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About PAX Gold
Summary
- Pax Gold (PAXG) is a gold-backed cryptocurrency launched in September 2019.
- It’s an ERC-20 token operating on the Ethereum blockchain, making it tradeable on various exchanges.
- The main goal is to make gold more tradable and accessible to small-time investors.
- Each PAXG token is backed by a fraction of a London Good Delivery gold bar, stored in Brink’s gold vaults.
- There are approximately 60,161 PAXG coins in circulation, which changes frequently.
- The PAXG protocol is secured by the proof-of-work (PoW) model, but can be launched on other blockchains
About PAX Gold: A Digital Gold Standard
Introducing Pax Gold (PAXG): A Digital Gold Standard
Pax Gold (PAXG), a gold-backed cryptocurrency, was launched in September 2019 by the creators of Paxos Standard (PAX). As an ERC-20 token operating on the Ethereum blockchain, Pax Gold has emerged as a highly accessible and tradeable asset, available on a diverse range of exchanges, thereby providing traders with a convenient entry point into the world of gold investment.
The primary objective of Pax Gold is to enhance the tradability of gold, overcoming the limitations of the physical commodity, which is inherently non-divisible and cumbersome to transport. To address this, Paxos Standard has developed a gold-backed cryptocurrency. As outlined in the official whitepaper, Pax Gold enables investors to purchase infinitesimally small amounts of gold through the cryptocurrency, effectively eliminating minimum buy limits for the commodity.
The Visionaries Behind Pax Gold: A Team of Pioneers
Charles Cascarilla is the visionary founder and chief executive officer of both Paxos Standard and Pax Gold. With a distinguished career in capital management, Cascarilla has leveraged his expertise to tap into the vast potential of cryptocurrencies, unlocking new opportunities in the digital asset space.
Upon graduating with a degree in finance from the esteemed University of Notre Dame, he co-founded Cedar Hill Capital Partners in 2005, marking the inception of his illustrious career in finance and capital management. Since then, Mr. Cascarilla has been instrumental in numerous traditional and blockchain-based venture capital initiatives.
Unveiling the Unparalleled Characteristics of Pax Gold
Amidst the proliferation of ERC-20 tokens, Pax Gold distinguishes itself by being backed by a tangible, established commodity. A primary objective of Pax Gold is to democratize access to gold investment, rendering it more inclusive and accessible to a broader audience.
The official whitepaper reveals that a staggering USD 3.5 trillion of the world’s gold reserves is allocated solely for investment purposes; however, a significant portion of this wealth remains inaccessible to individual investors. This is precisely where Pax Gold intervenes. Each PAXG token is meticulously backed by a fractional ownership of a London Good Delivery gold bar, securely stored in the esteemed Brink’s gold vaults, which have earned the esteemed approval of the London Bullion Market Association.
By synergistically combining the unparalleled security and liquidity inherent in blockchain-based cryptocurrencies with the timeless value and prestige of physical gold, Pax Gold pioneers a novel investment paradigm for traders. The innovative PAXG has, in turn, inspired a proliferation of gold-backed tokens, as other cryptocurrency developers seek to replicate its success.
The Circulating Supply of Pax Gold (PAXG) Coins: An Overview
Pax Gold tokens boast a one-to-one parity with the gold reserves that underpin them, ensuring that each ounce of gold in rotation is precisely mirrored by a corresponding PAXG coin. Consequently, the circulating supply of PAXG tokens undergoes frequent fluctuations.
At the time of writing, the circulating supply of PAXG coins stands at approximately 60,161. However, this figure is subject to constant fluctuation, as new investors enter the fray and Pax Gold continually expands its gold reserves to support its backed assets.
The Pax Gold Network’s Robust Security Mechanisms
In the official whitepaper, Pax Gold CEO Charles Cascarilla elucidates that the PAXG protocol is meticulously crafted atop the Ethereum blockchain, leveraging the robust security afforded by the proof-of-work (PoW) consensus model. Notably, PAXG’s versatility allows it to transcend its Ethereum roots, enabling seamless deployment on alternative blockchain platforms.
Proof-of-work protocols epitomize a traditional paradigm in cryptocurrency mining, with Bitcoin being the most illustrious exemplar. Meanwhile, Ethereum has embarked on a transformative journey, transitioning to the proof-of-stake (PoS) model, with the primary objective of mitigating the resource-intensive nature of token mining, among other benefits.
Where to Acquire Pax Gold (PAXG): A Comprehensive Guide
Pax Gold, an ERC-20 token, boasts the advantage of being tradable on numerous reputable exchanges and storable in a diverse range of cryptocurrency wallets. Notable exchanges recommended for trading Pax Gold include Binance, BitZ, and Kraken. It is essential to acknowledge that, despite being backed by physical gold bars, investing and trading PAXG still entails inherent risks. Discover more about buying cryptos
here
.
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