Sudan Gold Coin announces IEO on ChainX exchange
The Dubai Company will act as an FDI and will be the sole custodian of the gold mined in Sudan
Sudan Gold Coin announced in late February of 2020 that it was launching its IEO on ChainX digital currency exchange, which is a reputable Korean exchange. According to a press release by Sudan Gold Coin, the new blockchain project is the first of its kind and will bring together blockchain technology, a decentralized platform, and real production of gold.
According to the Sudan Gold Coin white paper, the project is a cutting edge blockchain project that aims to develop a revolutionary decentralized platform for trading gold and other precious metals and for receiving markets’ information on the same. The project promises high transparency and high profits. As such, the Sudan Gold Coin project makes use of Ethereum Smart Contracts to maintain high levels of transparency and security of the investments already made into the project.
Sudanese,Dubai and Estonian Companies
This blockchain-based technology also allows investors to keep up with real-time ICO legislation developments globally. A holding company in Estonia will be monitoring the investments to allow for an easy audit of the ICO project.
The Estonian holding company will be responsible for the development of the SGC platform. It will be the primary depository entity of the funds collected from the IEO and token sale. Besides the Estonian company, other key players are a Dubai Company and a Sudanese Company.
The Dubai Company will act as an FDI and will be the sole custodian of the gold mined in Sudan, while the Sudanese will hold the rights to mine gold in the country and accept foreign investments from the UAE company.
Sudan covers quite a large area, and the country has quite an active mining sector. However, with the country’s diversified geology, the mineral potential in Sudan is yet to be fully realized.
Doing so would require vast amounts of capital and other resources that are not available in the country. As such, the government of Sudan is taking large measures with the SGC project to ensure that gold mining in the country is fully maximized by allowing a Foreign Direct Investor (FDI) to bring in the necessary funds.
Besides taking advantage of the country’s gold mining power, here are a few other advantages of the SGC project, including:
Price stability:The use of the decentralized exchange model ensures that the SGC tokens offer more price stability than other tokens. This is primarily because the token’s value is connected to that of gold, making it just as volatile.
Credible: Since the inception of the idea in 2017, the government has been looking into the place of mining operations. The government has put in place and continues to work on regulations, laws, and initiatives to protect the mines.
Mobility: SGC has partnered with several key players in the banking industry. These partnerships will allow SGC token holders to exchange their SGC for fiat within a few seconds.
Tax exemptions: Sudan exempts all mining projects from taxes during the first ten years of commercial production. The projects are also exempted from customs and other charges during exploration.
Smart tracking: SGC project uses linked data and smart tags, which help to keep track of the supply chain process. Investors can track their operations from the point of origin until it gets to them.
Airdrop Campaign. The project’s airdrop campaign is already live and set to end in about 28 days. Participating in the campaign could earn you 100 tokens, which are worth about $10.
The sales period will continue up until 0000 (KST) on 1st May, immediately after which the exchange will carry out the token distribution. During the sales session, the price ration of the SGC to the USD will be 1:0.1 and will be based on the 1400 (KST) coinmarketcap of the ETH price. The IEO project has a hard cap of 5,000,000 USD and a soft cap of 2,000,000 USD.