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Answers for Binance PAX Gold Learn & Earn

Learn and Earn which will be hosted by Binance On July 21, 2022, one of them will be discussing PAX Gold, here I will give some possible answers from the quiz.

Pax gold binance answer

Questions and answer from PAX Gold Binance quiz learn and earn

Q : The value of a PAXG token is equal to:
A: 1 troy oz. of physical gold

Q: How do I know PAXG is fully backed by physical gold?
A: An independent auditing firm performs monthly checks on Paxos' gold reserves.

Q : PAXG storage fees are
A : 0.00%

Q: When you own PAXG, you own physical gold. True or false?
A: True

Q : Paxos holds all customer assets, including PAXG, safely separate from any corporate funds and the company balance sheet. True or False?
A :True

Q: PAXG is regulated and approved by __
A: New York State Department of Financial Services

Q : How can a PAXG holder look up their vaulted physical gold's serial number and physical characteristics?
A : Enter their Ethereum wallet address on the PAXG lookup tool.

Q: Where are PAXG's physical gold reserves stored?
A: London Bank Vaults

Q : Which gold tokens can be redeemed for physical gold?
A : PAX Gold (PAXG)

Q : PAXG is built as an __
A : ERC-20 tokens on the Ethereum blockchain

Theory

What is PAX Gold?

PAX Gold is an ERC-20 stablecoin backed by physical gold reserver, held in custody by the Paxos Trust Company.

PAXG is regulated and approved by the New York State Department of Financial Services.

In addition, all Paxos customers' assets, including PAXG, are protected from bankruptcy and held separately from company assets.

How does PAXG work?

PAX Gold runs on the Ethereum blockchain. As an ERC-20 token, PAXG is compatible with Ethereum-based wallets, can be integrated with DeFi DApps and DEXs on Ethereum, and can be traded on cryptocurrency exchanges like Binance. 

Compared to owning physical gold bars, owning PAXG doesn't require any vault storage or custody fees.

PAXG tokens are allocated serial numbers that match those of individual gold bars. Holders can find their physical gold's serial number, value, and other characteristics by entering their Ethereum wallet address on the PAXG lookup tool.

Which blockchain is PAXG based on?

Ethereum

Difference between PAXG and gold ETFs?

Gold exchange-traded funds (ETFs) track the value of the underlying gold. They only give investors exposure to the price of gold, but not the ownership of it.
Gold ETFs cannot be substituted for full ownership of gold.

PAXG, in contrast, is a digital representation of gold. Each PAXG token represents one fine troy ounce of gold housed in secured London vaults that can be identified by serial numbers.
As PAXG exists on Ethereum as a ERC-20 token, PAXG can be traded with a near-instant settlement.

Those are the possible questions and answers that will be asked on the Binance PAX Gold quiz, I will update this post when I find a definite answer from the quiz.

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Yoshua Marchiano
Joshua Marchiano
4 months ago

Bro, there's no update for WODL Binance, right?

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4 months ago

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