It’s Origin
When, we talk about digital currency, the concept of Crypto currency has given a new direction to the economy globally. It is any form of currency which has its existence in the digital form only, it generally has no central issuing or regulating authority but it uses a decentralized system to record the transactions and manage the issuance of new units. It plays an important role and relies on cryptography to prevent counterfeiting and fraudulent transactions.
The Concept & Description
Kinesis coins are backed by the concept Crypto currency and Allocated Bullion Exchange (ABX) is the one which has created this invention which is a trusted and experienced precious metal exchange that has already developed the infrastructure required to safely store gold and silver around the world
Kinesis coins are used in exchange of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. Kinesis coins in the KAU and KAG currency systems are issued from the Kinesis Currency Exchange or KCX. Kinesis currencies are a representation of physical precious metals which back the crypto currency in the ratio of 1:1, for example 1g gold to 1 KAU and 10g Silver to 1 KAG. The existence of the physical precious metal results in the availability of the Kinesis coins themselves.
How it Works
The quantity of gold or silver available with the investor can be used for the trading in the KCX platform. A minter is able to purchase a block of the Kinesis coins using USD deposited into their trading account. These Kinesis coins are then remitted into their Kinesis Wallet simultaneously as the equivalent amount of backing precious metal is purchased. The minter is then free to proceed with any transactions using these recently minted Kinesis coins through use of their Kinesis wallet and the Kinesis suite of applications available.
The most important advantage of this cycle is that it brings a metal into the monetary system and continues it moving and circulating, instead of just holding it. This has put gold and silver on the blockchain to create crypto currencies that allow people to send value around the world in a right away and in more efficient way. It is a rewarding platform to facilitate commerce.