cryptocurrencies since their coin or token value is tied to something physical such as gold</strong>. There are even gold-backed cryptocurrencies that allow exchanging their coins or tokens for real gold.</p>\n<p>Moreover, the fact that gold-backed cryptocurrencies are tied to a real-life asset, gold, <strong>softens the impact of severe price fluctuations</strong> that cryptocurrencies are infamous for.</p>\n<p>Investors are becoming more and more interested in blockchain-based digital assets backed by tangible goods due to regulated <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-stablecoin/">
or diminishing <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-fiat/">
fiat currencies</strong></a>.</p>\n<p>One of the key benefits of owning digital gold currencies is that it can be easily cut up into any amount which is not possible with real-life gold bars. </p>\n<p>There are also downsides to gold-backed cryptocurrencies. These types of digital assets often come with low <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-liquidity/">liquidity, issues with the verification of gold reserves, and reliance on a central authority. The latter becomes a significant issue since gold-backed cryptocurrency could possibly lose its credibility as a cryptocurrency since it is not completely <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-decentralized-currency/">decentralized./nMost of the gold-backed cryptocurrencies are available on the <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-ethereum-eth/">Ethereum platform, although there are always some exceptions.</p>\n<p>The top gold-backed cryptocurrencies on the market today are Paxos Gold (PAXG), Perth Mint Gold Token (PMGT), Digix Global (DGX), Tether Gold (XAUT), and Meld Gold. PAXG is one of the few exceptions that are not part of ERC-20.</p>","level":"easy","meta_title":"What is Gold-Backed Cryptocurrency? 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Investing","slug":"trading-and-investing","updated":null,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/learn-crypto-trading.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-trading-101.jpg","rating":80,"sections":[{"slug":"where-to-trade-crypto","title":"Where Can You Trade 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Have?","featured_image_id":10729,"status":"published","chapter_id":7,"language":"en","order":2,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-invest-in-crypto","featured_image":{"id":10729,"uuid":"3439a1db-9892-404a-b4b6-a1db5a34bca4","public_url":"https://assets.bitdegree.org/crypto/storage/optimized/how-to-invest-in-crypto-featured-image.jpg","path":"crypto/storage/optimized/how-to-invest-in-crypto-featured-image.jpg","original_path":"crypto/storage/original/how-to-invest-in-crypto-featured-image.jpg","name":"how-to-invest-in-crypto-featured-image.jpg","original_name":"how-to-invest-in-crypto-featured-image.jpg","title":null,"alt":null,"width":1024,"height":576,"disk":"spaces","status":"uploaded","readable_file_size":"75.22KB"},"youtube_video":null},{"slug":"ico-vs-ido","title":"ICO vs IDO vs IEO: Which One is the 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Tokens?","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":4,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-track-new-crypto-coins","featured_image":null,"youtube_video":null},{"slug":"how-to-research-crypto","title":"Crypto Research Fundamentals & Social Signals: Your Daily Trading Strategy","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":5,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-research-crypto","featured_image":null,"youtube_video":null}]},{"id":9,"title":"Mining","slug":"mining","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/learn-crypto-mining.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-mining-101.jpg","rating":80,"sections":[]},{"id":10,"title":"Crypto Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":358,"original_id":null,"author_id":43,"translator_id":null,"title":"What are Game Channels?","slug":"what-are-game-channels","section":"G","keyword":"Game Channels","status":"published","definition":"allow blockchain games to run in near real-time by minimizing block confirmation time.","content":"<p>Before we start explaining what exactly game channels are, let’s outline the basic working principles of blockchain games. Blockchain games guarantee fair play due to being accessible only through fully decentralized and trustless environments. </p>\n<p>It’s still important to note that <strong>blockchain games</strong> are not without faults and still experience some technical difficulties. Some of them arise as a consequence of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-scaling-problem/">scalability issues</strong></a>.</p>\n<p>Let’s take a look at multiplayer games with a massive player base as an example. These types of games require a lot of file and data storage for the number of players it accumulates. This data is stored within the underlying <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-blockchain/">blockchain network.</p>\n<p>Moreover, blockchain games have to create a transaction for each move. This is a time-consuming process that greatly depends on network congestion. It makes these types of games struggle with speed. In the case of blockchain multiplayer and player-vs-player (PvP) games, quick actions are key to winning so the delay should be as minimal as possible.</p>\n<p>This is where Game channels come into play. Game channels allow building scalability within any blockchain network without slowing down the transaction speeds. For instance, this way blockchains can integrate lots of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-are-decentralized-applications-dapps/">dApps and support a wide range of blockchain games. </p>\n<p>By using game channels, blockchain games enable secure <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-off-chain-transaction/">off-chain transactions</strong></a> between the players. Therefore, game channels enable the option to build off-chain private channels that run near real-time and parallel to the main chain. </p>\n<p>In the case of game channels, disputes can be resolved without a third-party or central authority. In some sense, game channels are payment channels for every single game.</p>\n<p>We’ve established that the game channels' general purpose is to speed up real-time PvP gameplay.</p>\n<p>How do Game Channels Work?</p>\n<p>The majority of blockchain game players experience delays between moves. These delays happen because blockchain games usually add transactions per each move, then mine them into blocks, and activate them. However, there is a way to minimize the waiting time using game channels.</p>\n<p>This is done by <strong>moving the gameplay itself to a secure off-chain network where the players are able to play in close to real-time</strong>. </p>\n<p>For example, let's say two players want to compete for coins. Together, they establish the game rules, chip in for the prize money, open the game channel, and start playing. Cheating without getting caught is virtually impossible since each player is connected to the public blockchain network, and any actions done against the rules are easily provable due to the trustless element. When there is a clear winner between the players, the prize money is released to the winning player’s account through the smart contract. Then, the game channel is closed.</p>","level":"medium","meta_title":"What are Game Channels? Definition & Meaning | Crypto Wiki","meta_description":"Game Channels meaning: Game Channels - allow blockchain games to run in near real-time by minimizing block confirmation time.","meta_keywords":null,"language":"en","created_at":"2022-03-15T15:35:01.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-are-game-channels"},"prevSection":{"id":354,"original_id":null,"author_id":43,"translator_id":null,"title":"What are Gems?","slug":"what-are-gems","section":"G","keyword":"Gems","status":"published","definition":" undervalued low-cap coins whose value will gradually increase over time.","content":"<p><strong>Gems</strong> are coins that are not being noticed at the moment but will grow in value in the future. </p>\n<p>To put this in perspective, consider this - the top cryptocurrencies that are on the current market were <strong>once considered gems</strong>. For example, when <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin first came around, almost no one saw its potential value. But the few ones that did, received tremendous rewards.</p>\n<p>Generally, gems come in the form of coins or tokens with low market capitalizations. As more and more people discover the gem, the trading volume increases. Gems usually have scarcity mechanisms in place like a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-hard-cap/">hard cap</strong></a> or a deflationary model. Yet some gems can be inflationary. </p>\n<p>There are only a few criteria that can help you recognize a gem. It includes their <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-market-capitalization-market-cap-mcap/">market cap</strong></a>, <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-volume/">volume, supply, and fundamentals. </p>\n<p>In order to see how valuable a project could be in the future, before anything else, you need to perform a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-fundamental-analysis/">fundamental analysis</strong></a>. Don’t forget to consider that some factors can only be detected by outside expertise.</p>\n<p>During your research, ask yourself these questions:</p>\n<ul>\n<li>Will this project create a big impact?</li>\n<li>What are this project’s key advantages and disadvantages?</li>\n<li>How competent and experienced is the team behind this project?</li>\n</ul>\n<p>Gem hunting is a risky endeavor since more often than not the coins exponentially drop in value instead of growing.</p>","level":"easy","meta_title":"What are Gems? Definition & Meaning | Crypto Wiki","meta_description":"Gems meaning: Gems - undervalued low-cap coins whose value will gradually increase over time.","meta_keywords":null,"language":"en","created_at":"2022-03-15T14:11:27.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-are-gems"},"currentChapter":"G","currentSection":"what-is-gold-backed-cryptocurrency","chapterTitle":"G","readingLevel":"easy"},"url":"/crypto/learn/crypto-terms/what-is-gold-backed-cryptocurrency","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0"> Crypto Terms: Letter G
What is Gold-Backed Cryptocurrency?
Gold-Backed Cryptocurrency MEANING:
Gold-Backed Cryptocurrency -
is a coin or a token that holds the value of a set amount of gold.
Let's find out Gold-Backed Cryptocurrency meaning, definition in crypto,
what is Gold-Backed Cryptocurrency,
and all other detailed facts.
Gold-backed cryptocurrency is like any other digital currency except its single coin or token value is equal to a certain amount of real gold.
Not to mention that these gold-backed cryptocurrencies must have a vault or a trusted custodian where this gold is being kept as a physical collateralized asset.
Gold-backed cryptocurrencies stand out from other cryptocurrencies since their coin or token value is tied to something physical such as gold. There are even gold-backed cryptocurrencies that allow exchanging their coins or tokens for real gold.
Moreover, the fact that gold-backed cryptocurrencies are tied to a real-life asset, gold, softens the impact of severe price fluctuations that cryptocurrencies are infamous for.
Investors are becoming more and more interested in blockchain-based digital assets backed by tangible goods due to regulated stablecoins or diminishing fiat currencies.
One of the key benefits of owning digital gold currencies is that it can be easily cut up into any amount which is not possible with real-life gold bars.
There are also downsides to gold-backed cryptocurrencies. These types of digital assets often come with low liquidity, issues with the verification of gold reserves, and reliance on a central authority. The latter becomes a significant issue since gold-backed cryptocurrency could possibly lose its credibility as a cryptocurrency since it is not completely decentralized.
Most of the gold-backed cryptocurrencies are available on the Ethereum platform, although there are always some exceptions.
The top gold-backed cryptocurrencies on the market today are Paxos Gold (PAXG), Perth Mint Gold Token (PMGT), Digix Global (DGX), Tether Gold (XAUT), and Meld Gold. PAXG is one of the few exceptions that are not part of ERC-20.
