Over at The Dollar Vigilante, we have some members of the community that are “gold bugs” and that have been slow to adopt crypto, or outright resistant to it as a concept. One of the first arguments this type of person makes when discussing crypto is that “it’s not backed by anything”.
Well, today, I have a conversation about something that may capture the imagination of even that crypto-hesitant group; Gold-backed crypto!
I had a really interesting conversation with Joshua Scigala, the founder and CEO of Vaultoro. We delved into the fascinating world of tokenizing real-world assets, creating true stablecoins, and the future of decentralized finance. Let's break down some of the biggest takeaways from our exploration of the innovative projects Joshua is spearheading.
Vaultoro: Trading Between Allocated Gold and Bitcoin
Vaultoro is an exchange that enables trading between allocated gold and Bitcoin. It's fully insured, auditable, and the gold is securely stored in a top-tier vaulting facility in Switzerland. Joshua's vision goes beyond this, as he's also working on a groundbreaking stablecoin project that's fully collateral-backed and utilizes zero-knowledge proofs, an ambitious undertaking with the potential to reshape the financial landscape.
Most implementations of stablecoins have no chance of actually working long-term, but this one has potential…
TST Token: Breaking the Poverty Cycle
We discussed the TST token, a membership governance token for the Standard Protocol, available on Uniswap and Coinbase. The TST token is designed to hold value and can be leveraged for borrowing against savings, ultimately helping to break the poverty cycle. Excitingly, the TST token is slated to launch on the main net in Polygon, a zero-knowledge proof chain, soon.
Joshua shared insights about the Goldback crypto process as a business model, allowing people to borrow money at 0% interest and take advantage of inflation. We explored the concept of tokenizing gold to create a private gold standard and the possibility of accessing liquidity by selling CDPs as NFTs.
A CDP (collateralized debt position) is a financial arrangement in which a borrower locks up collateral (usually a digital asset such as a cryptocurrency) to secure a loan, typically in the form of a stablecoin or other cryptocurrency. CDPs are commonly used within decentralized finance (DeFi) platforms built on blockchain networks like Ethereum.
CDPs enable users to leverage their digital assets for liquidity without selling them, but they come with the risk of losing some or all of the collateral if the asset's value declines significantly.
So, what do you think, gold bugs? Does this technology pique your interest or are you still skeptical? Let us know in the video comments.
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Using Smart Contracts for Regulation
We also touched on the potential of using smart contracts and code to regulate contracts and finances, rather than relying on government regulation and human contracts. The fact that we’re anarchists doesn’t mean we don’t like or believe in rules we just don’t believe in rulers…
Rules codified into the blockchain give us structure and a voluntary set of agreements to build upon.
Some examples of this include marketplaces that have utilized arbitration and escrow to align incentives and prevent foul play, emphasizing the potential for decentralized finance to revolutionize the way we transact and secure assets.
De-dollarizing the World: A Viral Moment
One of the most exciting aspects of our conversation was the idea of creating a viral moment to “de-dollarize” the world. By having people lock their money into a wallet that can only be accessed when Bitcoin reaches a specific value, we could create a global shift in the financial paradigm. Joshua agreed to help make this moment a reality, and together, we believe we can transform the global economy.
We can’t only focus on the technology, guys. We have to think outside the box and culture hack…
Challenges and Opportunities in the Evolving Financial Landscape
Joshua also shared the challenges he faced with regulators in the UK, Vaultoro's plans to issue plastic cards, and the surge in demand for their services due to the pandemic and Wall Street Bets. He explained that people are increasingly purchasing gold and silver as a hedge against currency devaluation and suggested using gold, silver, and Bitcoin together to combat tyranny.
Let’s obsolete the existing system
Joshua Scigala left us with a Buckminster Fuller quote that perfectly sums up how so many of us that are building in the cryptocurrency space think about this revolution:
“You never change things by fighting the existing reality.
To change something, build a new model that makes the existing model obsolete.”
The projects that Joshua is developing exemplify that perfectly. They hold immense potential for transforming the financial landscape and empowering individuals globally. Until next time!
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Follow Josh Scigala on Twitter @JScigala
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