I-ON Digital Corp. (OTC: IONI) was recently chosen by UK-based development partner Instruxi Limited as the focal point for its submission in this year's prestigious Chainlink Spring 2023 Hackathon, choosing I-ON's "fractional ownership of unrefined gold claims" framework to showcase a real-world commercial example of leveraging state-of-the-art blockchain and distributed data warehousing technologies to disrupt and evolve the conventional gold and precious metals marketplace.
I-ON’s business model will allow claim holders to monetize in situ gold (in-ground or unrefined gold) by converting their fully validated gold claims into secure and efficient gold-backed securities, offering liquidity without extracting, mining, or smelting the gold. The team at I-ON pioneered this model several years back by achieving groundbreaking advances in the institutional acceptance of asset-backed digital securities by establishing a global custody interface and creating standards for independent financial and transactional reporting backed by expert legal opinion. Their efforts helped launch the then-nascent asset digitization marketplace while addressing the relative needs of investors, institutional partners, and regulators alike.
To build on these accomplishments, I-ON turned to Instruxi to craft a technical approach to digitizing gold reserves by tokenizing them, utilizing state-of-the-art blockchain and Smart Contract technology, then converting them into digital securities that enable institutional investors to buy fractionalized ownership of gold claims, at the "proven reserves" level, through ERC20 tokens.
"Five years ago, we set out to change the gold and precious metals marketplace by creating a regulatory-compliant digital asset ecosystem that would allow gold claim holders to monetize unrefined but proven Gold Reserves," shared I-ON CEO Carlos X. Montoya. "To build on a series of 'firsts' that we initially achieved, including meeting the requirements of larger institutions and other US and global tier-one intermediaries, we asked the team at Instruxi and their collaborative partners to help us scale and optimize our ecosystem to provide secure movement, transfer, settlement and, where applicable, hypothecation of our asset-backed digital securities. Together, what we've created is significant."
This resulting gold tokenization process represents a groundbreaking innovation in the traditional gold and precious metals marketplace, enabling claim holders to unlock the value of their proven reserves while minimizing the environmental impact and cost of conventional forms of gold mining, including strip mining and other forms of extraction. I-ON's partnership with Instruxi showcases the power and potential of integrating best-in-class emerging DeFi technologies to drive meaningful commercial change in the precious metals and commodities industry.
"To enable I-ON's vision, we needed to create a secure, robust, and hyper-scalable infrastructure that could support asset digitization and tokenization so we could fractionalize the ownership of gold and other assets." explains Instruxi CTO Austin Przybysz, "Smart contracts, Chainlink's secure communication, and Space and Time's decentralized data warehouses allowed us to deliver the advanced auditing capabilities, scalability, and robust security that I-ON required for their institutional-grade framework."
Through its development partnership with Instruxi, I-ON is pioneering the future of asset-backed securities and the trading and hypothecation of fractionalized gold ownership and other emerging digitized asset classes. Their collaborative effort lays the foundation for a more accessible, trust-driven, and compliant financial ecosystem that could play an integral role in shaping the future of decentralized finance, tokenized assets, and digital securities. All while providing a more sustainable and environmentally friendly way to monetize precious metal reserves without damaging or destroying Mother Earth.
More information about the Chainlink Spring 2023 Hackathon can be found at https://chain.link/hackathon. More details about I-ON and Instruxi's Hackathon submission can be found at https://devpost.com/software/instruxi.
About Instruxi Limited.
Instruxi is a web 3.0 company focused on helping clients with hyper-scale data availability. Instruxi enables secure and universal data sharing, facilitating clients' analytics and AI projects and building apps and dApps. The Company has accomplished this through tokenizing data and our unique distributed data protocol, Proof of Policy. In addition, Instruxi offers a data mesh toolkit called Neutrino Mesh and builds validator infrastructure to support this offering on private blockchains. By deploying our solutions, enterprises can seamlessly connect web 2.0 and 3.0 technologies, enabling universal data access and participation in the emerging data economy. Additional information is available at https://instruxi.io.
About I-ON Digital Corp
I-ON Digital Corp. (OTC: IONI) is a pioneering force in the asset digitization and securitization landscape. It is developing and acquiring cutting-edge technologies to provide an institutional-grade ecosystem for creating and distributing digital securities and next-generation financial assets, using blockchain technology as its underlying infrastructure. This provides a secure, fast, transparent framework for trading newly emerging asset classes. With its proprietary technologies and deep expertise in asset digitization, I-ON stands at the forefront of this rapidly evolving sector. The potential for digital securities powered by blockchain technology is immense. I-ON is unlocking the full power of this new technology, paving the way for a more secure, trusted, and efficient asset transfer and exchange. Additional information is available at https://iondigitalcorp.com/.
Forward-Looking Statements
This news release contains forward-looking statements involving risks and uncertainties, which may cause results to differ materially from the statements made. When used in this document, the words "may," "would," "could," "will," "intend," "look to," plan," "anticipate," "believe," "estimate," "expect," "seek," "potential," "outlook," and similar expressions are intended to identify forward-looking statements. Such statements, including, but not limited to, I-ON's current views with respect to future events and its financial forecasts, are subject to such risks and uncertainties. Many factors could cause actual results to differ materially from the statements made, including those risks described from time to time in filings made by I-ON with the Securities and Exchange Commission. In addition, there is uncertainty about the further spread of the COVID-19 virus or new variants thereof, or the occurrence of another wave of cases and the impact it may have on the Company's operations, the demand for the Company's products, global supply chains and economic activity in general. These and other risks and uncertainties are detailed in the Company's filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. Statements in this news release regarding past trends or activities should not be taken as a representation that such trends or activities will continue. I-ON does not intend or assume any obligation to update these forward-looking statements other than as required by law.
Contact Details
I-ON Digital Corp. (OTC: IONI)
Ken Park
+1 866-440-2278
