If one were to take a snapshot of the largest cryptocurrencies by market cap each year, one would see the top ten significantly changing from year to year, with only a few notable exceptions. This is partly due to the fact that the value of each cryptocurrency is based off of perception/speculation as opposed to something more tangible.
Crypto gurus are quick to point out that any national fiat currency is essentially in the same boat, since they are also not “backed” by anything other than good faith. The difference, arguably, is that while cryptocurrencies have a maximum cap, the same is not true for central bank notes. Also, while cryptos strive to be transparent and private, the same cannot be said for fiat paper money.
Quint changes the debate because it is a blockchain-based legal money that is also backed by precious metal. There have been a few other gold-based cryptocurrencies, but none have ever been completely backed by precious metals, let alone legal tender gold. Each Quint token represents 1/1000th of an ounce of U.S. minted American Gold Eagle coins. Since these coins are minted by the American Government they carry a special legal status that has already been tested and proven in Federal Court. Essentially, the Gold coins are just as legitimate as Federal Reserve Notes (and arguably more so since Quint is constitutionally sound money).
Quintric has tokenized the pre-existing American gold coinage. In addition to this service Quintric has permanently removed what was once the universal burden of gold and silver investment: vaulting fees. When you acquire tokens, all vaulting expenses associated with your holdings are prepaid forever. This allows your Quint to appreciate over time, unlike all other forms of gold.
The United States Securities Exchange Commission has begun a crackdown on the cryptocurrency wild west that will likely only become more severe over time. However, unlike those which came before, Quint is not considered a security by the U.S. Government. When circulated as money, Quint is not subject to the same taxes regarding capital gains which all other cryptos currently are. Therefore, people who wish to retain their value while avoiding potential 30% daily swings (in either direction) would do well to purchase Quint in order to protect their assets in a way that no other gold or crypto option to date has been able to offer.
Since the value of Quint tokens is pegged to the price of gold coinage (as established by the US Mint), this new currency is expected to retain more value and stability over time. On the technological side, Quint is built on the Bitshares platform, which far outpaces all other open-source blockchain technologies out there. Transactions in Quint will be orders of magnitude faster than Bitcoin or Ethereum, and exponentially cheaper as well. All in all, Quint is a money built for the future: a super-currency which combines all the best aspects of precious metals, paper dollars and cryptos into one revolutionary medium.
Unless the intent is purely for gambling/speculation, it is difficult to imagine investors (especially Americans) consistently choosing to place their bets on highly regulated, volatile crypto commodities rather than a transparent, stable gold standard that is free of the burdens incurred by securities laws. Alas, only time will tell.
If you’re interested in acquiring Quint tokens, click here
To read the Official Quintric White Paper, click here