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.