A Free Market Gold or Silver Backed Cryptocurrency System of Lending and Trading through Regional Credit Unions with Independence from the Dollar and the Larger Banking System
THE GENERAL IDEA: in this system the private individual with the metal is the lender, technology is utilized to authenticate and digitize their metal on site to show the initial backing of each unit of credit and each unit is backed at a ratio of 60:40 with physical metal. Once the metal is initially authenticated the process is recorded and 60% is taken to the regional vault to be stored and digitized into the units of credit available via blockchain. The metal is then recorded via video camera on real time and documented onto the publicly accessible server which shows the metal backing each “batch” of 1oz crypto units (whether it is lent or simply traded). Each gold or silver backed crypto unit will have an identifier number which the holder can see in their digital wallet and you simply type in the identifier to see the bar or coin backing it’s particular “batch” including serial number and 3rd party auditing information and history. The lender keeps 40% of their metal with them an