Bitcoin

Making Gold Mining Accessible Through Blockchain and AI

3 Mins read

There’s no beating around the bush – gold mining has been a lucrative and popular endeavor for as long as gold has been discovered.

The precious metal carries not only its enigmatic appeal but also real, tangible value – it costs money. A lot of it. With the price of gold expected to continue increasing in the future, it is becoming an attractive precious metal.

Through the years, gold has gone through numerous iterations – from means of exchange to the metal that backed the value of the world’s reserve currency – the US Dollar (and many more). Although there are not a lot of countries that still use the precious metal as physical backing for the value of their currency, gold is still very valuable.

By design, that makes gold mining one of the most sought-after and lucrative industries. However, it’s also associated with tremendous cost. Mining gold is not cheap, but that’s not all – finding the right location, obtaining the necessary permits, machinery, and labor- it’s safe to say that it’s not an easy industry to make it in.

That’s where AIGOLD steps into the picture.

What is AIGOLD?

AIGOLD is a new ERC-20 Ethereum blockchain-based project. According to documentation found on the official website, the purpose is to combine the power of cryptography and artificial intelligence (AI) into a robust system that’s aimed at increasing the capacity of the company’s Gold Recovery Project in the Bering Sea area to brand new heights.

In essence, there’s a company that will be mining gold in a historically gold-rich area, and it’s leveraging blockchain and AI to make it more accessible for investors to participate while also aiding its own operations.

It has its own cryptocurrency – the AIG token – which will supposedly play an important role in the company’s gold recovery operations. The main purpose of the token is for the team to leverage blockchain to drive growth throughout the progress of the mining operation.

What is the Utility of AIG?

According to the official website, the AIG team has managed to identify one of the largest deposits of placer gold found in the Bering Sea area.

Through the advancements of blockchain and AI, the team plans to leverage Artificial intelligence and their knowledge of the Bering Sea to extract gold from ancient channels they claim to be filled with placer gold. The owner of AIGOLD claims to know how deep the gold is and how to extract it from depths of several hundred feet.

The Buy/Sell Tax Reward System Explained

AIG will be a token that will offer an automatic buy-and-sell reward. It will be paid in PAXG – according to the project’s Gold Paper.

PAXG is a stablecoin that’s backed by physical gold, stored and safeguarded in LBA vaults in London. It’s managed by Paxful.

The team says that the reward mechanism is built into the contract in a way where the taxed amount goes toward purchasing PAXG from the official PAXG smart contract and is then distributed to the wallets that hold AIG. There’s a 6% buy tax, and 5% of it is split among AIG holders. The other 1% goes towards marketing. There’s a 9% sell tax, where 5% of it is once again split among the holders, 2% goes towards marketing, and the remaining 2% goes into the liquidity pool. The AIG tax reward system was set up for the benefit of investors, according to the team. They state that every bit of the tax reward goes right back into the project to ensure the Liquidity pool is always healthy and that consistent marketing will always attract new investors.

In addition to getting PAXG, all the AIG NFT Minting Permit holders will also share in the annual profits of the gold recovery operation. 25% of the gold recovered will be shared equally with the NFT mining permit holders. The NFT mining permits will be limited in number as only 4 thousand permits will ever be made.  AIG Team is whitelisting for reservations at codevault@aigold.io.

A CyberTruck Giveaway

AIGOLD is hosting an interesting contest with a grand prize – a Tesla CyberTruck. It’s simple: the winner with the most entries at the end of the contest wins the Cybertruck!

Besides that, there are 20 total prizes such as $10,000 worth of AIG tokens and more. For details on how to enter check the aigold.io website.

For more information and more details on the project, take a look at the official website.

Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.

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