SudanGoldCoin Launches IEO on ChainX

Press Release / 26.02.2020

Today on 26th February 2020, SudanGoldCoin is pleased to announce that it will be launching its IEO on ChainX digital currency exchange, which is a reputable Korean exchange.

The new blockchain project is the first of its kind and will bring together blockchain technology, a decentralized platform, and real production of gold.

Key Players in the Project

According to the SudanGoldCoin white paper, the project is a cutting edge blockchain project that aims to develop a revolutionary decentralized platform for trading gold and other precious metals and for receiving markets’ information on the same.

The project promises high transparency and high profits. As such, the Sudan Gold Coin project makes use of Ethereum Smart Contracts to maintain high levels of transparency and security of the investments already made into the project.

This blockchain-based technology also allows investors to keep up with real-time ICO/IEO/STO legislation developments globally. A holding company in Estonia will be monitoring the investments to allow for an easy audit of the IEO project.

The Estonian holding company will be responsible for the development of the SGC platform. It will be the primary depository entity of the funds collected from the IEO and token sale. Besides the Estonian company, other key players are a Dubai Company and a Sudanese Company.

The Dubai Company will act as an FDI and will be the sole custodian of the gold mined in Sudan, while the Sudanese will hold the rights to mine gold in the country and accept foreign investments from the UAE company.

Sudan Gold Coin IEO Details

Following the announcement of the launch, the token SGC will be up for sale at 1400 (KST) on 26th February. The sales period will continue up until 00:00 (KST) on 1st May, immediately after which the exchange will carry out the token distribution.

During the sales session, the price ration of the SGC to the USD will be 1:0.1 and will be based on the 1400 (KST) CoinMarketCap of the ETH price. The IEO project has a hard cap of 5,000,000 USD and a soft cap of 2,000,000 USD.

The token sale format is applicable for 1 ETH per Sudan Gold Coin ticket, SGC_t, within the Chainvest Digital Currency Exchange. The minimum amount of ETH holdings that investors need in their accounts should be equal to the number of applications. Investors who have holdings that are less than the applications won’t be able to apply. It is also worth noting that an application is not reversible.

Investors must complete the KYC check before buying the tokens. Investors who don’t complete the check will not receive a token even after purchasing a ticket successfully.

SGC plans to release 999,999,999 tokens during the IEO without any additional releases. These tokens account for 62% of the token’s supply. 16% of the tokens were allocated to strategic investors while the developing team and marketing got 9% and 8% of the tokens, respectively. 5% of the tokens were also sold during the private sale, which was held in 2018 in two steps.

Token holders reserve the right to buy a pre-determined amount of gold from the Dubai Company through the SGC platform. The primary ratio used will be ten tokens= 0.02g of gold. Depending on the distribution of the mined gold, the right of each token will increase by 0.003g each quarter, following the IEO.

The Estonian company will closely monitor the IEO. Once they achieve the budgeted results, the token to gold ratio will be re-established. The company will burn all SGC tokens used to buy physical gold from the UAE company. As a result, the price of the SGC tokens will increase each year, leading to an increase in the tokens to gold ration.

Key Advantages of the Project

Sudan covers quite a large area, and the country has quite an active mining sector. However, with the country’s diversified geology, the mineral potential in Sudan is yet to be fully realized.

Doing so would require vast amounts of capital and other resources that are not available in the country. As such, the government of Sudan is taking large measures with the SGC project to ensure that gold mining in the country is fully maximized by allowing a Foreign Direct Investor (FDI) to bring in the necessary funds.  

Besides taking advantage of the country’s gold mining power, here are a few other advantages of the SGC project.

  • Price stability

The use of the decentralized exchange model ensures that the SGC tokens offer more price stability than other tokens. This is primarily because the token’s value is connected to that of gold, making it just as volatile.

  • Credible

Since the inception of the idea in 2017, the government has been looking into the place of mining operations. The government has put in place and continues to work on regulations, laws, and initiatives to protect the mines.

  • Mobility

SGC has partnered with several key players in the banking industry. These partnerships will allow SGC token holders to exchange their SGC for fiat within a few seconds.

  • Tax exemptions

Sudan exempts all mining projects from taxes during the first ten years of commercial production. The projects are also exempted from customs and other charges during exploration.

  • Smart tracking

SGC project uses linked data and smart tags, which help to keep track of the supply chain process. Investors can track their operations from the point of origin until it gets to them.

Airdrop Campaign

The project’s airdrop campaign is already live and set to end in about 28 days. Participating in the campaign could earn you 100 tokens, which are worth about $10. Here’s how to participate:

  1. Visit the SGC Airdrop form page
  2. Open a new account on the SGC website (30 SGC)
  3. Join SGC on Telegram (25 SGC)
  4. Follow SGC on Twitter. Like and Retweet their pinned post (25SGC)
  5. Follow SGC on Facebook (20 SGC)

Following consultations with the Sudan Gold Coin Foundation, ChainX will announce the SGC listing date when the token will be made available on the exchange.

Picutures from the Sudan sites

Wayne is a Blockchain enthusiast and expert in crypto trading. Currently, he covers trendy issues on digital currencies.