Commodity backed cryptocurrencies, like the oil-backed Petro, are gaining more popularity in the digital space, and OneGram is garnering some of the most recent attention. Launched in 2017, OneGram is a gold-backed cryptocurrency that is specially designed to bridge the gap between Sharia Law and the world of digital currencies. Of course, you don’t need to be subject to the religious confines of Sharia Law in order to take advantage of this digital coin. Anyone that wishes to benefit from a commodity backed coin, that is open to a larger market than any other, can profit from the growing popularity of this asset.
Here is how the OneGram coin works: Each OneGram token that an individual purchases is linked to the spot price of one gram of actual gold that is stored by the company. For example, the spot price of one ounce of gold today is $42.87 USD. This means that the smallest unit of value that a OneGram token can be worth today is that $42.87. Unlike a cryptocurrency that is not commodity backed, the value cannot really drop to worthless levels. This is important for Sharia Law as the rules associated with it discourage individuals from dealing in assets that are not physical in nature or are inherently volatile. As cryptocurrencies that are not commodity backed tend to fit both of these bills, OneGram acts as a wonderful solution.
The benefits of OneGram, however, go well beyond its availability to a wider market. OneGram is also one of the few cryptocurrencies on the market that is determined to stay free of association with Bitcoin. Not only is the coin backed by a blockchain that is not part of any Bitcoin fork, the creators of OneGram have teamed up with GoldGuard so that token owners can anonymously trade their OneGram coins for physical gold or fiat currency at any time that they wish. This is a vast improvement over the current standard model whereby most cryptocurrencies must first be translated into Bitcoin or Ethereum before being transferred back into fiat form.
Technical Details of OneGram
As mentioned earlier, OneGram is backed by a novel blockchain and that blockchain is entirely public. The number of coins being released is capped at a conservative number, 12,400,786. This number is half of what the Bitcoin supply is and this number has been chosen in order to protect from the currency from devaluation. There is also a charitable component to the coin as 2.5% of every 1% transaction fee is earmarked for charitable donation. The Initial Coin Offering for OneGram occurred in May of 2017, but you can still purchase OneGram tokens by contacting the company through the OneGram website.