What is Pax Gold?

PAXG is a popular altcoin among sports fans. However, before you Trade PAXG, it is vital that you understand what you are investing in. Let's find out what's OP and how it functions.

Pax Gold (PAXG) is a gold-backed cryptocurrency created by Paxos Standard (PAX) founders in September 2019. Pax Gold is an ERC-20 token built on the Ethereum network, making investing in gold a simple process for traders.

Pax Gold's primary objective is to facilitate gold trade by eliminating some physical limitations associated with the commodity, such as its inflexibility in terms of division and transit. In light of this, Paxos Standard issued a cryptocurrency backed 1:1 by gold. The official whitepaper for Pax Gold states that it was developed so that cryptocurrency investors may purchase infinitesimally small amounts of gold.

How is Pax Gold different?

As the number of ERC-20 tokens available to buy continues to rise, Pax Gold stands out as an alternative since a solid asset backs it. One of Pax Gold's primary objectives is to lower the barrier to entry for gold investment.

More than $3.5 trillion of the total gold accessible today is utilized primarily for investment purposes, according to the official whitepaper. While a sizable amount of it is inaccessible to casual investors. Pax Gold is useful at this juncture. Each PAXG token is backed by a fraction of a gold bar held in the Brink's gold vaults, a London Bullion Market Association-approved storage facility.

Pax Gold provides investors with a novel opportunity by combining the anonymity and liquidity of blockchain-based cryptocurrency with the widespread recognition of gold as a physical commodity. PAXG has sparked a trend among other cryptocurrency developers making gold-backed tokens.

How many PAXG tokens are in circulation?

Each Pax Gold token is backed by exactly one ounce of gold. This means the Pax Gold protocol issues one PAXG currency for every ounce of gold in circulation. This means that the total supply of PAXG tokens is dynamic. The total number of coins in circulation fluctuates minute-to-minute as Pax Gold adds to its pool of gold investors.

Network security

As Pax Gold CEO Charles Cascarilla describes in the project's official whitepaper, the PAXG protocol is built on the Ethereum blockchain and protected using a proof-of-work (PoW) approach. In spite of this, PAXG is not bound to Ethereum and may be implemented on other blockchains as well.

Proof-of-work protocols are a traditional way to cryptocurrency mining, with Bitcoin serving as the most prominent example.

Founders

Charles Cascarilla founded both Paxos Standard and Pax Gold, and he currently serves as their CEO. With a long history in the field of capital management, Cascarilla was naturally curious about the opportunities presented by the cryptocurrency market.

After graduating with a degree in finance from Notre Dame, he established Cedar Hill Capital Partners in 2005. In doing so, he launched his professional career in the world of finance and capital management. Mr. Cascarilla has been involved in the venture capital industry since 2005 and has contributed to both traditional and blockchain-based ventures.

Where can you buy PAXG?

PAXG is available on the licensed cryptocurrency exchange CryptoForce and several other national and international exchanges.

Disclaimer: Cryptocurrencies are highly volatile and subject to market, technical, and regulatory risks. Crypto trading requires one’s own diligence, and Cryptoforce will not be responsible for any losses incurred. Any information provided here should not be regarded as Cryptoforce’s technical or financial advice