E-Gold is an electronic currency, issued by e-gold Ltd., 100% backed at all times by gold bullion in allocated storage.
E-Metals are also issued: e-silver is 100% backed by silver, e-platinum is 100% backed by platinum, and e--palladium is 100% backed by palladium. But the most popular e-metal with huge margin return was e-gold.
E-Gold is integrated into an account based payment system that allows people to use gold as money. More specifically, the this payment system enables people to spend specified weights of gold to other e-gold accounts.
E-Gold is accounted by weight of metal, not US dollar or any other currency unit. Weight units have a precise, invariable, internationally recognised definition. Additionally, precious metals, in particular gold, have a long history of monetary use around the world. Therefore, e-gold is ideally suited for international transactions.
E-gold is quick and borderless
E-gold payments clear instantaneously, regardless how large the payment, no matter how far apart the Spender and Recipient. E-gold may be Spent to any other same type of account anywhere in the world via the e-gold shopping cart interface (SCI) or web enabled mobile phone.