Pax Gold (PAXG) is a commodity-backed token built on the Ethereum blockchain. Each PAXG token is allocated a unique serial number that matches that of an individual gold bar held in reserve. Tokens can also be redeemed for gold, fiat currency, or other digital currencies as per the current market price of gold at that time.
Each token is divisible by 18 decimal places, allowing anyone access to fractional ownership of a physical gold bar without the associated burdens of owning physical gold (transport, storage, etc)
PAXG transactions are closely monitored and surveyed by Paxos using third-party analytical tools for the purpose of investigating any potential cases of fraud or money laundering. In addition, developers subject the code to regular smart contract audits in order to detect bugs and vulnerabilities.
How does PAX Gold (PAXG) work?
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