Vaulting Transparency

Mike Maloney did an amazing video series titled "The Hidden Secrets of Money" which scored millions of views on Youtube. In this series he points out the greatest problem with any sort of gold standard. Historically gold standards don't fail because gold isn't sound, they fail because the people vaulting it become greedy and unaccountable. There is a disturbing lack of transparency in the vaulting world today, especially when it comes to central bank holdings.

Take Germany as an example; Germany vaults hundreds of tons of their gold reserves within the United States of America. A few years ago they requested that part of their holdings be returned. The Federal Reserve which is supposed to hold the gold told Germany that it would take many years to complete the order despite supposedly having all the gold sitting in a vault. When the first shipment went back to Europe the Germans noted that the gold sent was not the same gold stored originally. The Federal Reserve could have made an honest mistake in regard to the bars but if there is something nefarious going on then it doesn't help that there is virtually zero visible accountability.

Hundreds of years worth of failures to produce the gold when it has been demanded has created a great amount of reasonable mistrust in establishments claiming to back anything with gold. Even if an honest establishment were to exist then there is no guarantee that it will always be run by honest people that are immune from the temptation of dropping from a 100% reserve ratio to a 95% reserve ratio before racing to the bottom. 

Quintric is determined to solve this problem that has existed for centuries using modern technology so that there can be a high degree of confidence that the correct amount of gold is available for the tokens. Quintric's vault will be live-streamed. Each and every box will be counted, weighed, and tested on camera before moving to it's final destination also on camera. Any person will be able to view the contents of every box as they are filled and see that the box has not ever been moved once filled. At any time the total contents of the vault may be checked against the actual holdings displayed in the blockchain ledger. If the ledger says that there are 1,000,000,000 Quint in existence then there should be roughly 1,000,000 ounces of gold. Any small discrepancy would be the result of shipping times.

To our knowledge a vault has never been publicly live-streamed in this way before. We hope to further develop the system to create the highest degree of trust in the integrity of the Quintric System.