Obyte, a distributed ledger platform that integrates transactions directly rather than having a centralized system, has announced that Aufort, a digital gold trading platform, would be using its technology to improve reliability and scalability.
Obyte has a proprietary system called Directed Acyclic Graph (DAG) technology that improves the speed of the platform which is one of the major reasons why it was selected by Aufort for its integration. The costs are also very low and with energy use also being low, it is expected to be used more in the future by companies that seek to be carbon neutral.
Tony Churyumoff, Founder, Obyte: “We are very excited to demonstrate in practical terms how DAG technology can be applied to online retail platforms such Aufort where large numbers of people can access small denominations of assets, quickly, cheaply, and in a secure transparent format. The last decade has seen people talk about Distributed Ledger Technology’s potential, however, many mainstream blockchains haven’t been able to answer questions related to decentralization, costs, energy use, and scalability issues in the way Obyte has.”
The Obyte platform works on decentralization where transactions can be posted by anyone without 3rd party approval, something that is similar to what blockchain does as well. But it reduces transaction costs so much that users would be able to buy gold for as little as $30 on the Aufort platform and the number of transactions per second is also very high which reduces the delay in gold transactions.
Bert-Ken Raudberg, CEO, Aufort: “Many of the mainstream blockchain alternatives had severe limitations, in particular with transaction costs. As an eCommerce platform, we wanted to ensure that customers could make any transaction instantly and we would cover the network fees easily. Obyte enabled us to do this and we look forward to showcasing the benefits of DAG for Aufort customers.”
Overall, this partnership is expected to provide a means of buying gold at a very low cost, very low transaction fees, and the gold can also be stored and exchanged without the need for centralized third parties. This is the benefit that these two companies hope to give their users. It remains to be seen how the users take to it with several brokers and platforms that are available to facilitate gold exchange which is one of the instruments that has huge trading volumes across the world.