Launched in November 2022, ONS Gold Token (ONSG) is an asset-backed token redeemable 1:1 for 1 ounce of gold. Issued by Token Teknoloji Anonim ?irketi, this token is fully backed by gold on the blockchain at a 1:1 ratio and is indexed to the price of ounces of gold. For each ONSG created, an equivalent amount of physical ounces of gold is held as collateral in the company's reserves.
ONSG provides a cost-effective, fast and secure solution for global users, offering direct ownership with no storage costs and high accessibility for 24/7 transactions and transfers, regardless of geographical boundaries. Unlike gold transaction limits in the market, there are no minimum transaction limits for ONSG transactions. ONSG transactions are executed instantly and any amount of ONSG tokens can be converted to fiat currencies, ensuring quick and efficient transactions.
ONSG is created and runs on the Avalanche C-Chain and Polygon blockchain, and it is compatible with all blockchain wallets that support EVM. It uses smart contracts to automatically manage the collateralization process.
As the demand for ONSG tokens increases, the Token Teknoloji Anonim ?irketi will add the equivalent amount of physical ounces of gold to its reserves for each ONSG token upon the request of institutions wishing to meet their demand. This ensures that the 1:1 ratio between ounces of gold and ONSG is maintained whilst keeping the market in balance between supply and demand.
And a coin burn function is built into the blockchain's smart contract to remove a pre-determined amount of ONSG tokens from circulation when needed, ensuring a balance between ONSG and the ounce of gold. Thanks to this mint-and-burn mechanism, the price of ONSG is always in equilibrium with the price of the physical ounce of gold.
