DoufEX

Eldorado is a Cryptocurrency Backed by Gold Or Oro Ouro Ginto Goud Kulta Aurum

There's a brand-new cryptocurrency coming to the market. What makes it exclusive to existing cryptocurrencies like Bitcoin, Ethereum etc...? It's backed by gold (Redeemable in Gold on Demand). Devalin Inc., the Canadian based research and business development company since 2004, will launch the coin on December 1st, 2016. Gold is certainly the most reliable store of value of all time, which is why Devalin Inc. chose it to back his new cryptocurrency. The coin will be valued at 1 ELDO = 1 oz of 999.9 fine gold, and will serve as a more secure store of value than Bitcoin.

    

What was Gold Standard?

Currency notes originated as receipts for gold, which is why they were based on gold in the first place. You hand in your gold, you get a receipt, which you can then use to trade instead of carrying your gold around. At any time, you can redeem your receipt for the gold, because it is a receipt, it is NOT MONEY.

Whoever decided to grant these receipts to be nonexchangeable for the gold they represent to the full amount is a crook. When currency became zero backed by gold the heist was completed. A piece of paper in exchange for gold wasn't the agreement. The agreement was to take a piece of paper as a receipt for the gold still owned by the bearer of the gold. Not allowing the bearer to redeem his gold, means the bearer has been robbed, and given paper while the bank keeps the gold.


What is Eldorado Gold Standard?

Eldorado is a decentralized digital currency backed by gold. which you can use to trade for products and services, and at any time, redeem your Eldorados (minimum 1 ELDO) for the gold. So for each coin (ELDO) in circulation, 1 oz of 999.9 fine gold bar will be secured in a vault at an undisclosed location. This is all done via Devalin Inc., the Canadian based research and business development company since 2004 in partnership with Gold mines in Africa and Gold free zone companies in Dubai.



Eldorado specifications

Total Supply

2,500,051 Eldorados (ELDO)

Block Target Time

5 Minutes (2X faster than Bitcoin)

Block Reward

50 coins on genesis block # 0 (not spendable) then 2,500,000 coins pre-mined on block # 1 next 0.00001 Eldo (1000 Rey), halving every 50,000 blocks

Predefined Values

Values

Algo

SHA256

Coinbase Maturity

5 Blocks

Difficulty

Difficulty retargets every 60 blocks. (aprox. 5 hours)

Redeemable in Gold on Demand

Since the coin will be backed by gold, most coins (2,500,000) was pre-mined on block # 1 (2016-11-14 13:06:21) and will remain in dormant wallets (split between 10 wallets) until individuals, exchanges, trading platforms, corporations etc... acquired some coins. So for each coin in circulation, 1 oz of 999.9 fine gold bar will be secured in a vault at an undisclosed location. Redeem for Gold at Devalin.net

and more...

Please understand that mining ELDO before there is 100's of transactions per block is not very lucrative. If you still want to create your own pool, you are welcome to do so!

Promotional Graphics Press Kit

Eldorado Press Kit and Graphics for promoting Eldorado either for online use, retail display or other promotional purpose.

If you wish to discuss or promote Eldorado in the press or online, please download the Press Kit below.

press kit


In the News

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Collaborators


Mining Eldorado

Eldorado has a limit of only 2,500,051 Eldorados that will ever exist. This was implemented in order to prevent the problem of inflation and debt, identical to what has happened in all other fiat currency systems. 50 coins mined on genesis block # 0 (not spendable) then 2,500,000 coins was pre-mined on block # 1 (2016-11-14 13:06:21) and mining reward start at 0.00001 Eldo (1000 Rey) + network transaction fees at block #2, halving every 50,000 blocks.

Values

About Eldorado

Eldorado is a decentralized digital currency backed by gold. That means there is no central processing agency to regulate. They are primarily an online currency, and have no standard physical 'coin' or paper note, although anyone may create their own coins or paper notes. Eldorado is basically an online ledger stored on public nodes (or computers) with accounts (wallets) and balances (Eldorados).


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