InnovaMinex is Using the Blockchain to Deliver Traceability to Precious Metals

InnovaMinex is Using the Blockchain to Deliver Traceability to Precious Metals

By Oliver Carding - min read
Updated 22 May 2020

A new business model that uses the blockchain is delivering traceability to precious metals.

Even though precious metals such as gold and silver are scarce, they are also highly liquid. Not only do they have financial value, but they have cultural and emotional value too. According to the World Gold Council, since the 1970s, the volumn of gold produced each year has tripled, while the amount purchased yearly has quadrupled.

Yet, while it’s simple to purchase a gold or silver piece of jewellery, how can a buyer be sure of what they are buying and where it comes from?

Enter InnovaMinex, a mining platform that uses the blockchain to guarantee the traceability of precious metals.

Speaking about the technology, Fernando Garcia Sanz, CEO of InnovaMinex, said: “Blockchain technology is the technology of the future, which allows us to expand the boundaries of business in its usual sense. It can be used in various fields, including the mining industry.”

He added that the team decided to use the blockchain because it can “certify the entire process of mining – from gold’s origin in the mines to the end consumer.” According to the platform’s whitepaper, through the use of the technology, buyers can verify the origin of the metal they have bought, ensuring that the extraction is legal, that the environment has been protected, and that the precious metal hasn’t been used in money laundering.

So far, the platform has seven mining projects: GUAYAQUIL, VIZCAYA, BOLÍVAR 2, ANTIOQUIA 3, MINEX 7, MINEX 12 and TOLIMA. The GUAYAQUIL plant is already in the construction and assembly stage, according to the team, and gold ore is being collected for further washing and processing. The whitepaper states that the start of operations will take place in the first months of 2019. TOLIMA will be the last to begin, with a start year of 2022, with the processing of minerals.

The main goal of the project is to make gold and other precious metals more accessible to people. It aims to achieve this through its INX cryptocurrency, which will reduce the cost to end customers, while ensuring the security and transparency of all transactions.

“Our project will be able to provide a stable cryptocurrency, giving participants the opportunity to take advantage of its non-linear, but strong relationship with gold,” said Sanz. “INX tokens could bring benefits to holders even if the price of gold decreases.”

The team add that the INX token will give tokenholders the right to buy gold and gold products 25 per cent cheaper than the market price. As demand for gold grows each year, so too will demand for INX. Not only that, but token holders who keep their INX tokens in a cold wallet for three months will be eligible to receive part of the 25 per cent of InnovaMinex income quarterly in the form of discount vouchers. These vouchers can be redeemed while purchasing gold and items made from precious metals, according to the platform. They can be uesd to pay up to 90 per cent of the value of the goods.

Notably, despite the bear market of 2018, InnovaMinex has raised $2.1 million in the first stage of its ICO, which closed the 9th of December. The second stage of its ICO is currently ongoing and will end on the 23rd of December. The third stage will begin on the 24th of December, ending the 6th of January, 2019. The fourth and final stage will commence on the 7th of January and will finish on the 20th January.

In order to use this chance just register here Try your luck and get up to 15, 000 USD in INX tokens, with the chance to win even more prizes.