Review on PAX Gold by Inioluwa Okedeji
PAX Gold: Digitalizing And Tokenizing Gold Assets.
PAX Gold is a cryptocurrency platform backed up by assets in gold. Not only that, their main aim is to digitally tokenize gold in form of a digital currency.
PAXG the digital token of the PAX Gold platform is equivalent to one ounce of gold. This token is also built on the ethereum blockchain network, which makes it an ERC 20 ethereum based token.
On the platform, users can exchange PAXG token for gold and vice versa. I believe this project actually makes easy and simplify transactions in gold.
Holders of the native token PAXG have the opportunity of converting and exchanging their tokens for gold and other fiat currencies.
The fact that this project is backed by a physical asset and not just any asset, gold assets. It means that the project will be able to garner trust and confidence of the public.
Pros
- PAXG is built on the ethereum blockchain network.
- The platform allows features the tokenization of gold.
- The project is backed up by gold assets.
- It allows easy transactions in gold.
Cons
- The project's popularity is still low
