VeraOne is the gold-backed cryptocurrency created by the AuCOFFRE.com Group. The project was officially launched in France thanks to our collaboration with Owen Simonin, aka “Hasheur”, a French YouTuber and recognized expert in cryptocurrencies. This collaboration has allowed us to take advantage of his expertise for the development of VeraOne.
VRO: The ERC20 token backed by physical gold
Since Bitcoin’s price explosion in 2017, it is no secret that many investors have taken an interest in cryptocurrencies. And, in our community of thousands of gold buyers, the question of blockchains was being raised with increasing frequency. Those who are familiar with our history are aware of our love of technology. VeraCash itself falls into the category of “fintech” (financial technology) companies, that contribute innovative solutions to the financial sector.
So, in 2019, our founder launched a project to create an ERC20 token on the Ethereum blockchain, with one clear objective: to offer the best gold-backed stablecoin*, guaranteeing a counterpart of 100%. All you have to do is look at the existing stablecoins of today (such as Tether) to realize that the promise of underlying assets has not been met.
Buying a VeraOne token is equivalent to buying 1 gram of gold, whose price strictly adheres to the spot rate of gold and whose deed of ownership is recorded on the Ethereum blockchain.
* According to Forbes , a “stable coin” is a cryptocurrency that is pegged to another stable asset, like gold or the U.S. dollar. It’s a currency that is global, but is not tied to a central bank and has low volatility. This allows for practical usage of using cryptocurrency like paying for things every single day.
What are the differences between VeraCash and VeraOne?
This is the question that you have asked us the most! Quite simply, VeraOne (VRO) is a product designed for cryptocurrency investors, while VeraCash is aimed at a broader public, for everyday use.
VeraCash has been digitizing gold since 2012, with the goal of simplifying the purchase of gold and making it immediately usable to pay a merchant or withdraw money at any time, using the Mastercard payment card. VeraOne also offers tokens that represent 1 gram of physical gold, with the difference that all buying and selling transactions are secured on the blockchain. However, merchants cannot be paid in VRO, at least not for the moment.
|Gold purchases||veracash.com||veraone.io / trading platforms|
|Token value||Gold in fractions down to 5 decimal points||1 token = 1 gram of gold|
|Price of gold||GoldSpot: spot rate |
GoldPremium: spot rate + premium
|Possibility of paying with gold||Yes||No|
|Transactions recorded on the blockchain||No||Yes, Ethereum|
|Gold storage||Free Ports of Geneva, Switzerland||Free Ports of Geneva, Switzerland|
|Gold storage fees||After 6 months of account inactivity||1% annually, deducted monthly|
(varies depending on country of residence)
|Gold ingots / gold tokens and coins as valid legal tender||Gold ingots|
|Company / head offices||VeraCash SAS / Bordeaux, France||LinGOLD Ltd / London, England|
Although VeraCash and VeraOne are closely related, in terms of the buying and selling of the underlying precious metals, a different AuCOFFRE.com Group manages the VeraOne business: LinGOLD Ltd. Just a few months ago, this London-based company was still managing the English version of the AuCOFFRE.com website. It is now home to the VRO project.
What is the future of VeraOne?
VeraOne.io can be accessed in beta mode, where it is already possible to buy and sell VRO tokens. Our team is actively looking for trading platforms on which VRO can be listed, so that it can be traded on different marketplaces. Lastly, it is entirely possible that the token could one day be include in the VeraCash portfolio of assets!
The future is wide open…