Blockchain Based Silver Trading Platform EthLink Goes Live in March

February 23, 2018 by Cameron Bishop

Ethereum. Link platform, which offers crypto currency backed with real 0.999 pure physical silver, will go live on March 10. The native currency of the platform LNK, a ERC20 token, will be the medium of exchange within the Ethereum platform. Following the announcement, the cryptotoken LNK has appreciated 47% to trade at $79.80.

The developers have initiated a LNK token giveaway aimed at commodity (silver) traders and crypto currency investors in general. Beta testers will also be rewarded at the end of the testing period.

Ethereum.Link Platform

It is a platform which aims to link crypto currencies with the silver market. The platform also aims to grow into a large, decentralized network for digital silver certificates trading.

How does Link Platform function?

Link acquires 0.999 fine certified silver when a new buy order is triggered and paid by a user inside our platform. The silver is acquired at the lowest possible price from Australia, China, Peru, Russia, Mexico, and Chile.
Following the acquisition (hysical silver will be acquired, transported, and stored with the highest levels of safety available), the proof of ownership is registered in the blockchain. All relevant details including silver bar serial number, SKU of the silver bar, and chain of custody digital signatures (vendor, custodian, auditor) is recorded. Additionally, 3rd party auditor certificate is also created. This is followed by the calculation of storage fees due, and vault receipt. Even those details are recorded in the blockchain.

Once the above process is completed LNKS silver token is created through Minter Smart Contract. Each token represents 1g of silver and is divisible to 0.01g. The LNKS silver tokens are then issued to the user who can sell, hold or redeem at any point in time. For every LNKS trade, the platform will charge 0.19% and will be shared among LNK token holders. All transactions are recorded on the Ethereum blockchain.

The company is planning redemption centers across the globe. Going forward, the platform will expand the range of assets offered. The company will soon announce details regarding LNK giveaways and airdrops.