Phoenix Gold Network
  • Introduction
  • PGN Foundations
    • Decentralized Gold Custody
    • Smart Contract Infrastructure
    • Phoenix Gold Coin
  • Decentralized Custody
    • Layer 1
    • Layer 2
    • Layer 3
    • Security Measures
  • Phoenix Cyphers
    • Cyphers as NFTs
    • Multifaceted Utility of Cyphers
    • Staking and Rewards
    • Redemption for Physical Gold
    • Spending and Burning
    • Secondary Market
    • Cypher Security and Wallet Integration
  • Nodes and Custodians
    • Custodians
    • Nodes
    • Incentives and Governance
    • Become a Custodian
  • Cypher to Gold Process
    • Redemption Workflow
    • Discovering Gold Shops
    • Redemption Via Smart Contract
    • Receipts and Blockchain Records
  • PGN Liquidity Services
    • Instant Cypher Sale
    • Liquidity Pool Management
  • Facilitating Gold Commerce
    • Pay with Gold
    • Accept Payment in Gold
  • Phoenix Gold Coin (PGC)
    • Governance and DAO Participation
    • Priority Access
    • Priced in PGC
  • PGC Distribution Model
    • Tokenomics
    • Cypher Melting
    • PGC Virtual Mining
  • Technical Infrastructure
    • Blockchain and Smart Contracts
    • Security and Scalability Features
    • Integration with Polygon
    • The Phoenix Web3 App
    • User Interface and Experience
  • Community Governance
    • The DAO Structure
    • Voting Mechanisms
    • Transparency and Accountability
  • FAQs
    • What is the Phoenix Gold Network (PGN)?
    • How do I buy Cyphers?
    • Can I redeem my Cyphers for physical gold?
    • How does PGN ensure the security of my gold?
  • Getting Started
  • Glossary
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  1. Phoenix Cyphers

Spending and Burning

Cyphers elevate gold from a static store of value to a dynamic medium of exchange. Holders can spend Cyphers for goods and services within the PGN ecosystem, offering a novel way to transact with gold digitally. Additionally, Cyphers can be burned in exchange for PGC, providing an alternative liquidity pathway. This mechanism enables holders to adjust their investment strategy in response to market conditions or personal preferences, enhancing the asset's utility and flexibility.

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Last updated 1 year ago