Press Release: Why Can Jinbi Token Change the Emerging Gold Market ?

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It is clear that investing in gold is often a high-risk task, but with the new methodologies and systems that exist today, such as those of Jinbi Token, they make this task a reliable and favorable alternative when it comes to investment. Because it is supported and works with a series of participants who accredit and verify its transparency in a safe environment and total productive guarantee.

Backed by the gold refineries Produits Artistiques Metaux Precieux or PAMP, based in Ticino, Switzerland, is the world’s leading bullion brand and one of the most trusted refineries and precious metal manufacturers. Kaloti Refinery, based in Dubai, United Arab Emirates, is located within the Free Trade Area. Kaloti has a solid track record in the gold refining business and is ideally situated for any gold produced in Africa.

It offers audits through Bureau Veritas Inspectorate which will conduct quarterly audit inspections on the quantity and quality of gold stored in our associated vaults to ensure that correct accounting is maintained. They are the primary independent inspector of precious metals in this space and have a well-deserved and long heritage dating back to 1828.

Jinbi has many partnerships with the vaults of trustees. This network will be developed in conjunction with the gold produced and will culminate in secured facilities owned by Jinbi. All Jinbi gold will be kept in these vaults, adequately secured and permanently documented in the blockchain once approved by the quarterly audit inspectors, Bureau Veritas.

Maintaining not only good governance but also common sense, Jinbi will commission an independent annual audit from one of the top five accounting firms. Jinbi Token’s annual audit will be conducted every January and will be made public through our website.

It has a multi-mechanism of trust where all parties are independent of each other with specific functions within the chain of custody. Therefore, collusion between the parties is eliminated within strong governance and auditing directives. This system culminates in testing the quality, quantity, location, and ownership of the assets to be permanently stored in the decentralized blockchain, Ethereum. All parties have been specially chosen because they are professional, established and, for this reason, have an incentive to complete their contracted tasks accurately and independently of each other. No supplier shall be responsible for or have the mission of providing more than one provision in the audit trail process.

It offers a gold delivery which is outlined as follows:

  • The minimum weight for dividend Gold Delivery is 5 grams, with no maximum. 
  • All our bars are certified 24 carat Gold with a fineness of 999.9 and are delivered brand new. 
  • Jinbi will adhere to The LBMA’s Good Delivery Rules which are considered the international regulatory standard for gold delivery.
  • Gold bars will be produced and made available in various sizes from 5g to 12.5kg. Once allocated, gold can be delivered or stored. 
  • All gold will be individually segregated. 
  • Jinbi can upon request buy back the physical gold in exchange for ethereum or bitcoin at the agreed market price.
  • Jinbi Token custody, vaulting and insurances fees.
  • All storage and insurance costs paid using Jinbi tokens calculated via a smart contract.
  • No maximum or minimum storage.
  • Storage and insurance costs are at a subsidized rate and paid for using tokens.
  • All gold individually segregated and insured.
  • Longer term storage is incentivised by a 5pc discount year upon year.

Jinbi uses industry-standard public key cryptography tools and techniques. To authorize transactions, the initiator must generate its hash, using the SHA256 algorithm, and sign it with a private key using the ED 25519 algorithm.

All keys are stored in a subsystem called ‘Key Server’. A unique key identifier is generated before any new key is added to the key server. We use a Scrypt cryptography algorithm, an approach that is considered best practice to prevent piracy attacks. A client-side combination of a password and a unique salt is used to test and verify with our server that the applicant knows the password without the need to send it to us. To encrypt a user’s private key, we use the AES-256-GCM algorithm and a user’s password as the encryption key. After this preparation, the key identifier and the encrypted private key are uploaded to our key server. Using this approach, confidential user data is never stored directly on our system, so even administrators do not have access to it. To ensure that user passwords are also more secure, we use two-factor authentication using Google Authentication (MFA) to retrieve encrypted keys from storage.

Jinbi secures all your KYC information at every step. An encrypted format is always used at all stages of the data management lifecycle (using the 128-bit AES encryption algorithm). Asymmetric cryptography of elliptic curves is used for authentication. This means that your information is protected from unauthorized access both in transit and when it is stored. Only data owners and a limited number of administrators who review KYCs have access to the data. In addition, Jinbi never provides encryption keys to third parties.

Jinbi has been involved in the partnership with the successful ICO team of the Pillar Project and 2030 ltd AG as consultants and technology experts in blockchain structures, symbolic transaction security and general ICO and post-ICO process. Jinbi is also committed to being the first authorized cryptographic asset to be included in this whitelist exchange. The Jinbi token will have its unique wallet using Pillar’s unique and pioneering platform that will provide additional security and transparency for chip holders.

Jinbi Token has a working relationship with International Precious Metals Limited, IPM, and its associated network of refineries and vaults around the world. IPM is directly involved in sourcing, mining, and smelting at a source and will deliver its precious metals directly to its refinery and vault. IPM is also building, (65% developed and operational by the end of 2018), its own LBMA grade precious metals refinery in the Mediterranean and an international grade bond and depository. The goal is to achieve five ingot vaults worldwide, a total of 25,000 safe deposit boxes and a high-grade precious metal refinery. Lloyds of London will secure all, carry BRINKS Global will certify independent SGS certification and vaults. Jinbi will have full and dedicated access to this infrastructure 24 hours a day, 365 days a year for itself and all its customers. Besides, Jinbi will have direct access to the technical and engineering expertise of the team to ensure future physical delivery of your requirements. This will allow Jinbi to meet all your physical precious metal requirements efficiently and straightforwardly. Jinbi has an agreement with IPM that sets a minimum five-year gold supply chain to produce 999.5 bars with the JINBI seal incorporating our mint to be certified under LBMA directives.

Jinbi will enter into a series of mining agreements. A purchase agreement is a contract between the gold mining company and Jinbi, whereby we agree to purchase a predetermined fraction of future production at a discount price in exchange for financing. This broad structure is an industry standard that clarifies the obligations of the mining partner and the concessions we receive.

So Jinbi Token offering all these singularities and specifications of support on what is this new platform of investment based on gold resources guarantees a prosperous and significant environment in what is the new era of the cryptocurrencies and how these emerge in the new digital market for proper use of resources.

Media Contact:

[email protected]

This is a press release. Trustnodes has not undertaken any verification of any of the above statements and any statement or project contained therein is not necessarily endorsed by Trustnodes. Readers are strongly urged to do your own research.

 

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