BlackGold also known as BLKG is a new, up-and-coming altcoin that is intrinsically bound to the price of oil. I read the whitepaper and now plan on sharing what I could gleam from the official project plan.
What is the motivation behind BLKG?
Well I'm glad you asked! In the very first paragraphs of the whitepaper the team says that "the lack of an adequate cryptocurrency solution to the digital exchange of currency in terms of crude oil" is the main reason for the project. The second reason for making this currency was the hope of fusing the oil and crypto markets in to one, combined, larger market force.
Cool, but what do the creators actually want to achieve?
Wow, such a convenient question. Besides their prime motivators for creating this currency, the goals that the team have set up are as follows:
1. To peg BlackGold to the Global Oil Supply and the OPEC Reference Basket
2. To popularize BlackGold as a New Way to Invest in Oil trends
3. To Create a Cyber-Based Platform for the Oil Market
4. To Introduce New Investors to the Cryptocurrency Market
To summarize the project goals, the team want to make a popular and widely used digital token to get oil investors interested in crypto and crypto enthusiasts interested in oil.
Right... But how are they really going to achieve all of this?
Good question. The team has made a short and concise plan for the coming launch. Besides the making of the coin itself the plan seems to be adopting a good social platform from which they can spread their message off dark, digital, liquid gold. From that point on there are two steps to success, get larger investors and partners interested in the coin and getting their name out to the masses. How they deal with investors isn't really explained, so I know just as much as you do dear reader, but spreading the word to the masses, that I know a bit about. Matter of fact they state their plan as being as follows "Actively promoting to communities such as Bitcointalk and other cryptocurrency and economic discussion hubs" and what is Publis0X if not a crypto discussion hub? The value of the coin is simple to explain unless you bring up the details. Currently BLKG is planning on pegging their tokens to a barrel of oil on a 1:1 ratio. How they maintain that ratio is by minting or burning tokens to adjust to the price fluctuations of the OPEC (Organization of Petroleum Exporting Countries) reference basket.
So when does it launch? And where can I find more information?
Black Gold is expected to launch on April the 30th, and you can read more on their website, Discord or in the whitepaper.
That is all I have to say about it, now I wonder what you think. Will this be a successful venture or is oil a commodity of a bygone era?
