Article Summary, Automatically Generated By AI
Summary of Polkagold
- Polkagold aims to become the premier reserve digital commodity for Polkadot.
- Polkadot already has Native USDT & USDC as Stablecoins and DOT as a utility coin.
- Polkagold will have a total supply of 10,000,000 coins produced at genesis.
- 100% of the supply was put into circulation at launch, making it non-inflationary.
- Inspired by Bitcoin’s launch, Polkagold’s Novel Launch concept uses Proof of Purchase (PoP) instead of Proof of Work (PoW).
- The idea is to synergize with Algorand, diversifying the treasury with tokens from other chains and hard
About Polkagold: Unlocking the Potential of Decentralized Finance
Polkagold aspires to emerge as the paramount reserve digital commodity within the Polkadot ecosystem.
Notably, Polkadot has already integrated native USDT and USDC stablecoins within AssetHub, thereby facilitating seamless and efficient transfers of stable currencies.
At its core, the network is powered by a utility coin, DOT, which serves a multifaceted purpose, encompassing transaction fees, governance, staking, and network security, while also providing a funding mechanism for the treasury.
The sole asset absent is a genuine Digital Gold that serves as a reserve asset, empowering the treasury to acquire and underpin the economy.
Polkagold’s total supply is capped at 10,000,000 coins, which will be minted at the genesis block, ensuring a finite and scarce digital asset.
PGOLD debuted on the exchange during the early bootstrap Alpha phase, with the entirety of its supply being injected into circulation as part of the liquidity pool. Consequently, PGOLD is inherently non-inflationary by design.
This innovative launch concept draws inspiration from Satoshi Nakamoto’s pioneering approach to introducing Bitcoin, where even early adopters had to mine their inaugural Bitcoin, fostering a sense of community and shared discovery.
Satoshi Nakamoto coined the term “Proof of Work” (PoW) to describe the mining process. In a similar vein, we introduce our innovative concept, dubbed “Proof of Purchase” (PoP).
Notably, even pioneers and creators of PGOLD will be required to purchase their allocation through an exchange, mirroring the process experienced by the general public.
Inspired by Dr. Gavin Wood’s insightful Kusamarian interview on 06/11/2023, a notable takeaway was his enthusiasm for the treasury to expand its holdings by acquiring tokens from other chains and hard assets, thereby mitigating the concentration of Polkadot assets in the Treasury.
Thus, the concept was born to harmonize the Algorand and Polkadot communities, yielding a mutually beneficial synergy.