- Bitcoin has been referred to digital gold
for nearly a decade.
However, there's one crypto aiming to digitize gold
and other precious metals.
But why?
To produce the gold for one wedding ring,
it creates 20 tons of waste.
And furthermore,
half of all the gold that's mined every single year
is just moved into a vault to be used as a stored value.
So what if all the gold that's to be used as stored value
could still be used for that purpose
and left in arguably the safest of all places,
in the ground.
Element Blockchain is striving to accomplish this.
And they're harnessing the same technology
and launch formula
to that of the billion dollar gaming giant, Gala Games.
And we'll be looking at exactly
how they plan on executing this
and turning the gold industry upside down.
More importantly, the opportunity it has for investors
to create passive income through its node program.
You wanna stick around to the end of the video
because not only is this project
doing some insane giveaways,
but it's frankly unlike any other project I've seen
in the crypto space.
But to fully understand what Element is trying to do,
we need to go back to its origin.
And the story begins over a decade ago
in the jungles of Ghana with the founder Scott Lomu.
After the housing crash in 2008 and losing everything,
Scott planned on turning things around with gold mining
in the African jungle
The discovery channel ended up tagging along
and it was over the course of these two seasons
on the show Jungle Gold,
where Scott started to see the blatant problems
with the gold mining industry.
The first being the amount of damage gold mining does
to the environment.
Over 2,500 tons of gold are mined every year,
and it leaves behind devastated ecosystems
with hundreds of thousands of acres
of forests being destroyed
and over 1,500 species every single year go extinct.
Countries that have gold mining
are letting in illegal miners for monetary reasons,
and this exacerbates the environmental issues
as well as exploiting local communities.
Another massive problem with gold mining
is the gold hoarding.
With only 25% of the world's gold left,
countries are hoarding gold
because there's a direct correlation
between that economy's power and it's gold supply.
This is because gold is an asset
that always rises in value that countries never sell.
An example of this would be Great Britain selling over 50%
of its gold supply in 1999.
And over 20 years later,
it's still feeling the effect of this on its economy.
And with the United States leading the way
with the most gold of any other country
and having the international reserve currency,
countries recognize this and they're hoarding gold
in hopes of gaining more economic power.
This is creating a centralization of gold.
Meaning that the world's goal is being accumulated
by few nations, companies and individuals.
And this is the essence of what Element aims to do.
Its goal is to decentralize or transfer the power
of the gold from the few back to the masses.
And speaking of masses,
the only way to get this video to the masses
is by hitting that like button
and check out the subscribe button as well.
Like the gold of the Element Blockchain,
I drop gold in video form every single week.
Although some gold is used for electronics, jewelry
and a variety of other reasons,
most of the gold that's mine is locked away in a vault
and is used for stored value.
So then the question becomes,
how does Element plan on digitizing this gold
so it doesn't have to be mined?
The first step is Element is already acquiring the rights
and purchasing physical gold mines.
And this is done so other companies
and countries can't extract this gold out of the grounds.
Contracts are already being worked out
with 19 mines in Ghana,
a few in Amazon and two in Arizona, just to name a few.
And the Element Blockchain will own these mineral rights
and they already have billions of dollars of gold
on the books.
From there, the gold in the ground is going to be verified
with scanning technologies and asset reports.
This allows the digitization to happen
by transferring the store value of the gold
into the Element token and creating nodes.
And if you don't know what a node is,
it's the infrastructure on a cryptocurrency blockchain
that verifies transactions and stores data.
The one thing to know about nodes is that
not all cryptocurrencies require them
but the ones that do have them need the nodes to function.
And they do this by incentivizing investors to run nodes
by offering daily rewards,
and this is where investors come into the equation.
Cryptos offering nodes have a minimum buying cost.
And once the node is purchased,
that investor then receives a license to run that node
and in return will receive daily rewards.
And in the case of Element Blockchain,
those rewards are in the form of the Element token.
What that token and node creates is worthless
without any utility,
which is the problem over 95% of nodes
in the crypto space are currently facing.
Element has implemented a few ways to create utility
within it's ecosystem right away with more to come.
The first phase of utility
is overlaying a mining game called Digger,
which will have a digital representation
of the gold mines that have been purchased by Element.
This game was actually created by the gold miner,
Todd Hoffman from the Discovery Channel
and has over 1 million downloads.
But it's being reconfigured
so there's an exact digital representation
of the mines that are purchased.
And the gold that is mined in-game
will be an in-game currency that correlates
to the amount of gold that has been verified in that mine.
And this gold can be used
like any traditional play-to-earn currency on blockchain
such as purchasing in-game assets, upgrades, land parcels
and so much more.
However, unlike many traditional play-to-earn games,
you can exchange this token for physical gold.
But the core idea of the team
is that you won't want to exchange
the token for gold
because the end goal for the digitized asset
is to be worth more than gold.
Since digitized assets have more accessibility
leading to more utility.
It's also worth mentioning here that the Element token
will not be pegged to gold
because that's a question that I had.
And the reason being is that Element is not a security.
They're also working on getting added to Gala Games
which would mean that their Digger game
would get added to the Gala Games catalog.
And getting added
to Gala Games already existing catalog of games
would greatly increase the exposure
and the utility of the project.
And if you've been in crypto a while,
I'm sure you've heard of the gaming company
called Gala Games.
But for anyone new,
it's one of the largest play-to-earn gaming companies
in the world.
It has real world game developers,
and one of the founders is the creator
of the famous game called Farmville.
Gala Games also functions off of nodes.
And when gala games started,
you could get a node for around $500.
In the infancy stages of Gala nodes selling,
the token didn't actually have much utility
but the price of the nodes steadily increase.
And currently if you wanna buy a Gala node,
they cost about $98,000.
And the last ones that sell will be worth around $200,000.
Element is taking a similar strategy here,
where their node price will steadily increase.
And the reward structure will be similar to Gala as well.
They are starting node prices off at $2,500
with a max of 100,000 nodes available.
And once you purchase your node license
your original investment is gone.
And before Gala shot up in price,
it's worth noting that break even time on one Gala node
is about one year.
However, the Gala Games millionaires were made
from those owners who were accumulating Gala
at those low prices.
There were people who were accumulating daily Gala
over a year at prices under a penny.
And even at how far prices have pulled back,
that means that they've 10X
the every daily investment they received.
And on top of that,
earlier node owners receive larger distributions
and they get tapered as the project goes on.
And this is because earlier on in a project's life cycle,
there are fewer nodes online.
Which means that those daily rewards are distributed
across fewer individuals, which means higher payouts.
It's also worth noting
that the node sales are currently going on
but the rewards won't start getting paid out to investors
until about Q3 or late summer of this year.
So Element has the team, the network and the utility.
What are some obstacles this project's going to face
that's going to stop it
from revolutionizing the gold industry.
One issue is going to be convincing gold mine owners
that digitizing gold is the way of the future.
Some mine owners are already a believer in blockchain.
However, there are many who aren't.
I think as the project gains momentum
these node themselves will gain value
and it will be easier to sway those mine owners
who are on the fence to close their doors
and digitize the assets.
Another obstacle is just Bitcoin itself.
We are in a bear market potentially going into a recession.
And if you think of bear markets and bull markets
as the currents of a river,
launching a project in a bear market
is like trying to swim upstream.
Fear in the market means fewer investors
that are not only investing just in Bitcoin,
but all crypto projects as a whole.
As opposed to when Bitcoin is soaring,
people are almost consumed with FOMO
and are willing to throw their money into almost anything.
I think compared to 99% of the projects that are launching
on the market right now though,
it does have an upper hand.
Not only does it have a unique use case,
but from a marketing perspective,
it has Todd Hoffman who has a show on Discovery Channel
called Hoffman's Family Gold,
which reaches millions of people.
And if they could get the game launched in Gala's catalog,
I think that's going to be huge as well.
And they're also setting aside a portion of every node sale
to go back to the villages in the mining community.
Which on top of being gratuitous
could also be good publicity.
I look over a lot of projects
and this is probably one of the most interesting projects
I've come across in the last year or two.
And despite current market conditions,
this is a project I didn't mind going in on.
I wouldn't recommend this
if you're looking for something that's get rich quick
but I'm looking at this as a 3 to 5 year play
so I picked up a handful of nodes.
I'm not planning on breaking even on my nodes
for at least a year.
Especially since the fact
that they're not even making rewards yet.
But given the team, utility and partnerships,
this is something that I think is going to make waves
in the crypto industry.
And I didn't even mention
everything else that they're doing,
but I'll leave a link down below
to the website where you can purchase nodes.
And I'm doing a giveaway for three node purchases.
If every node that you purchase
enters you in a chance to win
and I'll be giving out three different prizes of $250 each.
All you have to do is email this email right here.
Subject line, nodes.
And send a screenshot of your purchases.
And I will pick a winner in a week.
If you did like this video,
be sure to check out my other videos
on how to make money online.
I have some gems in there.
Thanks for watching.
Be sure to like and subscribe
for new videos every single week.
And I'll see you next time.