Launch Of The New Version Of Mint Blockchain And Start Of GOLD Selling. (Full Version)

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GoldMint

15 min readApr 10, 2020

Dear friends and partners of the GoldMint Project!

People and companies all over the world are going through a challenging time. We cannot estimate the magnitude of the crisis yet, but as with any recession, this one will be over also. And first of all, we wish you and your family’s good health. And would like to wish to stay calm, to avoid panic, despite any challenges we all are faced with today.

As the founder and the CEO of the GoldMint Company, I find it particularly important and necessary to share with you today the development of the ongoing project and what prospects we see. We remain confident in the success of our project. Below I shall focus on details.

A brief summary of the release:

We restart blockchain in April.
We are launching into circulation the legal GOLD — the digital gold “bond”.
Instead of GOLD mining, there will be staking — you just keep MNTP on your wallet.
We are launching a franchise for Custody Bot terminal.
To obtain a franchise on the Custody Bot, MNTP is required.
Unsold MNTP are frozen until the price returns to the ICO level.

Project Global Vision

The GoldMint Company is a global network of Custody Bot terminals, both proprietary and franchised. They are designed to implement the exchange of physical gold to local fiat currency or GOLD cryptocurrency and vice versa. GoldMint will be earning commissions on both exchange operations in terminals and transactions in our own blockchain network. And, of course, our partners will be able to earn with us — terminals franchisees, owners of the utility MNTP cryptocurrency and thousands of our clients, who will buy, sell, pawn and transfer physical and digital gold using the infrastructure we created — just as current operations with fiat cash and digital money.

The uniqueness of GOLD token which combines the properties of physical gold and cryptocurrencies along with Custody Bot terminal of own design gives us advantages to develop global, profitable and transparent business.

Three success factors: gold, focus, progress

Since the company was established three years ago, we have selected a niche for digitizing and simplifying operations with physical gold. We see that we have made the correct choice. Gold once again has proven to be sustainable to any cataclysms and is in steady demand among investors of all levels. I am confident that gold is the key factor that will guide us to success.

I consider the second important factor of success to maintain the project’s aim. Despite there are always kinds of complications, we stay the course, unlike many other projects, and we continue to believe in the outlined policy, at the same time remaining as flexible as possible.

Based on the first two factors, we have made significant progress in implementing our plans. Our goal is not just to earn money, but to create something completely different that can change the world. We are implementing a project no one has ever done before. I believe that GoldMint will take its rightful place among the world’s fintech companies.

Major progress with GOLD and MNTP tokens and restart of MINT blockchain

MINT PoS-blockchain v 2.0

MINT PoS-blockchain developed all-new by our order has been tested many times and proved its stability and high performance during the open beta testing period from June 2019 to January 2020. The general blockchain specification is described here.

During the testing, 20 thousand blocks were created and 450 thousand transactions were transferred, which relocated 39 thousand GOLD tokens and 13 million MNT tokens. Network nodes collected 39 GOLD tokens and 26 thousand MNT as a commission.

The necessary distinctiveness of our blockchain network is the mandatory KYC wallet confirmation at its participants for transactions with GOLD tokens. This allows us to meet all the requirements of the EU legislation for financial companies that are obliged to identify the counterparty’s identity before performing a financial transaction.

The launch of the MINT blockchain network of the new generation is scheduled for April 2020. We will continue to develop it, and therefore we state officially that MINT will work in beta testing mode — as, for example, Gmail, that was working in such a mode for 8 years. But already all MINT members are able to use its full functionality and all the advantages of the network.

Utility cryptocurrency MNTP (MNT)

I would recall why the MNTP cryptocurrency is required (MNT pre-launch):

It is necessary to record data in the MINT blockchain.
It gives discounts on the GOLD transactions in the MINT blockchain network.
It allows the owner to receive a part of network-wide GOLD commissions.
The MNT owner is allowed to obtain a franchise for the Custody Bot (NEW).

A bit more about MNTP functions

The MINT Blockchain-network can store any data sent by the user.
The network fees for the GOLD transactions have not changed.
Same as before, 25% of all collected GOLD commissions remain at the GoldMint Company, and 75% is distributed among MNT token holders proportionally. For example, if there is a total of 1,000,000 MNT on all wallets, and the total network commission per day amounted to 1 GOLD per day, then 0.75/1,000,000 GOLD is paid on each MNT in the wallet. The payment is made in the GOLD every day.
Note! Now there is no minimum number of the MNT required to get your part of the commissions, and there is no need to raise your own node. If you have at least 1 MNT in your wallet, you will receive a reward proportional to the number of your MNT.
In addition to receiving commissions from the GOLD transactions, the MNT owner can obtain a franchise for the Custody Bot terminals based on 1000 MNT per one terminal. The full terms of the franchise are described below.

MNT Promotion

Currently, the GoldMint Company owns approximately 8.4 million out of the 10 million MNTP tokens. When the average cost of MNTP tokens reaches the ICO price (7 USD), we plan to hold quarterly private auctions among the holders of MNTP tokens. The starting price will amount to 90% of the token’s market price at the time of the auction. The number of tokens for each auction will depend on the development plans for the quarter. The sold tokens will be subject to a lockup period of 6 months — this is necessary in order to purchase tokens that would not be immediately displayed on the exchanges. The funds received from the MNTP tokens sales will be allocated to pay for the listing, marketing and PR of the project. The lockup procedure will be applied in such a way that the purchased tokens will remain on the GoldMint wallet, but the income from transactions will be transferred to the owner.

If holding the auctions among the current holders of the MNTP tokens will not collect the necessary amount of investment, we will sell tokens to all those wishing, including on exchanges. But this information will be openly published, and the community will be notified in advance about the volumes and terms. Once again, this will be implemented only after the tokens’ price amounts more than 7 USD.

MNTP to MNT tokens exchange and wallet activation

In 2017 during the ICO we distributed the MNTP tokens issued on the Ethereum blockchain of the ER20 standard. The letter “P” in the token`s name stands for pre-launch. While we were preparing the project for the launch, we placed the MNTP tokens on small-scale exchanges, but we did not develop the tokens distribution on large exchanges in order not to waste resources.

Now we are launching a bilateral exchange of the MNTP tokens (Ethereum) to the MNT tokens (blockchain MINT) via a gateway on the goldmint.io website and we are starting the distribution of our blockchain’s MNT tokens. The exchange rate will always be 1 to 1.

The total number of the MNTP and the MNT tokens will not exceed 10,000,000, as we planned before.
For the operations with the MNT tokens in the MINT blockchain you do not need any additional activations, but to perform operations with the GOLD you will need to pass the KYC/AML procedure.

This year, we will also release the GoldMint mobile app, which will involve the Custody Bot operation. The application’s functionality will copy the online wallet, and exchanging several cryptocurrencies to the GOLD token will also be available.

Digital gold items GOLD

Legal status

Over the past two years, we have been working to introduce our GOLD and MNTP cryptocurrency to legal status. We have managed to do this in the EU, namely in Estonia. The infrastructure is completely ready for the launch, and we plan to launch it in April.

In accordance with the legislation of Estonia, the GOLD cryptocurrency will not be backed formally by any specific gold. The sale price of the GOLD corresponds to the value of 1 troy oz. gold of millesimal fineness 999 on the exchange, and in the future everyone will be able to exchange the GOLD in the Custody Bot for a real coin weighing 1 ounce.

At the first stage, the exchange of ETH to GOLD and back will be available based on the price of troy oz. gold on the exchange. The fiat gateway will be connected later — we need to show the entire scheme to the payment system.

The funds from the GOLD sales will be invested in the pawnshop business, as well as in the gold trading business. The income received from investments in the gold-related businesses will be aimed at stimulating demand for GOLD. In the next stage, investments in GOLD tokens will go to the purchase of gold coins and bars for sale through the Custody Bot chain, to the capital fund for giving loans through the Custody Bot chain, to the buyout items and for working capital for a bot network.

The main difference between the GOLD tokens and similar digital currencies

To stimulate the GOLD buyers, up to 0.3% of the average monthly GOLD balance in the wallet at the time of sending is transferred to the GOLD owner’s wallet in the MINT blockchain every month.

Promotion of digital GOLD

The main promotion tool is the listing on crypto exchanges and PR. We cannot declare yet the types of these exchanges and when the listing will take place. It is necessary to launch the blockchain, and after that, we will start negotiations with them.

The main region of promotion is Europe. For ordinary people who are not involved in cryptocurrencies, GOLD tokens is a perfect way to invest in gold.

Custody Bot Terminal for physical gold operations: successful tests of the first generation, high interest from companies all over the world, development of the second generation and the franchise launch

The Custody Bot has been successfully tested both in “Mosgorlombard” (Moscow, Russia) and in the fintech sandbox of the Central Bank of the Russian Federation. And we also released the second generation of the Custody Bot.

We see that interest in operations with physical gold is constantly growing, and our technologies and business processes discover new opportunities for people and companies to earn money on buying, selling gold and collateral operations, in this regard we predict high demand for the Custody Bot terminals.

Up-to-date functions and application cases

Diagnostics of items containing gold — dore bars up to 100 g, coins, jewelry containing no stones.
System for acceptance, withdrawal, and custody of the items, equipped with at least 100 standard storage cells and one common cell for gold scrap.

The following cases are possible:

Gold items evaluation
Items buy up from a customer and money transfer to the customer’s banking card or the GOLD cryptocurrency to the wallet.
Old jewelry exchange for new ones with an additional payment to a client or with an additional charge to the client.
Sale of new items to customers from pre-deposited gold items in the custody cells.
Gold acceptance and withdrawal to/from customers’ precious metal accounts in a bank.
Issuing a loan secured by a gold item with items subsequent return
Temporary custody of items.
Delivery of an item purchased previously on the Internet — online goods delivery point.

Testing in “Mosgorlombard”

During five months we have been testing the Custody Bot in real conditions in the “Mosgorlombard” branch and studied the reaction of pawnshop customers on interaction with the terminal. During the study, the clients conducted 217 independent checks of gold items in order to sell or pawn them. In general, customers responded positively to automatic diagnostics and to the possibility of receiving the money to a bank card rather than in cash as is customary in pawnshops.

Testing in the fintech-sandbox of the Central Bank of the Russian Federation

The Custody Bot was being tested on the Bank of Russia’s regulatory platform (fintech sandbox) from November 2019 to February 2020. The project has been agreed with all ministries, departments, and agencies concerned, and after that, the Custody Bot was presented before the Central Bank specialists. The pilot project was considered successful. As a result of the tests, a protocol was prepared, on the basis of which a roadmap for the Custody Bot implementation in the country will be developed. For this purpose, it is planned to make the necessary changes to the Federal laws that will simplify the procedure of implementation and distribution of the automatic pawn shops.

Custody Bot 2.0

We also released the second generation of the Custody Bot ready for small-scale production. The production technology of the terminal and the logistics of items inside the device were completely changed. More than 300 pieces of the terminal are designed in the 3D design program and specifications have been issued on them. These terminals are faster, more reliable, and better protected and also equipped with video cameras, passport scanners, and receipt printers.

At present, we produce 1 terminal per month, as the main units are being tested. When we have ample work experience with Custody Bot in pawn shops, we will increase the production and launch the franchise.

Customer development

In February, we took part in two major banking and financial conferences, iFIN and FINNEXT, where we demonstrated the Custody Bot. We were able to have feedback from a large number of potential customers, with some of them the negotiations are being conducted on pilot projects launch.

As well we receive requests from other countries — there are already 19 requests including the latest from Peru and Canada. Taking into account the demand of partners from different countries, we expect to be able to install about 7,000 terminals in the next 4 years.

Currently, our plan is to produce at least 1–2 devices per month and install them in banks, pawn shops, shopping malls. For example, there is an agreement with “Mosgorlombard” to install Custody Bot in all branches. This will allow us to establish the technology and provide us with the interaction experience with various partners and clients.

When we will need to shift from small-scale to mass production of terminals, we will place orders for separate components on large factories and launch the conveyor assembly and testing.

The franchise as the central tool of the project globalization

Our strategy is to create a global infrastructure of Custody Bot terminals. The only effective and fast way to achieve this is to distribute terminals on the basis of a franchise to partners around the world.

It is necessary to those who wish to launch a franchise:

Have MNT tokens on a connected wallet in the MINT blockchain based on 1,000 MNT for a license for 1 terminal. These tokens also receive the commission from GOLD transactions in the blockchain. If the amount of MNTP on the wallet decreases and is less than 1,000 MNTP per 1 terminal, the terminals will stop operations.
Pay a one-time lump-sum fee of $5,000 for each terminal. Terminals do not become the property of franchisees but are only put into operation on a lease basis.
Choose the location of the terminal and negotiate a lease with the owner of the place.
Select a promoter to work at the terminal (in case if necessary to completely identify customers face-to-face in some countries).

Terms and conditions for franchisees:

The rent cost of one terminal is $350 and is deducted from the franchisee’s monthly profit.
The rent cost of a terminal installation place is deducted from the franchisee’s monthly profit.
The promoter’s salary is paid by the franchisor.
All transactions are performed on behalf of a legal entity owned by the GoldMint Company and officially operating in the country of presence.
Maintenance of the terminal, including gold-in-transit services, is carried out at the expense of the GoldMint.
Monthly profit from the terminal operation consists of income received from the sale/buying of gold, as well as interest income on loans issued.
The GoldMint provides working capital for buying up and pawn operations.
To fill the terminal with gold for sale, the franchisee shall pay a deposit of $1,000 per terminal.
If the franchisee’s income from the terminals for the current month is less than the expenses, the franchisee shall be obliged to compensate for the difference from own funds. According to the plan, the cost recovery of one terminal will be from 6 months. Thus, it is necessary to provide for the availability of about $5,000 for the period of promotion of the terminal point.

The expenses of the franchisee for the year will amount to $15,600 per year:

The cost of terminal rental is $4,200 per year.
The average cost of place rental is $2,400 per year.
The promoter’s salary is $6,000 per year (if not performed by a franchisee himself).
Marketing activities to promote the terminal are $3,000 per year.

The expected minimum income of franchisees is $20,800 per year:

Buying gold scrap from 7 gr. per day — 2,500 gr. per year. Income from 1 gr. is from $2. Total $5,000 a year. 7 gr. amounts an average to 1 client per day. 1 coin weighs 7.78 gr.
Sale of gold from 10 gr. per day — 3,600 gr. per year. Income from 1 gr. Is from $3. Total $10,800 per year.
The commission on loans backed by gold will bring from $5,000 per year to a franchisee.

The figures are based on the operations of not the most successful pawnshop and buying up after a promotion period of the place, which lasts from 4 to 8 months depending on the place.

Thus, the net income of the franchisee from one Custody Bot terminal in the promoted place will amount to about $5,000 per year. In addition, the 1,000 MNTP required for a franchisee to launch one terminal and deposited on his wallet will also generate revenue from the GOLD transactions.

Taking into account the initial investment in the MNTP purchase, the payment of a lump-sum fee and the funds necessary for the promotion of the place, the return on the franchise investments will be about 50% per annum. The earlier the MNTP tokens are purchased, as a result, the more profitable the franchise will be.

We are also ready to provide a special franchise for a city or country. These conditions are negotiated separately with interested partners among the MNTP tokens holders.

We will start accepting applications for the franchise from June 1, 2020.

Outline. We are on our way and we call you to go together.

As you can see, we are intensely working to develop our project, continue to believe in it and we are hopeful for a skyrocketing. We continue to move steadily toward our goal. Currently, at the very beginning of the global crisis, operations with physical gold become particularly relevant.

From March 15 to 23, I was supposed to be in Switzerland. We passed the selection of the Swiss Business Hub at the Swiss Embassy in Moscow and we were invited to choose one of the country’s cantons for company registration and present the Custody Bot there. We received offers from four cantons: Vaud, Lucerne, Eastern Switzerland, and Greater Zurich. This is a great opportunity for us to develop new partnerships, enter the European market, and receive European investments. Currently, these plans are to be postponed for 2–3 months, but this won’t affect our plans of the project development. We continue to work untiringly.

In these challenging times, we are remaining an open company to you, ready for any challenges. And we also hope for your understanding and loyalty to us.

We plan to pay special attention to the marketing of the GoldMint project. While we were at the development and launch stage, there was no point in PR and advertising. And now we plan to participate more often in events and exhibitions, and actively attract new participants in the community.

I would like to express my special gratitude to the key participants of the GoldMint community. Many of you are with us from the very moment of the ICO. Now when the entire infrastructure is ready, I propose you to participate actively in the development of the project. We are ready to make special offers to you, such as private auctions of MNTP tokens, constant support and direct contact with us. Together with you, we will be able to achieve our goals faster.

Faithfully yours,

Dmitry Pluschevskiy.

Thank you for staying with us!

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