Since the Supreme Court lifted banking restrictions on exchanges earlier this year, crypto has been booming in India. Now the fintech platform OroPocket is marking gold and silver in the Tezos blockchain protocol.
India’s first gold or silver-based token, OroPocket, has hired blockchain consultancy TZ APAC to advise them on their Asia business strategy using the Tezos blockchain.
“We want to offer our users the highest possible level of security and we recognized this strength in Tezos after conducting several trials with different blockchain protocols,” Mohit Madan, CEO of OroPocket said in a statement.
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“We at TZ APAC are pleased to advise the OroPocket team to start their service for the Tezos blockchain. We see India as a very important blockchain market in Asia. By offering the first gold and silver backed digital assets on Tezos, there is a tremendous opportunity to unlock the huge potential of users in the Indian market, ”said David Shin, Asia director at TZ APAC.
“To better facilitate a successful deployment, we have also recruited our local strategic partner, Tezos India, who will provide the OroPocket team with technical support, development tools and public relations activities that are critical to sustainable growth,” he added added.
The advantage of gold and silver
This move positions OroPocket as one of the first players in the convergence of the strong cultural significance of gold in India with emerging technological trends.
The advantage of gold or silverback tokens is that users can independently track and review their holdings at any time, eliminating the need to consult a lengthy notary.
By using a blockchain protocol, all participation information can be transparent, accurate and thorough. These token assets – “XTZGold” and “XTZSilver” – are secured by physical gold and silver assets in a 1: 1 ratio that are checked daily by third parties and stored in vaults in the UK, Switzerland and Singapore.
Users can only invest $ 0.01 to hold XTZGold or XTZSilver. All assets are from Marsh Ltd. with Galmerly Ltd. fully insured as appointed custodian.
Less forks
Additionally, Madan stated that Tezos’ on-chain governance feature reduces the likelihood of forks.
Forking is the result of a disagreement over improvements to a blockchain protocol that results in a breakdown of the blockchain, creating two versions of digital representations of assets on the network.
“Users would then have to go through a tedious process to determine which version is valid. On-chain governance on Tezos completely avoids this problem and enables sustainable scalability and consistency of upgradeability in an ever-evolving technology landscape, “he said.
Low transaction fees
Tezos’ comparatively low transaction fees are another key factor, Madan said.
“Tezos’ comparatively low transaction fees are another key factor that aligns with OroPocket’s goal of ensuring financial inclusiveness by eliminating the high fees typically charged by traditional banks. With OroPocket, users can send gold or silver to anyone around the world in seconds with just a 0.25% fee on all transactions with no storage, insurance or hidden fees, ”he said.
Ethereum’s gas fees increased to $ 2.46 last month from September 19 through October 18, while Tezos kept gas fees below $ 0.01 over the same period, with a monthly average of 0.006427 USD for the same period. This makes Tezos gas fees over 380 times cheaper than Ethereum and enables more cost-effective deployment of decentralized applications on Tezos.
In addition to this tokenization of assets, OroPocket is working to offer add-on services such as asset-backed debit cards, instant loans, and wire transfers in addition to these sub-assets. These debit cards provide great liquidity for users as they can shop online or offline, or withdraw cash from ATMs.
TZ APAC
TZ APAC Pte. Ltd. (“TZ APAC”) is a leading Asian blockchain consultancy based in Asia, focused on the Tezos ecosystem and making strategic impacts in Asia. TZ APAC develops blockchain transformation strategies for companies with a bottom-up approach.
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Its aim is to identify and expand corporate and institutional partnerships in the region. Another goal is to find and involve local teams who can contribute to the development of the Tezos ecosystem. TZ APAC is supported by the Tezos Foundation and is based in Singapore.
OroPocket
Oropocket is a fintech platform that allows users to do 100% asset-backed banking on blockchain. They enable users to invest in multiple asset classes on one platform and provide financial services. They connect Real Assets and DeFi- by creating a protocol called OpenDefi that enables cross-chain value creation and allows users to get flash loans or returns on their stocks.
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