What is it?

EKON Gold Token (EKG) is a commodity-backed stable coin.

The commodity used is gold.

The EKON Gold Token, like DGX, is a stable coin making use of the Ethereum blockchain network (ERC20 token).

EKG is a relative new token which is only available through the eidoo app .

Its value is, like DGX, correlated to the gold price.

Its rate of exchange (and established value): 1 token = 1 gram of gold.

What differentiates EKON Gold token from DGX is the possibility of exchanging the tokens for ACTUAL gold.

Opinion and analysis:

I highly praise this coin due to its backing by gold (which historically has always been seen as a safe haven to protect wealth).

While my initial hopes and interest were high, I slowly backed away from this coin as it is a less interesting token for crypto-amateurs and small-time investors.

While it does provide some of the benefits DGX (Digix Gold Token) it is not entirely the same.

It is these differences which make it less interesting for a greater part of the community but the more valuable for real Crypto-millionaires.

The reason thereof is mentioned on their site:

“EKON (EKG) tokens can be purchased by clicking the Ekon banner in Eidoo app, either through bank transfer or Eidoo DEX.

Tier2 verification is needed for bank transfer orders. Please follow instructions carefully: minimum allowed amount is EUR 25000 (twenty-five thousand). For amounts higher than EUR 250000: please contact us. An Ekon sales manager will get in touch with you and will take care of your order.

The EKG/EUR rate will be determined at spot Gold market price plus a 7% fee: you will receive an EKG/EUR price quote valid for 3 working days. If your bank transfer will be accredited on our account later than 3 working days from the order, the EKG/EUR price may change.

You will receive EKG tokens to your ETH primary address as registered in EidooID.

EKG can be also bought on Eidoo DEX with small minimum amounts.”

From this text we can conclude that:

– ONLY AVAILABLE on the Eidoo app
– Minimal buying amount is 25000 EUR.
– Due to slowness of bank transfer there is the possibility of varying exchange rates.

It could have been a worthy competitor to the Digix Gold Token but due to the aforementioned limitations it becomes less attractive and usable for the majority of traders.

From an investors perspective I would still advise to invest in this token.

It is a stable coin worth having when you are a factual Crypto-millionaire and want to safeguard your acquired wealth.

Due to the given option to redeem EKG for real physical gold bars, it has a small edge over other coins backed by gold or other precious metals.

In conclusion I would say this is an interesting token (and definitely a GREAT asset) to have. Just take note there are better alternatives for the small time Crypto enthusiasts and beginners.

For more information check out the Ekon.gold website
Technical and trader information can be found on Eidoo.

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