Generation
Information

OLegacy Token “O Token”.

Supply Chain

OLegacy Token (otherwise known as "OT“), is a digital / virtual voucher (ERC20 Token) representing 1:1 direct ownership of an OLegacy Gold Coin, as one OLegacy Token represents 1/1,000 of an OLegacy Gold Coin. OLegacy Token generation is triggered via a chain of smart contracts signed by 4 independent third-parties confirming:

  • 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.

Each O Token corresponds to one thousandth of an OLegacy Gold Coin, and every 1,000 O Tokens correspond to 1 OLegacy Gold Coin.

O TokenGeneration.

  • Gold is always placed first
  • 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 Coins.
  • The Minter (Refinery) signs 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, and their test report is uploaded to the system (available for users’ viewing).
  • The independent Metals Inspection and Sampling Company signs 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 (London, Singapore, Hong Kong, Dubai, Zurich…etc.). Vault report and insurance policy are uploaded to the system (available for users’ viewing).
  • The independent international Vaulting Company signs the smart contract, confirming:
  • The quantity of OLegacy Gold Coins vaulted, along with the relevant certificates
  • That the vaulted OLegacy Gold Coins are insured
  • That a legally-binding irrevocable undertaking 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 counted by one of the top international Auditing Firms, and their “Report of Factual Findings” is uploaded to the system (available for users’ viewing).
  • The independent international Auditing Firm signs the smart contract, confirming the quantity of OLegacy Gold Coins vaulted.
  • Once all the parties have signed the chain of smart contracts using their Private Keys, The “O Token” Generation Order is triggered

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

Sample Transaction Hash (O Token Generation)

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

OLegacyToken Information.

Token Name
O Token
Token Symbol
OT
Token Type
ERC20
Decimals
8
O Token Contract Address
0x2401D75Bf6E88EF211e
51BD3E1541586
0025fDb9
0x2401D75Bf6E88EF211e51BD3E15415860025fDb9
Initial Supply (Pre-Mine)
0
Maximum Supply
NA
Fixed Supply
No

Rules of supply increase

Increase of O Token supply is governed by a chain of smart contracts, strictly triggering OT generation after a new batch of gold is:

  • Placed.
  • Tested, approved and minted into OLegacy Gold coins by an OECD compliant minter (refinery); and the aforementioned is confirmed by the minter (refinery) via signing the smart contract with their private key.
  • Tested by an ISO 17025 certified precious metals laboratory; and the aforementioned is confirmed by the assayer via signing the smart contract with their private key.
  • Vaulted by a top-tier international vaulting company; and the aforementioned is confirmed by the vaulting company via signing the smart contract with their private key.
  • Audited by a top-tier international auditing firm; and the aforementioned is confirmed by the auditing firm via signing the smart contract with their private key.

burnToken{}

O Tokens are burnt as and when they are redeemed for physical gold (OLegacy Gold Coins)

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)

The redeemed (burnt) O Tokens can be tracked publicly on Etherscan.io

Sample Transaction Hash (O Token Burning)