Gold has been hailed as a valuable investment for decades, not only as a hedge against inflation but also as a low-risk, reliable investment to hold for decades to come. In large part because of its popularity as an investment choice, the gold mining industry emits between four and seven percent of global greenhouse gasses. Experts have found that gold mines emitted, on average, 0.8 tonnes of carbon dioxide for every ounce of gold that was produced in 2019.
About 50% of the mined gold is moved to bank vaults. Furthermore, many experts argue that gold has no utility and its value is merely based on fear. Investors buy it to hedge against inflation or when markets are volatile, but many believe that ever since Europe and the US have been recovering from the crash of 2008, gold has been a poor investment.
Despite the heavy environmental and social costs, about 50% of the gold mined in the world annually is placed in bank vaults. This gold is rarely, if ever, taken out of these vaults. Instead, it is stored indefinitely, and is traded on paper.
At Nature’s Vault, we’re passionate about moving towards a more climate-conscious world, and to do so, we are leveraging blockchain technology to effect change in the world of mining. Instead of using the energy-heavy Proof of Work consensus mechanism, we have turned to a more climate-conscious Proof of Stake method.
To address the issue of unnecessary gold mining in a world where gold investments are highly coveted, we’re introducing an alternative gold-backed asset class – one that allows investors to benefit from a gold investment without the negative environmental and social impacts associated with other gold investments.
Legacy Token is the first of many projects that we are launching to fulfill our vision of accelerating ESG investments that preserve our environment and its natural resources. Each token represents 1/100th of a gram of gold, preserved in the ground utilizing our own patent-pending methodology, which involves the acquisition and tokenization of independently quantified in-ground gold deposits.
Our founder Phil Rickard is a global entrepreneur with experience in building successful enterprises across a range of industries. Phil recognized that current gold mining practices are not sustainable and had the foresight to propose a radically different approach after joining forces with experienced professionals in mining, finance, ESG, and blockchain; Phil was able to bring his idea to life, beginning with $LEGACY.
Nature’s Vault will continue acquiring control of mines to add to our inventory of gold preserved in the ground. We believe that Legacy Tokens represent a groundbreaking approach to invest in our planet’s Natural Capital, or the natural resources and the life-sustaining ecosystem they provide.
Although cryptocurrency has taken the world by storm, many potential investors remain apprehensive about this revolutionary technology, some citing concerns about the volatility, others worried about the heavy carbon footprint of the world’s dominant cryptocurrencies. Ultimately, Legacy Token harnesses the potential of both the dominant real-world store of value of gold and the security, transparency, and lower carbon footprint of Proof-of-Stake.
With global efforts to become more climate-conscious, we are thrilled to be using blockchain to revolutionize the gold mining industry. We believe that $LEGACY Token has the potential to change the way people think about gold mining and provide a more direct opportunity to preserve Natural Capital and invest in the future of our planet.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice
Source: https://cryptodaily.co.uk/2022/05/gold-for-good-why-are-we-tokenizing-the-preservation-of-gold