{"id":19245,"date":"2019-10-01T07:00:24","date_gmt":"2019-10-01T07:00:24","guid":{"rendered":"http:\/\/ci027cfe6f500d2697"},"modified":"2019-10-01T07:00:24","modified_gmt":"2019-10-01T07:00:24","slug":"vaultoro-announces-vgold-a-lightning-based-bullion-token","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/technical\/vaultoro-announces-vgold-a-lightning-based-bullion-token","title":{"rendered":"Vaultoro Announces VGold, a Lightning-Based Bullion Token"},"content":{"rendered":"
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Vaultoro, the first gold exchange to enable bitcoin trading pairs, is working to add a new Lightning-based token called VGold. This new digital asset is built on the RGB<\/a> protocol and is expected to launch by the end of 2019.<\/p>\n

According to Vaultoro\u2019s communications and media officer, Gabriel Escalona, the company has opted in favor of Bitcoin\u2019s second layer (as opposed to other popular token-issuing protocols) because Lightning is \u201csuper-fast, instantly transferable without confirmation times, and with near-zero costs.\u201d<\/p>\n

\u201cIt\u2019s really amazing,\u201d Escalona continued. \u201cWe want to help build on that, to add nonfungible tokens on actual Bitcoin. Bitcoin, for me, is still the strongest chance we have to take on the legacy banking system.\u201d<\/p>\n

In regard to the market valuation of one VGold unit, Escalona clarified that the asset is backed by one gram of investment-grade bullion. Additionally, thanks to Vaultoro\u2019s experience and sustained presence in the gold market, the physical reserves that back the new token are more substantial than the sum of all their competitors\u2019 holdings. <\/p>\n

VGold is also insured just like its physical counterpart.<\/p>\n

\u201cHelvetia insures any bullion we hold in the top-tier Pro Aurum facility, but this year we have expanded to also have a contract with the top-tier Brinks Vaulting facilities in Switzerland,\u201d said Escalona. \u201cThis facility is both audited and insured by Brinks, which has revenue of over $3.9 billion.\u201d<\/p>\n

Escalona also suggested that RGB tokens will likely appeal to retail cryptocurrency investors looking to hedge in gold as an alternative to current stablecoin solutions. He described Vaultoro\u2019s VGold as \u201ca less volatile solution that is insured, bank-independent, and vaulted offshore.\u201d<\/p>\n

VGold and Vaultoro\u2019s September Network Upgrade <\/h2>\n

On October 1, 2019, Vaultoro revealed a new version of its platform, which brings improvements that are both aesthetic (a new design for the user interface) and technical (a new frameless, modular C++ machine that is expected to handle up to 1.2 million transactions per second). The upgrades serve existing and new services in order to handle the trading demand, but will also support the VGold integration.<\/p>\n

At a time when tokenization is pivoting toward Bitcoin, thanks to the development of Lightning and its underlying security and robustness, Vaultoro has identified a better way of selling investment-grade bullion. This innovative approach is intended to bridge the bitcoin and commodity markets in a novel way, and it follows a company trend of integrating new technologies: In May 2018, Vaultoro also announced<\/a> a Lightning-based instant deposit method. <\/p>\n

In 2018, Vaultoro CEO Joshua Scigala told Bitcoin Magazine<\/em><\/a> that \u201cBitcoin is one of the greatest peaceful revolutions the world has ever seen.\u201d <\/p>\n

In an announcement for VGold, Scigala said, \u201cWe see so much potential in payment channels and RGB provides the framework we need. This will enable use cases like serialized gold bars to be fully allocated, while the ownership is transferred over the Bitcoin network using the much faster second layer.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Vaultoro, the Bitcoin-friendly gold exchange, has announced VGold \u2014 a gold-backed RGB token on the Lightning Network.<\/p>\n","protected":false},"author":3423,"featured_media":19246,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[460,946],"class_list":{"0":"post-19245","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-technical","8":"tag-lightning-network","9":"tag-rgb"},"author_data":{"id":3423,"name":"Vlad Costea","nicename":"vladcostea","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/dcf8df0c5a9b46a72d343c10a23bf0777a27a34001a19284e14f1439f3bfacca?s=96&d=robohash&r=g"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/vaultoro-announces-bullion-lightning-token-vgold.jpg","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/19245","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/3423"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=19245"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/19245\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/19246"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=19245"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=19245"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=19245"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}