BitCash took a historic step in June with the introduction of a second currency on the blockchain with the implementation of BitCash Stable. The BitCash Stable feature introduced a first of its kind algorithmic mint-and-burn stablecoin protocol.
We have taken another step with addition of a third currency on the blockchain: BitCash Gold!
BitCash Gold is pegged to the price of Gold (the price for one ounce of Gold in USD). The price is retrieved from CoinMarketCap, which uses the formula ‘price_usd / price_xau = price of gold’. The API Call can be found here:
https://api.coinmarketcap.com/v1/ticker/bitcoin/?convert=XAU. This price will be stored on the blockchain, as well.
BitCash Gold gives our users the opportunity store money on the blockchain long term without dealing with volatility of cryptocurrency or the inflation of the US Dollar.
Converting BitCash, BitCash Dollar & BitCash Gold
BitCash Gold will function very similar to the BitCash Dollar. The user will put a gold@ in front of your nickname or address to send BitCash or BitCash Dollar over to BitCash Gold account.
You can convert BitCash Dollar into BitCash Gold and vice versa at spot price. No averages will be used, and only one price will apply for both directions. There is also no chance that somebody can manipulate the Gold price to cheat the system. However, if you convert BitCash → BitCash Gold or back, the two prices to convert BitCash → BitCash Dollar will also apply. Essentially, it works like you converted BitCash → BitCash Dollars →BitCash Gold.
You can send BitCash Gold in the same way you would send BitCash or BitCash Dollar. Just select the account from where you want to send in your wallet (BitCash, BitCash Dollar, BitCash Gold). Put a gold@ or dollar@ in front of a BitCash address or nickname to send to a Dollar or Gold account.
0.17.21 Wallet Version
The new wallet version 0.17.21 is now ready and BitCash Gold already works on testnet.
You can use the command line parameter -testnet when you start the wallet to run the wallet in testnet mode. You can mine yourself some testnet coins with “generate 120” (Under Help/Debug/Console). Then you can start converting some testnet coins into testnet BitCash Gold.
We will make another hard fork on 16 November 10:00 UTC to officially introduce BitCash Gold. You will need to update your wallet prior to that date.
You can download the new version 0.17.21 for Windows from HERE.
BitCash Official Links:
Discord — https://discordapp.com/invite/7P4YcXU
Twitter — https://twitter.com/ChooseBitCash
Bitcointalk ANN — https://bitcointalk.org/index.php?topic=5106123.0
Telegram — https://t.me/chooseBitCash