DinarCoin can be procured from a holder of DinarCoin on the open market, or they can procure freshly minted new DNC from liquidity provider. On the other hand, DinarDirham DAO (Decentralized Autonomous Organization) can mint new DNC by procuring XAU to the 1:1 value of the DNC through MT4 Master Account. For the lifetime of a DNC a corresponding value of XAU will be held in escrow that will STP 1:1 to the liquidity provider and available to be liquidized anytime when close the orders. Furthermore, when DNC is created it is registered on the Ethereum Blockchain and the Bitcoin Blockchain. The total amount of DNC in circulation can be verified on either Blockchain, and audited against the total XAU held in escrow/Liquidity Provider by DinarDirham.
In addition, DNC or fractions of DNC can be sell on the market, exchange to Bitcoin or request withdrawal from DinarDirham or liquidate the DNC through DinarDirham DAO subject to a minimum value of 1 DNC or purchase the Gold Smart Contract (GSC). Upon the liquidation of a DNC, by its owner through DinarDirham, the same amount of XAU will be closed by DinarDirham DAO out of escrow/Liquidity Provider, and the DNC will be destroyed. The liquidated amount will be transferred to the owner, completing the liquidation transaction minus the withdrawal fees. As conclusion, DNC implementing a Bitcoin registration of the asset the “proof of existence” registration.
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.