GULD tokens are redeemable for namespace on the guld blocktree. One of the redemption clauses is to register official Ethereum address(es) for your user or group. ERC20 GULD tokens will compliment this by allowing GULD to circulate on the Ethereum network.
The lifecycle of an ERC20 GULD token is
creation -> circulate -> burn -> redeem.
The mizim group will do
creation of the first 100,000 tokens within a week of signing the ERC20_GULD_CONTRACT.
After this date, tokens
circulate using generic ERC20 transfer functionality, which is supported by every major Ethereum wallet. This makes GULD easy and more fungible, since no hosted wallet is required, and enterprise users like exchanges do not need to implement any special functions.
Before you can
redeem ERC20 GULD for native GULD, you must
burn the tokens. This permanently removes them from Ethereum circulation, proportionally reducing the ERC20 GULD supply.
redeem step is done by signing a withdrawal from
guld:Assets:EGULD using the Ethereum key of the burn transaction.
All deposits and withdrawals from this contract must occur in blocks of 1,000 GULD.
Governance and key management are currently centralized to the Mizim Foundation. This should be amended within a year of migration to Ethereum mainnet.