OroPocket partners with Matic for Gold & Silver ownership on Blockchain.
We’re delighted to announce that we’re partnering with the Matic Network. With this partnership, we’d be making use of their network to give Gold & Silver asset ownership to users on the blockchain.
OroPocket is a fractional investment platform that enables users to get control of their wealth. Using OroPocket users can instantly buy & sell Gold & Silver. With a simple and clean interface, investing in assets is as easy as sending a tweet. All the transactions are recorded on the blockchain.
OroPocket uses Ethereum as the main chain and Matic as the side chain.
Blockchain is the biggest technology revolution of this century.
Transparency is synonymous with blockchain, and that is what OroPocket believes in. On OroPocket all transactions are pseudonymously recorded on the blockchain. This way anyone can instantly see and verify their orders.
Since we’re dealing with fractional investment instruments, auditing plays a key role to build trust for the investors. Complete vault holdings of OroPocket are now on the blockchain, and anyone can
independently verify the integrity of the holdings.
• Tokenization of Assets
1 OroPocket Gold Token(GOLD) = 1 gram 24 Karat 99.99% Purity Gold
1 OroPocket Silver Token(SILVER) = 1 gram 99.99% Purity Silver
By Tokenising the assets, they become mobile. They can be instantly transferred to any user across the globe even if that user is not on OroPocket, or even if that user does not have a bank account.
With this, we bank the unbanked.
- Listing on Exchanges
By tokenizing Gold & Silver, we have empowered users to trade their holdings against other assets,
commodities, and Bitcoin. We’re speaking with several leading exchanges regarding the listing of these tokens.
Users can also withdraw their holdings to any ERC20 compatible ethereum wallet.
While adding Blockchain to OroPocket was important, it was equally important to decide which chain to build on. We reviewed several blockchain solutions and finally decided to move forward
• Speed & Scalability
Most blockchains that we explored were taking upward of 5 minutes to execute an order. Now, we’re pretty sure no one would wait that long to just put in one order. That’s where Matic came as a boon. With their blocktime of 1-2 seconds, we’re able to execute orders in near realtime.
The biggest drawback of blockchain is the expense associated with each transaction. We didn’t feel right burdening our users with these transaction costs. Thankfully, Matic has almost negligible fees that enabled us to add all transactions(including buy and sell orders) to the blockchain.
We’re overwhelmed by the support provided by Matic team on all fronts – Technical, Marketing &Operations. They’re a helpful bunch and we love them!
Matic has a powerful community and by building on Matic Network we enable hundreds of thousands of users to instantly invest in Gold & Silver.
• <3 for India
We’re super proud that Matic is an Indian startup. Although this did not affect our decision, we thought it deserved a mention.
We welcome your feedback & suggestions.
PS – Registrations to OroPocket are open by invitation only. Here’s an exclusive signup link for Matic community to instantly join OroPocket & get 1 mg of Gold for free:
Stay safe & cheers!