If you’ve been keeping an eye on the latest Anthem Vault news or any recent cryptocurrency headlines, you probably noticed some stories about HayekCoin. We’ve been extremely excited to work on the new project that makes effortless gold transactions a reality. However, as development continued, we decided that a small name change might help clarify exactly what the crypto-asset is and how it works. That’s why HayekCoin officially became HayekGold on March 20, 2015. We also created the awesome new logo pictured above.
HayekGold is a brand new, gold-backed digital currency. Each full token is worth and will always be worth one gram of gold. The physical bullion represented by the cryptocurrency is stored by Anthem Vault in a facility with state-of-the-art security. It is fully insured and audited annually by an independent party, and the official symbol is XHYK. Keep an eye out for new exchanges that will feature the HayekGold cryptoasset.
Because the tokens are digital, however, they can be transferred around the globe, instantly. It’s now possible to send any amount of gold to anywhere on earth – even across borders – for virtually no cost. HayekGold runs on the Counterparty infrastructure which is a layer on top of the Bitcoin network. That means that every transaction is recorded on and secured by the most powerful blockchain on the planet.
The decision to change the name of the currency was made because HayekGold is not quite like all the other cryptocurrencies out there. When most people talk about cryptocoins, they are referring to a digital currency that can be mined (created) with a computer. HayekGold, however, does not involve any digital mining. Sure, the physical gold has to be mined in the traditional sense (by digging into the earth!), but the digital tokens can never be created out of thin air. They can only come into existence when real gold is deposited into Anthem Vault.
The first half of the name (Hayek) was preserved for a few reasons. First of all, we love F. A. Hayek, one of the greatest contributors to the Austrian School of Economics. He wrote a number of valuable books and articles about the free market, price theory, and more throughout the 20th century. Second, Anthem Vault’s CEO is named Anthem Hayek Blanchard. His parents loved F. A. Hayek’s work so much that they named their son after him!
As the HayekGold project continues to grow, we hope that it will bring great benefits to many people. Gold has been a sound asset for many centuries and now that it’s easier to transfer, opportunities could show up everywhere. We’ve also loved the cryptocurrency community for a long time and we hope that adding gold to the picture will make this digital revolution even more powerful. If you’d like to try out the new currency, you can buy HayekGold at AnthemVault.com.