HelloGold listed on ICOnow
HelloGold has developed and launched a product to enable low to medium income customers to buy and sell gold, anytime, anywhere. The System has customer mobile applications (native Android and iOS) communicating with a backend built with 2 parts, a core Central Web Service (Ruby) and Agent (Go). The current database uses Postgres technology.
Relevant parts of the backend are being migrated to Ethereum smart contracts to improve transparency and security for the customer gold transactions, as well as increasing access to the HelloGold system. HelloGold is using Ethereum as it is currently the most widely accepted platform that offers all the benefits of a blockchain and multiple source language implementations that encourage integration. Ethereum will handle only the parts needing consensus, transparency and accountability. Other services will continue to be provided using existing technology. HelloGold is using blockchain technology with a number of reconfigurable contracts that can be combined to perform the necessary functions in such a way as to allow new capabilities to be added while retaining the integrity of the entire system.
The Ethereum blockchain will be run on a private network to avoid paying infrastructure fees per transaction, reduce transaction latency and avoid the risk of independent developers adding their own contracts onto the HelloGold Blockchain.