Corporate Finance, DeFi, Blockchain, Web3 News
Corporate Finance, DeFi, Blockchain News

Aufort physical gold trading platform chooses Obyte solution to integrate distributed ledger technology (DLT)

Disclaimer: The text below is a press release that was not written by
Avertissement : Le texte ci-dessous est un communiqué de presse qui n'a pas été rédigé par

Ability to address issues related to scalability, cost and time ensured Obyte’s DAG was used for development of a retail platform instead of mainstream competitors. DLTs without middlemen (miners) are gaining more attention from business owners.

Liechtenstein, 14th June 2021: Obyte announced that online digital gold retail platform Aufort has launched using its Directed Acyclic Graph (DAG) technology to increase transparency and reliability. The online retail digital gold platform is aimed at investors interested in the asset class but have traditionally been put off by the high entry costs, storage issues and liquidity. To promote the launch Aufort is giving away one million euros worth of vouchers to gold buyers.

Obyte’s DAG technology was selected by Aufort due to its ability to process a high number of transactions per second (TPS), almost non-existent transaction costs, low energy use, deterministic finality and ability to scale making it suited for large numbers of retail investors. Obyte platform is fully decentralised and provides everyone access to post transactions without 3rd party approval. It enables people to gain exposure to small sums of gold without having to incur high transaction costs or time delays. At launch time, token withdrawals are disabled and Obyte headless wallet software is used as an accounting ledger for customer accounts.

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 decentralisation, costs, energy use and scalability issues in the way Obyte has.

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.
Using Obyte’s DAG technology, Aufort’s retail investors will be able to buy just under €30 worth of gold, store it on the ledger. The ability to buy, store, and exchange assets instantly online free from centralised third parties for negligible costs using Obyte’s DAG is being demonstrated by the Aufort platform launched today.

About Obyte:
Obyte is distributed ledger, launched on Christmas Day 2016 by Tony Churyumoff, it operates on a Directed Acyclic Graph basis that relies entirely on transactions being connected directly to each other with each transaction containing one or more hashes from previous transactions. No single central entity or set of entities manages the admission of new transactions into the ledger, thus ensuring freedom of access for everybody, unlike centralised ledgers and blockchains.

Mardi 15 Juin 2021