However, recently there has been a push towards backed cryptocurrencies, such as Tether and TrueUSD, currencies that have a value tied to the US dollar. In a market that is increasingly volatile, it is likely that backed cryptocurrencies will be increasingly common as the market matures.
VEIAG is looking to get ahead of the curve, by bringing to the market a gold-backed cryptocurrency that will be tied to the value of gold bullion. This means that holding VEIAG tokens is equivalent to holding Gold, bringing a level of security that has previously not been presented until now. Unlike many projects which offer only assurances to token buyers, VEIAG takes this a step further by securing buyers funds with assets, whilst still providing all the benefits of blockchain technology, such as extraordinary security, speed, and low transaction fees.
Why Bullion?
In today's world, everybody understands the value of gold. Whether it be gold scrap, bullion or jewelry, everybody understands that gold has intrinsic value. However, the same can't be said for cryptocurrency, with only a small fraction of the world attributing true value to units of Bitcoin, Litecoin or otherwise. In fact, some people don't even have faith in traditional government-backed currencies such as the US dollar or Euro, leading them to store their funds in other assets such as stocks, precious metals or diamonds.
So why did VEIAG choose gold bullion? In most markets, when the stock, cryptocurrency and forex industries crash, gold tends to remain stable or even increase in value. This makes gold one of the safest bets around, perfectly balancing the power of blockchain technology, with the stability and strength of one of the oldest means of value storage around. In today's market, people buy cryptocurrency in the hope that in time, they will be able to sell it for a profit. However, the true potential of blockchain technology is marred by this fact, as it leads to a global perception of risk for cryptocurrencies.
VEIAG Business Model
Besides providing a gold-backed cryptocurrency for typical usage, VEIAG will also employ a multi-step business model to promote the development of high potential projects, and provide a return to VEIAG token holders. The steps involved in the model are as follows;
1. VEIAG analyses project proposals, looking into the market size, growth potential, management and financial aspects of the projects to select suitable candidates for funding.
2. Funded projects are commenced, with all resources, deliverables and team determined, distributed and managed to efficiently reach the project goals.
3. Regular profit reports are produced and released. VEIAG aims to be as transparent as possible with their business practices, allowing both the public and investors to access quarterly profit reports.
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| VEIAG looks to contribute to the development of clean, moral and ethical business projects to generate a return for its users and investors. |
Our Thoughts
Whilst the idea of a gold-backed cryptocurrency is certainly not new, many of the offerings that VEIAG brings to the table are. By actively seeking out, and funding both high potential businesses and sustainability projects, VEIAG generates profit to both sustain its own operations, and provide a return to its investors whilst contributing to the environment and cryptocurrency ecosystem as a whole.
In our opinion, the project is novel and has a great amount of potential, whether it is able to capitalize on this potential will come down to how they are able to position themselves amidst the growing competition, but we think the future is bright for VEIAG, though the name could definitely be improved.
Useful Links:
Website: https://www.veiag.com/
Telegram Community: http://t.me/VEIAG_token
Twitter: https://twitter.com/VEIAG_token
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