A new cryptocurrency known as OneGram (OGC) has just been launched in Dubai. It is backed by one gram of gold and can be used for digital payments. There is a fixed number of OGCs with
transaction fees being reinvested to buy more gold,which means that the amount of gold backing each OGC will increase over time.
The company behind the coin have stated that OneGram is 'further anonymized’ than Bitcoin. Which translates as far as I understand into more anonymity.
The coin has been launched somewhat on the back of the December 2016 Shariah Gold Standard as defined by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) - certainly a mouthful of an acronym!
This maybe the next step in monetary blockchain use, giving more confidence for investors rather than the faith based Bitcoin, and may further boost the price of precious metals.
Exciting times!