DinarCoin is DinarDirham’s Crypto Asset, created on the Ethereum Blockchain, being pegged to a gold spot contract (XAU) from the MT4 liquidity provider.
The total amount of DinarCoin (DNC) in circulation can be verified on Blockchain or checking the XAU held in escrow at MT4 liquidity provider. The backbone of the technology behind is the Public Ethereum’s Blockchain mechanism.
Every DNC is pegged to real, physical gold, so the risk of inflation is eliminated. We are working hard to make DNC to be the perfect currency: spendable, anonymous, theft resistant, open source, non-counterfeitable, durable, inflation proof, decentralized and scarce. Users can trade DNC, convert it into real money (dollars, euro, & etc.), real physical gold or use it as payments at certain merchants that DinarDirham will engage soon in 2017. This is the beginning of a new era of global currencies. However DNC is created as the 1st Crypto Asset backed by gold in the world.
DNC could easily be transferred or sell this token and receive cash settlement within less than a minutes using the Public Ethereum Blockchain Technology. Hence this will eventually removing storage costs, direct taxation and generally all the headaches of the commodity-to-cash conversion process.
DNC are the form of Digital Currency (again each one backed by gold). They can be traded, used to purchase items, and used for just about any other use a digital currency can be used for instance that already in the market, Bitcoin, Zcash, Ethercoin & etc. As a conclusion, DNC may be purchased or “minted” (which will actually create new DNC backed by physical gold).
The owner of the DinarCoin platform belongs to DinarDirham, operating off of the website DinarDirham.com. Within the system, DinarDirham using Ethereum’s Protocol will have ownership of the Executive Access, an organization which is a complex set of Smart Contracts that reside on the Ethereum Blockchain.
The liquidity providers are organizations that store, secure, and insure physical gold bullion, upon receiving gold from someone, or selling gold to someone, the depository places that gold in secure storage, and issues a depository to the owner. Traders will operate in the system as members of the traders.
After downloading a DinarDirham Wallet, a trader will be provided with a facility, via the wallet, to perform verification processes. These processes are to be defined, but it is envisaged that there will be different levels of membership for the traders depending on the different verification processes completed. Different levels of membership would have different restrictions turned on or off.