About the Gold Rush Coin and The Gold Rush Project
The Gold Rush Coin (GRC) is a HYBRID Proof of Work(POW)/Proof of Stake (POS) crypto currency back by physical gold, designed and developed as a core component of the Gold Rush Game. And like virtually all crypto currencies, GRC finds its roots in Bitcoin.
The concepts of virtual or digital currencies are not new. However, the implementation of a virtual or crypto currency and attaching a value by backing it with Gold, allows the Gold Rush Project to stretch beyond the average game company and provide a way for players to aggregate real spendable wealth.
For example -- if we created 50 Million GRC and backed it with 100 ounces of Gold at $1100 an ounce.
Each GRC would be 50M/(100*1100) = 0.0022. Now if gold went to $1500 those same coins would be worth 50M/(100*1500) = 0.003. What if we added another 100 ounces of gold, making 200 ounces total? At $1100 per ounce, the value of each GRC coin would not be 50M/(200*1100) = 0.0044.
You can easily see how the value of the coins can add up to real money and very quickly.
The key differentiator for The Gold Rush Project is that we are going to give these coins away as part of normal gameplay by using them as player bonuses, jackpots and prizes. And by giving these coins out within the game, we are giving people and opportunity to aggregate and watch the coin value grow.
Continued success relies on the addition of new gold. The Gold Rush project has adopted a process by which a small percentage of various revenue streams we are in control of i.e. items sold in online store, game play accelerators, subsidiary companies owned by The Gold Rush Project and contracted interest in other businesses are deposited into a cash account. When there is enough cash in the account to purchase one or more ounces of gold at the then current gold price, the cash is converted to .9999 pure gold which is then placed into the GRC gold trust storage.
Critical to the success of the Gold Rush Coin is the ability to provide, both coin holders and the community, is transparency.
As a result The Gold Rush Coin are creating an associated Foundation or Trust that maintains audit and transparency. Over time, after the full games launch, the board and governing membership will be turned over and major decisions and direction for the GRC will be determined by this elected group.