OLegacy, is a Blockchain based platform that generates ERC20 tokens (100% backed by physical gold) called “OLegacy Tokens / O Tokens / OTs”, after a chain of smart contracts are signed by the following independent 3rd party service providers:
Count, weight and fineness of the underlying OLegacy Gold Coins backing the O Tokens.
OLegacy Gold Coins backing the O Tokens are already insured & vaulted at 3rd party vaulting companies in several locations around the world for the O Token holder to redeem at any given time.
The OLegacy Supply Chain (built on Hyperledger Sawtooth), is where the gold coins’ minting, assaying, vaulting and auditing is tracked and registered via a chain of smart contracts prior to the generation of the “O Tokens”.
Hyperledger Sawtooth Blockchain triggers the “O Token” generation order on the Ethereum Blockchain (Ledger Sync / Event Listener) once all parties have signed the chain of smart contracts using their private keys.
A similar process is followed for token redemption, where the Hyperledger Sawtooth smart contracts invoke the Ethereum Ecosystem for burning of tokens.
The fully executed chain of smart contracts will trigger the “O Token” Generation Order on the Ethereum Blockchain, which will generate an equivalent number of “O Tokens” as per the following formula:
"1 OLegacy Gold Coin = 1,000 O Tokens"
The generated O Tokens and total supply can be tracked publicly on Etherscan.io
At any given time:
The total OLegacy Gold Coins (OLGCs) in vaults will always be equal to the total “O Tokens” (OTs) in circulation (at 1 OLGC = 1,000 OTs)
The redeemed (burnt) O Tokens can be tracked publicly on Etherscan.io
Sample Transaction Hash (O Token Burning)Every time O Tokens are redeemed for physical gold (OLegacy Gold Coins), the Total O Tokens’ Supply is reduced by an equivalent amount of the redeemed O Tokens, maintaining the balance of Total OLegacy Gold Coins (OLGCs) in Vaults equal to the Total “O Tokens” (OTs) in Circulation (at 1 OLGC = 1,000 OTs)