OpenCopper
$OpenCu is a, completely open source and decentralized, copper storage
Proof of Physical Reserves
Just like the blockchain technology that we run on; we aim to be as transparent and open source as possible. The copper which you allow us to hold on your behalf, must be auditable, by you, at all times.
Quarterly attestations from central authorities are helpful; but we can do more, and as coin owner, you should verify assets yourself.
Proof of Digital Reserves
The total supply of coins minted matches 1:1 with the grams of Cu (99.9% purity) in our reserves.
The total supply will never surpass the reserves without cryptographic proof of redemption present.
You should hold us accountable to that
Store your copper
Set an appointment to grade and store your copper in our reserves. Once approved and added to reserves, your copper is digitally sent to you.
We will increase the supply of the copper coins by exactly the number of pure grams stored (minus a fee). These coins will be sent directly to you to be redeemed at a later time.
Redeem what’s yours
Set up an appointment to meet with our supplier.
During the appointment:
Digitally sign a message which proves quantity wanted redemption
Wait for supplier to perform checks
Digitally sign and broadcast message approving redeemer’s transaction
Execute redeem() on our smart contract to burn the approved coins
This burned quantity, in grams, is then handed over to you