Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted one AMA with Sudan Gold Coin, on 3rd April at 12.00 PM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by Elijah Ifeanyi, CMO at Sudan Gold Coin. So here we are up with AMA transcript, for those who missed the live session, this blog post will be saver & feeder of knowledge for them.
Introduction Question Asked By BlockTalks
Q1. Can you introduce yourself to the community? What’s your position in Sudan Gold Coin?
Ans — Am Elijah Ifeanyi
CMO and Co partner SudanGoldCoin
I have been around the world of Blockchain for 5yrs+ now and was the founder of the first blockchain media in Africa
Over time I have gathered a lot of experience and have advice carefully selected blockchain startups over time
The journey with SGC has been great and I am here to share with you all the great benefits of our project.
Q2. What was your motivation for starting this project? and what is your vision for Sudan Gold Coin?
Ans — Ans — We wanted to create unique stable digital assets to curb volatility in crypto so we introduced SGC
Our vision then which has now turned into mission for the SGC team to give equal access to everyone to become Gold holders
Its a big profitable industry and we want to bring everyone on board
We will be giving out a 30% profit quarterly made from mining operations.
Q3. What are the major milestones Sudan Gold Coin achieved so far & what’s are in the future pipeline?
Ans — We recently launched mining operations in Sudan which is a major achievement. Now we are building a Gold processing factory in Sudan to process all mined Gold. Soon we will launch a bank of minerals to adopt so many mining projects into the SGC blockchain/ecosystem.
Question Asked on Twitter For SGC!
Q1. Presently each $SGC Is weighted at 0.004g of gold. Assuming I hold 100k SGC which is about 400g at the present conversion rate, is it possible to exchange it for gold? If yes, What process will I follow and how would it be delivered?
Ans — Yes
You can exchange it for real Gold, and you will get 400g of physical gold.
This process will be initiated by our platform.
As soon as you confirm your swap, the Gold shipment process from our Gold vault in Dubai will be sent to your address provided.
And all SGC tokens used will be destroyed reducing supply.
Q2. Currently, What are the major issues in the Market which are trying to be solved? & On which types of Market Sudan Gold Coin is focusing on?
Explain some benefits & utilities of SGC?
Ans — We are creating a real asset-backed token to curb Crypto volatility and Improve adoption from the huge industry of Gold players
Sudangoldcoin will be focused on Gold and other precious metals mining
SGC can be used to purchase or Exchange for real Gold and is the access to the full SGC ecosystem
-SGC debit card
-SGC decentralized platform for trading gold and other precious
And many more products.
Q3. No Matter how innovative, but many projects will disappear as their TECH can be adopted and improved on by larger, established projects. How you will ever be able to compete with them?
Ans — We believe in our project and will grow into being major market players in Gold and precious metals mining industry
We have built a very unique business model and will require a long time to replicate by others.
We have been live and working for 3 years now to get to this point
We are not tech-based so we can’t be adopted or copied in a flash.
With our unique combination of blockchain tech giving us an edge over future rivals.
Q4. If the worldwide Gold price will increase, then will There any impacts on the Price of Sudan gold coin?
if there will, How can is it possible?
Ans — SGC price is being determined by the weight of Gold per token at that time
Now it’s 0.004g which is $0.10.
This mass will increase quarterly to pushing the price and weight of each SGC.
Q5. HOW Can SGC guaranteed transparency in the linkage process with gold?
Is there any possibility of artificial manipulation?
Ans — We have chosen to used blockchain to enable 💯 transparency
All transactions will be recorded on the open blockchain and users can track and verify themself.
Artificial manipulation is not possible.
Question Asked by our BlockTalks Community Members during live Session to Sudan Gold Coin.
Q1. For which exchange platforms is the SGC coin available or is the platform still being developed? Does gold trading on your platform require no SGC fees or taxes?
Ans — Ans — We will be available for trading on
When it is launched as the world first decentralized platform for trading gold and other precious metals.
They will be no taxes involved.
Q2. Can you tell us What’s the main role of Blockchain Technology in Sudan Gold coin project? Also, tell us the main benefits of Having SGC Coins instead of Physical Gold?
Ans — With SGC you have a better chance of increasing your Gold mass over time by holding which is way better than buying Gold directly
SGC token mass will continually grow while your Gold is static
You buy 1g of Gold
Hold for 5 months it’s still 1g
If you buy 400SGC = 1g of Gold in 3 months you should have a mass increase of 0.0035g per token increase 0.0075g * 400 SGC= 3g of Gold
This is a better option than buying Gold directly.
Q3. What made you decide to implement IEO and deploy it on all 3 platforms: ChainX, Dobitrade, Exmarkets? Can you tell us the plan to use the fund and the next steps of SGC after IEO?
Ans — Funds will be used for the launch of Gold mining factory in Sudan
We have carefully thought about Defi and we support the Defi concept
If we are to go through this part we will make a public announcement
Q4. Where there is gold, there is silver, that has always been the case. Do you also plan to obtain silver in the future and tokenize it as it does with your gold?
Are you ready to be listed on different exchanges, ready to meet all the requirements that are asked of you?
Ans — Yes
Like we said we are exploring other precious metals and minerals
Exchange listing is in the process and we have already a long list of listings scheduled.
Q5. As we know gold and precious metal are always limited, what does Sudan Gold Coin do to ensure mining sustainability? What is the role of blockchain in this mining?
Ans — We have large rich land in Sudan
Two lands we are only exploring one now
So we are not going to exhaust it soon
Blockchain is used for credibility and transparency of operations In mining.
Q6. Have you not considered the idea of adding hardware or device that provides users with information about their investment (location, balance, transactions)?
Ans — It is Clearly stated on our website that we will be providing market information too for all users
This is already in place.
Q7. Are you open to the possibility of covering other minerals besides gold? maybe long term?
The iOS Application is coming very soon! Do you have a tentative release date at the moment? And what about the release of the App for Android users?
Ans — Yes
We will explore other options as we progress in project we have stated this
We be launched side by side both IOS and Android.
Q8. Why did you choose Sudan among other countries?
Ans — We have license for mining operations and it’s rich in Gold.
Q9. Has your mining operation been approved by the Sudan government? And what is the #SGC project launched to solve?
Ans — We have been approved a long time ago for mining operations
We are in compliance with the government and is developing strong synergies with them on our project and Sudan blockchain adoption.
Official website & Creidt : https://www.sudangoldcoin.com/
Announcement — https://t.me/SGC_news