FAQs - Frequently Asked Questions

A Blockchain based platform that brings together (in one place):

  • OECD compliant gold suppliers.
  • OECD compliant gold refineries.
  • ISO / IEC 17025:2005 certified precious metals testing, inspection and sampling companies / laboratories.
  • Top vaulting companies
  • Top auditing firms.
  • Liquidity providers.
  • Gold buyers.

The OLegacy Platform generates Digital Receipts (Proof of Ownership) called “O Tokens”, which entitle the holder to the “OLegacy Gold Coins” (OLGCs):

  • Minted as 1 OLGC = 1 Oz. 999.9 Fine Gold Coin = 1,000 O Tokens.
  • Tested by an ISO / IEC 17025:2005 certified precious metals testing, inspection and sampling companies / laboratories.
  • Vaulted at a top international third-party vaulting company.
  • Insured like-for-like.
  • Audited by one of the top International auditing firms.
  • Confirmed to be the legal property of the “O Token” holder, to redeem at any given time.

  • 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.
  • Each 1 O Token corresponds to one thousandth of an OLegacy Gold Coin.
  • Every 1,000 O Tokens correspond to 1 OLegacy Gold Coin.
  • Every 1,000 O Tokens are generated, only after a multi-signature smart contract has been signed in consensus by:
    • An OECD compliant gold refinery, testing and minting the corresponding 1 OLegacy Gold Coin.
    • An ISO / IEC 17025:2005 certified metals inspection and sampling company, testing and confirming the weight and fineness of the corresponding 1 OLegacy Gold Coin.
    • An international vaulting company, confirming the weight, vaulting and insurance coverage of the corresponding 1 OLegacy Gold Coin.
    • A top international auditing firm, confirming the count, weight, vaulting and proof of an insurance coverage of the corresponding 1 OLegacy Gold Coin.

The O Token generation cycle can be initiated by:

  • Minter (Self-Minting)
  • Minter (Advance Payment)
  • Public Gold Depository Centre

  • Gold is placed by a Minter or a Public Gold Depositor “PGD” (via a Public Gold Depository Centre – “PGDC”).
  • The placed Gold is tested by the Minter (Refinery), and by both Minter & PGDC in case of the PGD placing the gold.
  • The Minter (Refinery) Initiates the Smart Contract on the OLegacy Platform – Supply Chain, in case of self-minting or advance payment. Also, the Smart Contract can be initiated by the PGDC in case of the PGD placing the gold.
  • The Minter (Refinery) mints the Gold into the OLegacy Gold Coins.
  • The Minter (Refinery) signs off on the Smart Contract, confirming the quantity, weight and fineness of the minted OLegacy Gold Coins.
  • The OLegacy Gold Coins are independently inspected by an internationally accredited Metals Inspection and Sampling Company.
  • The independent Metals 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 at several locations around the world (Singapore, Hong Kong, Dubai, Zurich…etc.).
  • The independent international Vaulting Company signs off on the smart contract, confirming:
    • The quantity of OLegacy Gold Coins vaulted, along with the relevant certificates
    • That the vaulted OLegacy Gold Coins are insured (like-for-like).
    • That a legally-binding irrevocable undertaking deed (signed by OLegacy) is in-place relinquishing the rights to the gold and confirming that the vaulted OLegacy Gold Coins are the legal property of the “O Token” holder, to redeem 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 quantity of OLegacy Gold Coins vaulted.
    • That the vaulted OLegacy Gold Coins are insured (like-for-like)
    • That a legally-binding irrevocable undertaking deed (signed by OLegacy) is in-place relinquishing the rights to the gold and confirming that the vaulted OLegacy Gold Coins are the legal property of the “O Token” holder, to redeem at any given time.
  • 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 an equivalent number of “O Tokens” as per the ““1 OLegacy Gold Coin = 1,000 O Tokens”” formula.

O Token Formula

An “O Token” price is pegged to the spot price of a 1 troy Oz (999.9) of fine gold / 1,000; using Xignite.com, which sources their pricing from about 250 global venues and providers including the London Metal Exchange.

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 17025:2005 certified precious metals testing, inspection and sampling company / laboratory.
  • Vaulted at a top international third-party vaulting company.
  • Insured like-for-like.
  • Audited by one of the top International auditing firms.
  • Confirmed to be the legal property of the O Token holder, to redeem at any given time (minimum 1,000 O Tokens to redeem 1 OLGC).
  • Each OLGC has the following dimensions;
ParameterValue
Diameter:32.7mm (1.287 inches)
Thickness:2.95mm (0.116 inches)
Gross Weight:1 Troy Ounce (31.1034768 grams)
Fineness (purity):999.9%
  • The number of vaulted OLGCs is directly linked to the number of generated O Tokens in circulation.

Coins

  • Stable Asset
  • Preserves wealth, passed from one generation to the next.
  • Price maintains value in the long term.
  • Hedge against inflation
  • Unprintable at will
  • Cannot be replicated
  • Long track record of universal acceptance
  • Durable
  • Indestructible
  • Longstanding cultural importance
  • Historical sustainable standard store of value

  • Distributed Ledger.
  • Greater transparency.
  • Enhanced security.
  • Encryption.
  • Improved traceability.

Yes:

  • Fund transfer requests will only be accepted from an approved / verified (whitelisted) bank account in your name.
  • Fund withdrawal request will only be accepted to an approved / verified (whitelisted) bank account in your name.

Fees:

OperationFee*
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 FIAT1%
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%
Transfer fee0.01%
Storage fee0%
Insurance fee0%
Audit fee0%
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.

  • Individual - A person looking to purchase gold.
  • Corporate - A company looking to purchase gold.
  • Public Gold Depositor - A company looking to convert its criteria-met gold into O Tokens.
  • Public Gold Depository Center - A platform approved testing center, which can receive a public gold depositor’s gold for testing purposes. If the received gold meets the criteria, the same is transported to an approved minter’s facility to be minted into OLegacy Gold Coins. The subject PGDC uploads the test results and records the order’s metadata on to the OLegacy Platform. In case of a satisfactory outcome that meets the criteria and specifications, they sign-off on the multi-signature O Token generation smart contract.
  • Minter - A platform approved (OECD compliant) gold refinery, which mints the criteria-met gold into OLegacy Gold Coins. The subject minter uploads the test results and records the order’s metadata on to the OLegacy Platform. In case of a satisfactory outcome that meets the criteria and specifications, they sign-off on the multi-signature O Token generation smart contract.
  • Inspection and Sampling Service Provider - A platform approved (ISO 17025 accredited / certified) global metal inspection and sampling company, which inspects / tests the minted OLegacy Gold Coins to determine whether or not the same meets the criteria and specifications before the minter transports the OLGCs to the vaulting company for storing. The subject ISSP uploads the test results and records the order’s metadata on to the OLegacy Platform. In case of a satisfactory outcome that meets the criteria and specifications, they sign-off on the multi-signature O Token generation smart contract.
  • Vaulting Company - A platform approved, international storage company that stores the OLegacy Gold Coins at several locations around the world after confirming the physical counting and insurance coverage of the OLGCs batch.The subject VC uploads the counting / delivery note of the OLGCs batch and records the order’s metadata on to the OLegacy Platform. In case of a satisfactory outcome that confirms the claimed OLGCs batch specifications, they sign-off on the multi-signature O Token generation smart contract.
  • Auditing Firm - A platform approved auditing firm (global top 10), which confirms the physical counting of the number of O Legacy Gold Coins held in the vault upon each vaulting activity. The subject AF uploads the physical counting of the OLGCs batch and records the order’s metadata on to the OLegacy Platform. In case of a satisfactory outcome that confirms the claimed OLGCs batch specifications, they sign-off on the multi-signature O Token generation smart contract.
  • Liquidity Provider - A platform approved third party liquidity provider that guarantees the buyback of O Tokens from O Token holders upon lodging a FIAT redemption request.

  • OLGCs weight / count is confirmed by 4 independent parties:
    • An OECD compliant refinery
    • An ISO 17025 accredited / certified global metal inspection and sampling company.
    • An international vaulting company
    • A top 10 international auditing firm.
  • OLGCs fineness is confirmed by 2 independent parties:
    • An OECD compliant refinery
    • An ISO 17025 accredited / certified global metal inspection and sampling company.

  • All gold is sourced from OECD compliant providers.
  • Full Anti Money Laundering checks are completed on the source of gold prior to minting

  • Gold is stored with internationally recognized physical storage providers.
  • All gold is 100% insured to the value of the gold.

There are 5 types of audits conducted on the OLGCs:

  • 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 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 (Financial year ending 31st of December).
  • Spot Audits - Conducted by a top 10 global auditing firm, on the stored OLGCs at the vaulting company on spot basis (6 times per annum).

O Tokens are for the holder to save, redeem in cash or physical gold (self-pick-up or courier).

Gold existence, weight / count and fineness are confirmed by the following:

Existence confirmed by 5 types of audits:

  • A Generation Cycle Audit - 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.
  • A VC In-House Audit - 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.
  • A Quarterly Audit - Conducted by a top 10 global auditing firm, on the stored OLGCs at the vaulting company on quarterly basis.
  • An Annual Audit - 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 (Financial year ending 31st of December).
  • Spot Audit - Conducted by a top 10 global auditing firm, on the stored OLGCs at the vaulting company on spot basis (6 times per annum).

Weight / count confirmed by 4 independent parties:

  • An OECD compliant refinery
  • An ISO 17025 accredited / certified global metal inspection and sampling company.
  • An international vaulting company.
  • A top 10 international auditing firm.

Fineness confirmed by 2 independent parties:

  • An OECD compliant refinery
  • An ISO 17025 accredited / certified global metals inspection and sampling company.

You can independently verify this by using such Block Explorer tools such as Etherscan.io. This will allow you to discover and verify all transaction that have taken place on the Ethereum blockchain.

No bonuses, rewards or airdrops are offered on the OLegacy Platform or ecosystem.

An ERC20 wallet where users can hold their O Tokens in. Only the user has access to his Private Wallet with his Private Key.

FIAT eWallets on the Platform, which confirms the different Fiat (USD, EUR, GBP, AED) that you hold.

If you lose your Private Key, you can recover the same by using the 12-word seed phrase provided at the time of generating your private wallet.

Unfortunately this is not recoverable. You must make sure you keep the 12 word seed phrase in a safe location. We generally recommend printed a hard copy out as a minimum.

A multipartite legal agreement governing the contractual relationship between the Platform Operator, Minters, Public Gold Depository Centres, Inspection and Sampling Companies, 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.

  • All OLGCs are stored in a fully insured third party vaults.
  • All OLGCs are counted and audited by a global top 10 third party internationally recognized audit and accounting firms, which follow the IESBA (The International Ethics Standards Board for Accountants).
  • Customers have the ability to secure their O Tokens independently of the OLegacy Platform.
  • Your O Token wallet has a 64-character private key which you only have access to (OLegacy has no access to your private key).
  • OLegacy Certificate – Is a paper-based wallet that contains a wallet’s private keys. These wallets are paper printouts that are comprised of two QR codes. The first QR code is the public key while the second is your private key.
  • Cold Storage – you can hold your O Tokens in Cold storage which is an offline wallet provided for storing digital assets. With cold storage, the digital wallet is stored on a platform that is not connected to the internet, thereby, protecting the wallet from unauthorized access, cyber hacks, and other vulnerabilities that a system connected to the internet is susceptible to.
  • Hardware Wallet – You can hold your O Tokens on a Hardware wallet which is a USB-stick like physical devices that holds your private keys. These wallets enable you to securely store your digital assets offline while still being able to carry your digital assets on you when on-the-move.
  • The Platform and all development codes have been independently audited by a UK ISO compliant IT security firm
  • Servers are held with Amazon Web Services.
  • All fiat funds (EUR, USD, AED, GBP) in your eWallet are held with a third party UK FCA regulated cash custodian, which is authorised to hold clients’ funds.
  • At no point of time, clients’ funds are accessible by the OLegacy Platform

The minimum you can purchase is 1 x O Token.

Yes, 100 O Tokens is the minimum number that can be redeemed into USD.