OLegacy is a blockchain-based platform that brings together:
- OECD-compliant gold suppliers
- OECD-compliant gold refineries
- Liquidity providers
- Gold buyers
The OLegacy Platform generates digital receipts (proof of ownership) called “O Tokens”, which entitle the holder to a certain number of “OLegacy Gold Coins” (OLGCs), based on the following conversion rate:
1 OLGC = 1 Oz. 999.9 Fine Gold Coin = 1,000 O Tokens
To ensure quality and authenticity, we evaluate the gold using an ISO / IEC 17025-certified precious metals testing, inspection and sampling laboratories. It is then vaulted at a top-tier international vaulting company and we insure it like-for-like. Afterwards, the gold is audited by one of the top international auditing firms. Finally, we confirm that the gold is the legal property of the “O Token” holder, eligible to be redeemed at any time that the holder sees fit.
The OLegacy Platform consists of two main components:
OLegacy Supply Chain
The OLegacy Supply Chain, based and built on the Hyperledger Sawtooth Blockchain, is where the “O Token” generation cycle takes place prior to deployment on the Ethereum Blockchain.
The Hyperledger (SawTooth) Blockchain is used for:
- The smart contracts governing the asset (Gold) movement and consensus among parties involved in generation and redemption of “O Tokens”.
- Having a decentralized and transparent ecosystem for generation and redemption of “O Tokens”.
- Tracking the complete movement of the asset (Gold) on Hyperledger.
All the smart contracts will be deployed on the Hyperledger (SawTooth) Blockchain ensuring that the entire process is decentralized and fully confidential. All parties involved in the “O Token” generation and redemption process will sign transactions on Hyperledger (SawTooth) smart contracts to ensure integrity of the system.
Parties in the “O Token” Generation Process:
- Public Gold Depository Centre & / Or Minter (Refinery)
- Inspection & Sampling Company
- Vaulting Company (Including Insurance)
- Auditing Firm
The Hyperledger Sawtooth multi-signature smart contract will trigger the “O Token” generation order on the Ethereum Blockchain once all parties have signed the smart contract using their private keys. Similar processes will be followed for token redemption, where the Hyperledger Sawtooth smart contracts will invoke the Ethereum Ecosystem for the burning of tokens.
O Token Generation Cycle
Gold is placed by a minter or a public gold depositor (via a public gold depository center).
The placed gold is tested by the minter (refinery).
The minter (refinery) initiates the Smart Contract on the OLegacy Platform Supply Chain.
The minter (refinery) mints the gold into the OLegacy Gold Coin.
The minter (refinery) signs off on the smart contract, confirming the quantity of the minted OLegacy Gold Coins, weight and fineness.
The OLegacy Gold Coins are independently inspected by an internationally accredited gold inspection and sampling company.
The independent gold Inspection and sampling company signs off on the smart contract, confirming the quantity, weight and fineness of the minted OLegacy Gold Coins.
The OLegacy Gold Coins are independently vaulted at one of the international vaulting companies in several locations around the world (Singapore, Hong Kong, Dubai, Zurich, etc.).
The independent international vaulting company signs off on the smart contract. This is a crucial step in the process, in that it confirms and solidifies several key factors.
First, it establishes the quantity of OLegacy Gold Coins vaulted, along with the relevant certificates. It also affirms that the vaulted OLegacy Gold Coins are insured, in like-for-like fashion. Finally, it codifies that a legally-binding, irrevocable agreement has been struck with by OLegacy, transferring the gold’s rights to its new holder and confirming that the vaulted OLegacy Gold Coins are the legal property of the “O Token” holder, eligible to be redeemed at any given time
The vaulted OLegacy Gold Coins are independently audited by one of the top international auditing firms.
The independent international auditing firm signs off on the smart contract, confirming the same factors as when the independent international vaulting firm grants its approval.
Once all the parties have signed off on the smart contract using their private keys, the “O Token” generation order is triggered.
The fully executed smart contract will trigger the “O Token” generation order, which will generate the corresponding number of “O Tokens” as per the following formula:
1 OLegacy Gold Coin = 1,000 O Tokens
At any given time: The total number of OLegacy Gold Coins (OLGC) in vaults will always be equal to the total “O Tokens” (OTs) in circulation (at 1 OLGC = 1,000 OTs). This ensures that coins can be redeemed at any time, without concerns over available inventory.
The generated “O Tokens” will be credited into the relevant gold depositor’s Wharfing Wallet, which is a special wallet linked to the OLegacy Platform’s Instant Purchasing System, enabling gold buyers to purchase the “O Tokens” at gold’s spot price.
The Wharfing Wallet is a special Ethereum Blockchain wallet with a service interface (Wharfing Wallet Management System “WWMS”) hosted on an independent server by the wallet owner, where the owner’s private key is securely stored on the server’s key management service.
O Tokens in the Wharfing Wallet are available for sale to OLegacy Platform users at gold’s spot price / 1,000 per O Token via the OLegacy Platform’s Instant Purchasing Order System (IPOS), without having access to the Wharfing Wallet’s private keys or the server where the WWMS is hosted. The WWMS service will export an API, which the OLegacy Platform will consume in order to sign transactions whenever a purchase order needs to be executed.
The User’s Dashboard is where the user will be able to:
- View Portfolio Balances
- Add / Remove Bank Accounts & Cards
- Add Funds (different currencies)
- Withdraw Funds (different currencies) to the user’s white-listed bank account
- Exchange one currency for another
- Purchase “O Tokens”
- Redeem “O Tokens”:
- For Physical Gold (OLegacy Gold Coins) – Self Pickup
- For Physical Gold (OLegacy Gold Coins) – Couriered to the user’s white-listed address
- For FIAT, at gold’s spot price
- Vault “O Tokens” (Cold Storage)
- Request a prepaid card
- Load the prepaid card with FIAT
- View accounts’ statements
- View various gold-related reports: Testing, Auditing, Vaulting and Insurance Policies
OLegacy Gold Coin
An OLegacy Gold Coin (OLGC) is:
- Minted by an OECD-compliant refinery as 1 OLGC = 1 Oz. 999.9 Fine Gold Coin = 1,000 O Tokens.
- Tested by an ISO / IEC 17025-certified precious metals testing, inspection, and sampling laboratory.
- Vaulted at a top-tier international third-party vaulting company
- Insured like-for-like.
- Audited by one of the top-tier international auditing firms.
- Confirmed to be the legal property of the O Tokens holder, to be redeemed at any given time (minimum 1,000 O Tokens to redeem 1 OLGC).
- Each OLGC has the following dimensions:
Diameter 32.7mm (1.287 inches) Thickness 2.95mm (0.116 inches) Gross Weight 1 Troy Ounce (31.103 grams) Fineness (purity) 999.9%
The number of vaulted OLGCs is directly linked to the number of generated O Tokens in circulation.
- An ERC20 Token, which constitutes a digital receipt (proof of ownership) entitling its holder to the vaulted OLegacy Gold Coins at several locations around the world.
- Every 1,000 O Tokens correspond to 1 OLegacy Gold Coin
The “O Token” price is pegged to the spot price of one fine troy Oz of gold / 1,000. We use Xignite.com to source pricing from 250 global venues and providers, including the London Metal Exchange.
User in Control
User’s Wallet = User’s Private Keys = User’s O Tokens = User’s Gold
- OLegacy does not have access to a user’s wallet. Instead, tokens are only accessible by the user, either via the OLegacy Platform or the Ethereum Blockchain.
- OLegacy does not store or have access to a user’s private keys, and their safekeeping is the responsibility of each individual user.
- OLegacy does not keep the user’s O Tokens in a central wallet, while reflecting the balance on a virtual wallet or user’s account. User’s O Tokens are credited and stored into the user’s blockchain-based ERC20 wallet and verifiable on the Ethereum public blockchain via EtherScan.
- The OLegacy Gold Coins are stored at an independent third-party international vaulting company that will only hand over the gold to the O Token holder / redeemer.
OLegacy has no access to user’s wallets, private keys or O Tokens.
OLegacy has no access to user’s gold, which is made:
- Available in several locations around the world
OLegacy has no access to funds.
User’s funds in a segregated / allocated bank account
Whether the user is funding his OLegacy Currency Account to purchase O Tokens or redeemed O Tokens for cash, and the proceeds are credited to his OLegacy Currency Account. Funds are maintained in a segregated, allocated bank account at a UK-based bank, and managed by an independent third-party, FCA-regulated custodian company.
OLegacy Platform accounts, wallets and critical transactions are protected by:
- Top-notch cyber security protocols
- Email verification
- Email confirmation
- Google authenticator
- SMS OTP
- Private keys
OLegacy Platform records are:
- Recorded in a distributed ledger
- Backed up in two different locations, including a live backup
- Sent to our auditors on a daily basis
A copy of the OLegacy Platform is held and backed up with a software escrow service provider.
- The O Token generation multi-signature smart contracts, signed by all the involved independent third parties, are available for public viewing
- All the gold certificates, lab test results, vault certificates, insurance policies, and audit reports are available for public viewing.
- The total number of O Tokens in circulation will always be equal to the number of gold ounces in vaults (1,000 O Tokens to 1 Oz 999.9 fine gold) and available for public viewing.
- The quarterly and spot audit reports are always available for public viewing.
- The annual audited financial statements are always available for public viewing.
- The platform fees are posted on the OLegacy website.
- The total collected platform fees are always available for public viewing.
- The total number of redeemed O Tokens for physical OLegacy Gold Coins is burnt upon redemption and available for public viewing and verification.
- The gold spot price used in the purchase of O Tokens or the redemption of O Tokens into cash is a live-quote API from xignite.com.
- OLegacy Gold Coins (OLGCs) count and weight are confirmed by four independent parties:
- An OECD-compliant refinery
- An ISO 17025-accredited and certified global metal inspection and sampling company
- An international vaulting company
- A top-10 international auditing firm
- OLegacy Gold Coins (OLGCs) fineness is confirmed by two independent parties:
- An-OECD compliant refinery
- An ISO 17025-accredited and certified global metal inspection and sampling company
- The Gold of the OLegacy Gold Coins are:
- Sourced from OECD-compliant providers
- Fully checked for money-laundering enforcement prior to minting
- The OLegacy Gold Coins are:
- Stored at international vaulting companies such as Brinks and Ferrari Security
- 100% insured
- The OLegacy Gold Coins undergo five types of audits:
- Generation-Cycle Audits:
Conducted by a top-10 global auditing firm, upon storing of the OLGCs at the vaulting company and prior to the final sign-off on the multi-signature smart contract generating the corresponding O Tokens.
- In-House VC Audits:
Conducted by the vaulting company’s in-house auditor, upon storing of the OLGCs at the vaulting company and prior to the generation of the O Tokens.
- Quarterly Audits:
Conducted by a top-10 global auditing firm, on the stored OLGCs at the vaulting company on a quarterly basis.
- Annual Audits:
Conducted by a top-10 global auditing firm, on the stored OLGCs at the vaulting company on annual basis for annual audited financial statement purposes (Fiscal year ending December 31).
- Spot Audits:
Conducted by a top-10 global auditing firm, on the stored OLGCs at the vaulting company on a spot basis (six times per annum).
- Generation-Cycle Audits:
- The OLegacy Platform supply chain operations are governed by the RuleBook. The RuleBook is a multipartite legal agreement governing the contractual relationship between the Platform Operator, Minters, Public Gold Depository Centers, Inspection and Sampling Company, Public Gold Depositors and Liquidity Providers. It also states the obligations, responsibilities, terms and conditions that must be followed by all parties while executing their tasks.
- Redemption in FIAT:
Your O Tokens are guaranteed to be bought back by our liquidity providers at the prevailing spot price of gold (less fees).
- Redemption in physical gold:
You can redeem your O Tokens for the OLegacy Gold Coins from several locations around the world at zero cost (no fees on physical gold redemption fees).
Fees / Charges
|Purchase O Tokens (Instant Purchase)||1.5%|
|Purchase O Tokens (Advance Payment)||1.5%|
|Redeem O Tokens (Physical OLGCs - self pick-up)||0%|
|Redeem O Tokens (Physical OLGCs - courier)**||0%|
|Redeem O Tokens into FIAT||1%|
|Generating O Tokens from physical gold (Public Gold Depositor)||2%|
|Generating O Tokens from physical gold (Minter – To Wharfing Wallet)||0%|
|Generating O Tokens from physical gold (Minter – To Private Wallet)||0.7%|
|Inspection of gold fee (by an inspection & sampling company / laboratory)||0%|
|Ethereum Network fee (GAS)||As per the prevailing price of ETH / GAS|
* All the above fees are collected in O Tokens.
** Courier charges apply, and directly quoted by the vaulting company / courier to the user.