Novem is Changing the Way That Gold is Bought, Sold, and Stored

Featured – Gold has long been considered as a secure and relatively risk-free store of value for investors looking to diversify their funds or hedge against more volatile assets, like stocks. However, transferring the process of investing in gold from traditional investments, which have high barriers to entry, to crypto investments has been challenging because of the complex process required to validate the quantity stored as well as the ownership.

Novem CMOAndreas Kalteis (CMO, Novem)

Novem is creating a more accountable gold industry by making it more accessible to everyone. Through the use of advanced blockchain technology, Novem provides an immutable, secure, and distributed ledger of ownership, which delivers security for gold buyers, refiners and investors while providing the transparency that protects all investors—especially those unfamiliar with gold investment.

Novem’s mission is to improve the gold industry by emphasizing safety, transparency, and trust. The company was founded in Vaduz, Liechtenstein, which is known for being regulatory friendly towards cryptocurrencies and blockchain startups. Their Gold reserves are stored in Frankfurt Germany by a secure storage company called Loomis.

Technology

Novem uses the NEO blockchain platform to offer two cryptocurrency tokens: Novem 999.9 (NNN) Gold Tokens and NOVM Utility Tokens. According to Novem, the NEO blockchain was chosen because it provides incredible functionality, a great developer community, and superior security. Other technologies Novem uses to build its platform include Ruby, Ember, Typescript, and Python.

The Novem 999.9 (NNN) Gold Token is named after the common purity measure of gold, 999.9%.

The features of the Novem 999.9 (NNN) gold token include:

  • 100 NNN = 1 gram of gold.
  • Can be traded on the blockchain (classed as a Stablecoin due to its price being pagged to real gold).
  • The token price is tied to the current market gold price.
  • The token is classed as security.
  • Gold reserves certified by LBMA (London Bullion Market Association) – the world’s most respected gold authority.
  • Holders receive a physical certificate for all gold deposits.
  • NNN tokens are not part of the ITO (initial token offering).

The NOVM token is a utility token used to pay for services and trading costs relating to the 999.9 gold token.

Main Features Include:

  • Receive bonuses when you purchase physical gold (NNN tokens).
  • They are built on the NEO blockchain.
  • Provides additional benefits for current and future partners.
  • Can be traded on cryptocurrency exchanges

Value Proposition

In trying to improve the gold industry, Novem offers the following value propositions:

  • The transaction settlement takes place in seconds, with an unalterable transaction record on the blockchain.
  • The ability of people in unstable countries to store wealth that can be safely taken across borders in an emergency.
  • Industry participants (such as refiners, merchants, and repositories) can exchange large volumes of gold in seconds from anywhere in the world.
  • An opportunity for anyone to safely own real gold.
  • In-store service discounts and 999.9 benefits with NOVEM utility token.

Also, Novem’s relationship with key industry players (including refineries) means that they offer highly competitive gold prices for purchasers. Lastly, a small percentage of the total company’s revenue is being used to buy back NOVM Utility Tokens, creating further scarcity.

The Team

Novem’s team includes a group of experts with a wide range of experiences, including international trading of precious metals and stones, digital development, online and offline marketing, business development and project management. The founders have experience trading gold internationally in locations like Germany, Austria, and the UAE.

Novem Team

Final Remarks

Novem combines blockchain security and transparency with old economy world-leading standards on protecting gold investments at the time of purchase, storage, and sale. It is the safest gold cryptocurrency token in the world, linking immutable blockchain technology with LBMA-certified physical gold and is set to transform the precious metal industry.

 

Publication date: 
03/08/2019 - 16:29