You have to have actual Gold, and prove that each Unit of the token can be traded for its equivalent of the Gold you have. The easier the trade can be done, and the more trustworthy you are, the closer your token would be linked to its Gold peg.
This practically impossible for any small business to do, but you could try.
So, in the beginning I have to make plan for how to peg the token with gold so it can remain balanced. So, I can create 2 wallets 1 with the tokens and one with the USDT equivalent to gold quantity of certain weight.
That's worrying question! Because, we always need to buy USDT equivalent to Gold if prices fluctuate. To address this issue we can buy gold using an online exchange and keep that as a benchmark for pegging. Or a pair of USD/Gold
Another way is to Soft-peg it to gold, kind of like how HBD is soft-pegged to USD, but I'm not sure how that could happen, and even if it were, it'll require a whole community of people agreeing that each Unit of the coin equals X gram of gold or something.
You have to have actual Gold, and prove that each Unit of the token can be traded for its equivalent of the Gold you have. The easier the trade can be done, and the more trustworthy you are, the closer your token would be linked to its Gold peg.
This practically impossible for any small business to do, but you could try.
So, in the beginning I have to make plan for how to peg the token with gold so it can remain balanced. So, I can create 2 wallets 1 with the tokens and one with the USDT equivalent to gold quantity of certain weight.
I think that could work, but how do you want to keep the amount of USDT equivalent for Gold always following the Gold price?
That's worrying question! Because, we always need to buy USDT equivalent to Gold if prices fluctuate. To address this issue we can buy gold using an online exchange and keep that as a benchmark for pegging. Or a pair of USD/Gold
Another way is to Soft-peg it to gold, kind of like how HBD is soft-pegged to USD, but I'm not sure how that could happen, and even if it were, it'll require a whole community of people agreeing that each Unit of the coin equals X gram of gold or something.
I read that tribal dex is where second layer tokens are created on Hive
Yes, but how it works, maybe I need gold wallet first to peg the token.
Ok so you would need another token to peg the token you create?
No, but there's an issue with stablecoin as the price action can cause a loss. So, I need to buy it in online form.
#confused. Don't mind me, I will study more about these stuff
It's not completed until it is turned into a code and get the result.
It’s probably easier to peg to Silver because it’s cheaper to buy. Still hard to prove you would actually have the metal in storage.
How about holding the Silver through an online exchange and peg the price feed with the token?