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:
Each O Token corresponds to one thousandth of an OLegacy Gold Coin, and every 1,000 O Tokens correspond to 1 OLegacy Gold Coin.
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 “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.
Increase of O Token supply is governed by a chain of smart contracts, strictly triggering OT generation after a new batch of gold is:
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