• AUREALS™
Security

ICON utilises Hedera Hashgraph to achieve the gold standard for security in the field of distributed consensus: Asynchronous Byzantine Fault Tolerance (ABFT). Other platforms that use coordinators, leaders, or communication timeouts tend to be vulnerable to  Distributed Denial of Service (DDoS) attacks against those vulnerable areas. Hashgraph is resilient to these types of attacks against the consensus algorithm, and achieves the theoretical limits of security defined by ABFT. Achieving this level of security at a scale of hundreds of thousands of transactions per second is a fundamental advance in the field of distributed systems and it is the gold standard for security in this category.

Many applications require that the consensus order of transactions match the actual order in which the transactions are received by the network. It should not be possible for a single party to prevent the flow of transactions into the network, nor influence the order of transactions in the eventual community consensus. A fair consensus algorithm ensures that if a user can submit a transaction to the network at all, then the transaction will be received by the network and the order in which it was received will be a fair ordering. Hashgraph uniquely ensures that the actual order transactions are received by the community will be reflected in the consensus order. In other words, hashgraph ensures both Fair Access and Fair Ordering.

Formal proofs of the ABFT and fairness properties for the hashgraph consensus algorithm exist and have been available for public review since June, 2016. Furthermore, the hashgraph algorithm has been validated as ABFT by a math proof checked by computer using the Coq system in October, 2018.

Discretion

Creators and Custodians of Intergenerational wealth readily acknowledge that new statutes and regulations targeting their wealth ensures that Privacy and Compliance are top of mind. There are four states of Privacy including:

  1. Solitude ~ Establishing physical separation from other individuals;
  2. Intimacy ~ Inviting select individuals into trusted relationships;
  3. Anonymity ~ A desire to restrict information available in the public domain;
  4. Reserve ~ Protecting and Controlling access to your data and assets.

In 2010, as part of FATCA, US Congress enacted new disclosure requirements for specified foreign financial assets (“SFFAs”). The types of reportable assets include: direct holdings of stock in foreign entities, interests in foreign funds, depository accounts, custodial accounts, or interests in financial institutions.

In 2018, the CRS was adopted across the G20 requiring the name and identifying number of the reporting foreign financial institution (FFI) as well as the name and the account number, year end balance, address, tax identification number, date and place of birth of each reportable person.

Interestingly, Gold held in a custodial account maintained by an FFI (bank) would be considered reportable, however, Gold held in an independent vault or safety deposit box is exempt from declaration provided (i) the vault is not in an FFI (bank) or (ii) the storage arrangement is not a financial account.

ICON CAPITAL RESERVE SA is not an FFI.

Trust

Fibonacci’s Golden Mean is a mathematical formula that permeates the fractal design of our world from subatomic DNA structures the patterns of the stars in the universe. The Golden Mean is embedded in the architecture of our most iconic buildings from the Great Pyramids to Sydney’s Opera House. Since the dawn of humanity, Trusted Sacred Symbols found in places of worship have been generating carrier waves that are literally broadcasting information.

Trust can be traced to the neurobiological activity of our human brain. Our increasingly complex world slows decision making, so we use heuristic defaults like intuition and common sense to help the process. Gold has become the heuristic default for 6000 years because across geography, language, culture and economics, it is the numeraire that the entire world agrees on. Gold is Value.

The stock of Gold refers to the available c200,000MT mined throughout history and the flow refers to the c2,700MT mined annually. Mathematically, Gold has a stock and flow ratio of 1.35%. The stock of our Planet refers to the c7.45b inhabitants and the flow is a net 80m people added per year. Mathematically, Humanity has a stock and flow ratio of 1.20%. As people move up through Maslow’s Hierarchy of Needs, they create surpluses that are stored in a trusted reserve asset like Gold. Hall’s Law suggests that the stock and flow ratios of Gold and Humanity have been correlated for centuries and the ratios are immune to manipulation.

BRICS USD$100bn New Development Bank Launches in Shanghai 2013

by | Jul 1, 2013 | Uncategorized | 0 comments

Published: Hong Kong Business Magazine, July 01, 2013

Hong Kong’s Future Amidst the Changing Monetary ystem

By J. Bradley Hall

In Q1, 2013, COMEX gold vaults in the US were drained of 2,000,000 ounces of gold, the largest withdrawal of physical gold bullion in the last 12 years.

In April, 2013 The largest Dutch bank ABN, defaulted on physical gold deliveries to their customers. Clients with allocated gold accounts were informed that all of the physical allocated gold would instead be cash settled.

In May, 2013 the HKMEx, launched just 2 years ago with expectations to establish Hong Kong as a global center for gold futures trading, announced that it had ceased trading services.

Also in May, the 2013 G20 head Russian Finance Ministry, Turkey’s Central Bank and the Reinventing Bretton Woods Committee hosted the Global Finance in Transition conference, where they discussed the execution rules for a peer-to-peer gold-based trade settlement system currently being beta tested.

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Last year, in a short 5 month span, Russia and China quietly pulled some 6000 (MT) metric tonnes of physical gold bullion from London banks. So what is going on and what does it mean for Hong Kong?

In 1944, the Bretton Woods system fixed exchange rates of other currencies to the U.S. dollar, which was redeemable for gold by the US at USD$35 per ounce. Nearly 30 years later, on August 15, 1971, President Nixon defaulted on the gold-backing and the $USD morphed into the Petro Dollar, with the US military ensuring the flow of Saudi oil in exchange for transacting in $USD’s.

Monetary scholar Edwin Vieira has observed that every 30 to 40 years the reigning monetary system fails and has to be retooled. He also noted that the average life expectancy for a fiat currency is 27 years, so it should not come as a shock that after some 42 years, the Petro dollar is coming to the end of its de-facto global reserve status.

China’s expanding universe of currency swap agreements are further evidence of growing non $USD settled transactions and recently, the launch of a Chinese Yuan Swap Facility was announced in City of London. In addition, Rosneft the world’s largest energy producer and CNPC the world’s largest energy consumer, just signed the biggest oil deal in history. The 25 year agreement is valued at USD$270 billion but it will not be transacted in US Dollars.

Brasil, Russia, India and China have created a new trade alliance and a new BRICS Development Bank (BDB) has received a US$100 billion commitment for initially funding infrastructure projects. The BDB has a goal of creating a gold standard central bank with a platform for trading, clearing and settling trades fully backed by physical gold.

Informed observers in China have discreetly acknowledged an existing blueprint for a global currency re-set called the White Dragon Plan. Sovereigns are hoarding above ground gold on their balance sheets and many emerging nations are scrambling to have below ground gold assets included on theirs.

Fiat (paper) gold exchanges are imploding while REAL gold exchanges are setting new records. Russia and China both purchase 100% of their domestic gold mining output and their gold reserves are believed to be multiples higher than the official data. In 2012, China reportedly imported 557MT of physical gold through Hong Kong and in the month of March, 2013 alone the number was 223.5MT.

For over 6000 years, Gold has been the most trusted store of value and the only form of money that has not expired. REAL wealth is migrating east and as physical gold reasserts its importance once again, China and Hong Kong indeed appear to have a golden future.

J. Bradley Hall is the CEO of REALGOLDX™ Global Corp (RGX), a Company clinically focused on Real gold. RGX is preparing to launch a crypto-currency called Gold AURA™ that is backed by physical gold bullion. brad@realgoldx.com www.realgoldx.com

https://hongkongbusiness.hk/financial-services/commentary/hong-kongs-future-amidst-changing-monetary-system

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