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Honest money historically and traditionally has always been commodities, usually high value precious metals. Transactions done with honest money were always an exchange of value for value. Kings, emperors, and governments monopolised the creation of money and without fail debased the quality of money, effectively always stealing from everybody who held or used money. Kings added copper to gold coins in increasing quantities until the gold coins turned red. Emperors added lead or copper to silver coins and eventually simply silver plated the coins so thinly that the silver rubbed off within days of circulation. The Roman Empire debased the silver denarius from 98% pure silver to less than 2% silver and then refused to accept their own coins for tax payments demanding gold or goods instead.
Modern governments pushed paper money redeemable into gold but habitually reneged on their own promise to redeem notes for gold because they always printed more money than they had any hope of ever redeeming for gold at the stated gold ratios. Eventually they all totally reneged on the promise to redeem money for gold introducing a pure fiat money system in 1971 when the USA “closed the gold window”, clever wording for government defaults on the promise to convert paper money to gold. That was the end of honest money.
The PurePlay® project aims to return honest money in digital format, fully redeemable into commodities to the global financial payment system. Conversion will be self-liquidating through physical delivery of minerals to token holders (or the fiat equivalent thereof if token holders opt to have a sales agent sell the commodities on delivery date for fiat money). Redemptions to be backed by gold, oil, palladium, copper, silver, or any commodity which are held by global mining companies in reserves at backing ratios usually exceeding 100 times the value of the tokens issued. These mining reserves are fully surveyed and economically valued. Only reserves defined according to international reporting standards and fully reported in a Mineral Resources and Mineral Reserves Report will be accepted. The minerals will be available for delivery on due date and in the meantime will be safely stored in Natures Vault® and annually reported to token holders
The mining company will sell to the token holders a quantity of gold, silver, oil, palladium, copper, or other minerals in reserves at a small discount to the spot price of that commodity, which will be tokenized. Delivery will be scheduled upfront for a delivery date, say 5 years into the future. The mining company will undertake to token holders to maintain a specified ratio of that mineral reserves to tokens in issue, say 100 ounces of gold reserves for every one ounce of gold sold to token holders in a 100:1 backing ratio, until delivery date.
The PurePlay tokens are a pure specified commodity play, hence “PurePlay”. Any specific token will have an underlying sale of only a single specified commodity and, as such, will offer a number of exciting opportunities for the trader, investor, or payment maker.
The PurePlay tokens will reference back to a specific commodity, and the token price must follow a fair value tracking of that commodity price. If not, then attractive arbitrage opportunities will become available.
The miner will offer the commodity at a discount, and token holders will, therefore, get access to a discounted buying opportunity which normally would only be available to wholesale investors, for instance buying gold at a discount rather than at a massive retail premium!
The holder of PurePlay tokens will have all the value of price movements of the commodity without any insurance costs, storage costs, or management fees, which makes it a most efficient commodity investment vehicle.
Low-value, high-bulk commodities which are usually excessively expensive to store for investment purposes can be tokenized while the mineral is stored cost-free in Nature’s Vault®.
The PurePlay tokens will offer a unique store of value based upon the value of the commodity sold to token holders as opposed to fiat money subject to infinite money creation by governments and central banks. Value for value, honest money.
The tokens will be suitable as stable coins (stable relative to the commodity sold as opposed to stable relative to the USD) which can be referenced against any global fiat currency.
The PurePlay tokens will be suitable for international payments without the need to convert to USD or any other fiat currency as the commodity sold will provide a value conversion against any global fiat currency.
Mining company issuers may issue high value, low risk PurePlay tokens where the mining company will have to prove to token holders that they have the required reserves in attractive backing ratios, they have the production track record to prove that they can extract and refine suitable quantities of the specified minerals to the specified standards, and that the mineral reserves would be sufficient to maintain the specified backing ratio until the delivery date even though they are mining the reserve over the period (life-of-mine concept). These high value, low risk PurePlay tokens will be designated “Compliance PurePlay Tokens”.
Mining companies in early stages of development may not yet have the required production track record but may have sufficient high quality mineral reserves. Production may have initiated or may be imminent and is expected to be in compliance by the delivery date while the life-of-mine requirement is expected to also be in full compliance. These higher risk PurePlay Tokens can be issued by a mining company, suitably price adjusted for the risk, and will be designated “Speculative PurePlay Tokens”. Speculative PurePlay Tokens can be upgraded to Compliance PurePlay Tokens when they qualify, offering a unique investing opportunity for token investors with a suitable risk profile.
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