Since GOLD crypto assets are backed by physical gold, its accurate valuation and safe storage are necessary. In the Goldmint platform, a robotic storage unit Custody Bot is used to automatically store, assess, and deliver physical gold in its various forms, including jewelry, granules, and coins. In this short article, we shall explain what Custody Bot is, how it works, its configurations, and key features.

What Custody Bot is

Custody Bot is a robotic storage unit, which looks like a coffee vending machine with deposit boxes inside. It is primarily used to verify gold assets in banks, financial institutions, and individual homes. At Goldmint, it is used to store, assess, evaluate, and delivery the physical gold.

Its role in ensuring the authenticity and value of the physical gold is very important to give a peace of mind to GOLD crypto assets’ owners. Only with verified gold the clients can use their GOLD assets for trading, investment, or as credit collateral.

Configurations and Key Features

Custody Bot is a large cabinet made of a fireproof material with the following dimensions: 1.5 meters height, 0.65 meters depth, and 0.8 meters width. On the front part is an output tray, which is similar to the tray for inserting CDs in the CD-ROM player. The size of the tray is 15 centimeters x 20 centimeters. Next to the tray is a small touch screen and a numeric keypad, which is used to type in codes.

It comes with automatic gold retrieving mechanism. It also has a spectrometer and scales to analyze and weigh physical gold. Just like bank safety boxes, up to 40 individual boxes stacked together. Linux is the computer operating system used to automate the Custody Bot. Moreover, the platform is linked to public blockchain.

How It Works

Manual inspection by a gold specialist is usually conducted before evaluation by the Custody Bot. Next, the physical gold is placed on the tray of the Bot, where the analysis is performed. After the evaluation is completed, the product is placed in one of the deposit boxes and the information is transmitted along with a smart contract containing its identification and analysis results.

During the evaluation process, the physical gold is measured with the hydrostatic scales. Next, the X-Ray fluorescence spectrometer is used to induce the atoms of the item being analyzed. The second fluorescence radiation is dispensed with an analyzer crystal, which will be detected by a detector.

Both the analyzer crystal and the detector are moved by goniometer, which is computer-controlled. The goniometer is an instrument that measures angles between the faces of crystals. Each position of the goniometer corresponds to a certain length of secondary radiation waves, thus when an angle is shifted, it receives different spectral lines that are reflected by the crystal.

The spectral lines resulted indicate the quantitative content of a substance, which is, in this case, is the physical gold. In the confirmation stage, the concentration is calculated by comparison with standard samples. The standard samples do not need to be present physically.

Custody Bot is therefore a unique brand new technology which helps to automate many processes within Goldmint platform and simplifies operations with GOLD on the whole.

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