When the team behind META 1 set out to offer a crypto, they did so with the understanding that having a solid asset to back their digital coin was imperative.
Their choice to back their coin? Gold.
As the team progressed with its entry into the world of cryptos, its members were determined to not just follow in the footsteps of other coin issuers. One area it honed in on relates to liquidity.
Next up was providing prospective buyers of its coin with the confidence they need to buy the META 1 coin. The Trust is in the process of having a third party firm audit and certify the assets it has in place to back its coin as a means to address liquidity issues.
META 1 uses several smart contracts. META 1 sees smart contracts as logical processing elements that assign and verify assets on the META 1 Blockchain.
On top of all this, META 1 aimed to make all of its assets are diversified. They are not handled by a central controller, which follows in the spirit of decentralization the crypto is built on.
Here we’ll delve into the META 1’s crypto efforts and note how its ability to adapt and implement changes are positioning it to be a formidable player in this burgeoning space.
META 1’s Gold Choice
META 1 boasts that its coin is secured by a diverse mix of assets including miners, bonds and other precious assets. The team chose gold as the commodity to secure its digital META 1 coin because it has historically been a stable store of value through up and down markets.
The META 1 team members strongly agree with other crypto players that the gold asset class also provides a high level of scalability. That is due to the ease in which it can be assigned to a digital coin.
Its coin is secured by a reserve that includes gold assets, along with a combination of other above-ground and in-ground assets.
META 1’s choice of gold means that, at a minimum, the price of its coin will always equal the current gold rate, according to the GoldScape.net. It rationalizes that:
If the cryptocurrency becomes popular then the price of the coin can potentially increase in value, greater than the value of gold. If the cryptocurrency doesn’t take off then the value remains as the value of the gram of gold. It’s like a built-in stop-loss. – GoldScape.net
Emphasis on Liquidity
To address liquidity issues, the META 1 team is revamping its Blockchain with the goal of having it completed by the end of summer 2021. It will entail built in liquidity pools that is hoped to bring the liquidity of the entire crypto market to its exchange.
The META Exchange can handle the trading volume of NASDAQ while settling orders instantly. It is integrated with the gateways of all major crypto markets including Bitcoin, Ethereum, Lite Coin, EOS and many others, which helps instill market liquidity.
Recognizing that potential coin buyers may be leery about the crypto space, the META 1 team set out to ease concerns about its coin. For example, the team set out to put a third party in place by the end of summer 2021 to audit and certify its backing assets. As noted above, that asset is gold.
All about Smart Contracts and Trust
META 1 uses several smart contracts. META 1 Coin uses smart contracts to ensure its operations are executed properly. They assign and verify assets on the META 1 Blockchain.
- Asset Purchased “In Processing” Smart Contract: considered to be a queue of soon-to-be verified assets that serve as asset-backing for META 1 Coin
- Asset Verification Smart Contract: being developed to verify assets’ values and authenticity
- Coin Appreciation Smart Contract: automatically increases META 1 Coin value based on the value of new assets assigned to META 1 Coin Trust.
- Smooth Allocation Smart Contract: being developed to add the value of newly acquired assets to META 1 Coin slowly.
- Asset Value Smart Contract: addresses the automatic adjusting of META 1 Coin prices according to real-time market conditions
META 1’s coin also benefits from its private irrevocable trust – META 1 Coin Trust. The Coin Trust places gold assets in low-risk, high-yield trading platforms that can produce a monthly cash flow. The goal of META 1 Coin Trust is for global humanity to benefit from the potential abundance and freedom of this asset-backed digital coin. META 1 Coin will enable all types of coin holders to easily purchase a digital currency where potential appreciation is facilitated by smart contracts. It will also help META 1 Coin holders to convert their holdings into a more reliable, scalable, secure, and liquid form of digital currency.
Reliable Store of Value
META 1 officials saw that its asset-backed digital coins could serve as upgraded replacements for sovereign currencies that are stores of value and are not securities.
As noted above, gold has historically been a stable store of value through up and down markets. People who have concerns about inflation or the security of fiat currency, such as the U.S. dollar, should consider storing their value as gold.
For crypto players looking for a good store of value, buying coins backed by gold should be considered. GoldScape.net notes that one gram of gold equals one coin. The gram of gold is stored by a trusted custodian (preferably a third party), and can be traded with other coin holders, according to the site.
Despite those benefits, it is important that crypto investors and traders understand some of the drawbacks of gold-backed cryptos. For example, Coin Market Cap Alexandria notes that gold-backed cryptocurrencies have historically struggled with systemic issues, such as:
- low liquidity (as they aren’t generally traded across many exchanges);
- ascertaining the proof of reserves (determining whether the company has the claimed reserves and gold backing or not);
- a dependence on central parties for collateral safekeeping and auditing, which practically defeats their purpose as “cryptocurrencies,” as one of the necessary properties of cryptocurrencies is decentralization.
The team behind META 1 Coin set out to not just offer a crypto. The team’s members are dedicated to improving global humanity to benefit from the potential abundance and freedom of this asset-backed digital coin.
This can be seen in the many aspects it has addressed, ranging from the META Exchange to the myriad smart contracts it has developed. Also, the team is constantly looking to make improvements to make it as attractive and lucrative as possible.