The idea of trading precious metal digital assets has been around since the inception of Bitcoin. The problem is nearly 90% of digital assets are backed by nothing. Its like trading tulips. You buy one and hope someone else decides to buy it from you at a higher price. This can only go on for so long and honestly it has gone on for long enough. Why are 10% backed by something? Because some cryptocurrencies do provide online services and have utility but for the most part none are backed by physical assets.
In 2022 the tide started to change. The release of new technologies for real decentralized asset management started to take shape and it really is a game changer. The trend of de-banking and censorship banking has also started to grow. Why would anyone trust the banking system when just about everyone knows someone who has had trouble with banks or has been de-banked. The problem is the vision of banks do not see or understand decentralization is waiting on the sidelines to replace them. The last thing they should be doing is de-banking customers. The best thing they can do is try to become decentralized friendly. The mother of all invention is necessity and at this point it has become necessary to completely replace the current financial system with a new decentralized and censorship resistant system.
The reality is we do not need banks, big corporate investment firms, corporate websites, banking websites and complex user interfaces with logins. The days of stupid captchas, passwords and authenticator apps to access your bank account will soon come to an end. This will start to become a reality by 2030.
GalaxyCoin has set out to revolutionize how we trade precious metals and how we value stable coins. We can not de-dank anyone, we don’t know who is banking with us and we surely can not stop or censor a transaction from one person to another. We also can not limit the amount of metal or money sent from person to person and no one is going to ask you to fill out a form and tell us why your transferring assets or money.
This is not an easy project and does require some third party trust but overall we have the technology to accomplish a decentralized network of trading assets today and to provide asset fungibility by adding a privacy layer that no bank or financial firm could ever compete with. If you do not understand fungibility and digital self-custody please do a bit of research on these very important topics. We will blog more about them in the future.
In the 1980s banks actually protected the privacy of their customers. This started to decline in the 90s and today no one has financial privacy if they use banks, credit cards or public blockchains. You are lucky if you can send a few thousand dollars without filling out a questionare This has led to hackers gaining access to sensitive financial information and the growth of financial scams. Today we have the technology to do much better and we are here to educate and provide the technology and service to anyone who is ready to change the way they invest, transfer assets and make payments.
