Reviving economic confidence with blockchain and gold

Source: Cointelegraph

The economic landscape has been in a state of flux since the COVID-19 pandemic, which sent shockwaves through numerous industries. However, the seeds of economic instability were sown during the 2008 U.S. housing crisis.

In 2023, the University of Michigan’s consumer sentiment index, a barometer of public perception of the economy, is hovering near its lowest point since 2008. This suggests that consumer confidence remains fragile, casting a shadow over the economic recovery.

The 2008 financial crisis spawned Bitcoin as an alternative monetary system, but the burgeoning crypto landscape has been plagued by speculative trading.

Blockchain technology possesses a unique combination of attributes that can safeguard transaction security, transparency, and efficiency. Nevertheless, the industry must restore trust, and gold can serve as a catalyst for this.

How can gold help to restore confidence?

The FRUITS Eco-Blockchain Project plans to leverage gold to build an eco-friendly and sustainable economy open to everyone. Fruits uses a unique consensus mechanism called proof-of-capacity (PoC), which performs a sustainable economic cycle with minimal power consumption while achieving high security. The PoC eliminates transaction fees altogether, offering the ideal infrastructure for building economies for charity and everyday transfers.

Powered by its native FRTS coin, the Fruits ecosystem facilitates rapid and cost-effective transactions through the PoC consensus mechanism. FRTS enables users to acquire distinctive gold-backed nonfungible tokens (NFTs) on Fruits’ NFT marketplace, generate passive income through decentralized finance (DeFi) functionalities, and contribute to charitable endeavors.

To build an inclusive financial system and support charity, Fruits develops a digital money transfer ecosystem called the FRUITS Social Finance Platform. It will include a financial transaction-focused cryptocurrency exchange, a multi-coin FRUITS wallet and a charity crowdfunding platform.

Source: FRUITS

The Fruits ecosystem intends to introduce gold-pegged stablecoins and gold ingot NFTs, with gold serving as a cornerstone of the ecosystem. The precious metal is inextricably linked to a stable and trustworthy economy, and integrating it into the crypto space will foster a shift from speculative trading toward a more grounded and utilitarian approach.

Leveraging Web3 gaming to drive crypto adoption

To encourage gold adoption in the blockchain space and drive the use of crypto, Fruits launched a Web3 game that offers players a chance to win real gold while playing. Gaming has often been used as a testing ground for blockchain and Web3 innovation, and the Fruits team developed an interactive title that not only reshapes entertainment but also offers new ways to create wealth.

The play-for-gold (P4G) game, called Golden Egg Wonderland, enables users to earn gold-backed NFTs by raising and crossbreeding “Turtoris” — special beautiful birds that can generate golden eggs. Fruits has a patent-pending method to facilitate the conversion of the golden egg NFTs to physical gold eggs. The method uses a matching serial number, enabling users to swap the NFT for real gold at the Golden Egg NFT exchange.

The physical gold is mined and refined at Fruits’ partner Gold CIP Plant GOLDEXT in Tanzania.

There are several ways players can obtain eggs:

• Buy a bird or an egg on the Fruits’ NFT marketplace;
• Participate in Fruits’ airdrops to win a bird or an egg;
• Mint a bird or an egg through the website;
• Receive a bird or an egg as a gift from another person.

Regular eggs can be hatched to obtain birds that can be nurtured and crossbred. Eventually, players may become lucky to end up with a golden egg, which can be redeemed for physical gold.

Source: FRUITS

The Fruits team harbors a vision for a multi-layered social finance platform that seamlessly facilitates conversions between various digital assets, including the major cryptocurrencies such as Bitcoin BTC $41,408, encompassing their native FRTS coin, Golden Egg Wonderland assets, gold ingot NFTs, and fiat currencies. This structure will create a seamless conversion path where users can easily exchange gold-backed assets for FRTS and subsequently for BTC or other cryptocurrencies, and vice versa.

This ambitious endeavor aims to establish Fruits as a comprehensive financial hub, catering to the needs of both experienced crypto enthusiasts and newcomers to the digital asset landscape.