Silent Silver (or SSV) is a digital voucher currency backed by vaulted silver. It is purchased with bitcoin (BTC), implying that the backing at any given moment is not 100% silver. Silver is the main asset, but the total reserves will equal the sum of the weight of silver stored, plus the amount of BTC received from recent user purchases, and any transitional fiat currency (such as CAD) being used to convert value from BTC to cash to silver (or in reverse). With this caveat, it is not a fractional reserve system.
Using SSV
Silent Silver is a digital currency within the Voucher-Safe network. This means you can hold it in your wallet, and spend it to other users' wallets. See this page for more information about making payments. If you were familiar with e-gold, 1mdc, e-bullion, or GoldMoney, or are familiar with Pecunix or Sovereign Exchange, then you should have some idea as to how digital metal works. It also resembles "colored coins" from the Bitcoin world. However one very important difference with SSV is that there are no accounts, only anonymous wallets. There is therefore no KYC requirement (because none is possible). To keep things simple, we sell SSV only for bitcoin. You can also acquire it (or divest it) in exchange for other voucher assets, on the exchange trading platform built right into your wallet.
Trading SSV
Purchases of SSV with BTC are performed via the "Exchanges" tab in the SilentVault wallet, by buying SSV vouchers. These sales are carried out by the exchange itself — meaning SilentVault is an agent for the Issuer of SSV. SSV vouchers can also be traded to other users, in exchange for vouchers representing other asset types (e.g. USD or EUR, litecoin or gold, etc.) Users can specify the asset types they will accept, and offer discounts or demand premiums. The SVX (SilentVault Exchange) acts as a third-party escrow agent, allowing all trades to be fully anonymous and secure. You cannot know with whom you are trading, and no KYC of any kind is performable by SilentVault. You are your wallet keys, period.
Fee Schedule
The fees currently charged by SilentVault for transactions in SSV are as follows:
- Purchase SSV with BTC: 3.875%, minimum quantity 0.5 XAG (troy ounces of silver)
- Make SSV voucher spend: 0.015 XAG
- Receive SSV voucher spend: 0.006 XAG (first one is 0.002)
- Escrow exchange: 1% of amount, minimum quantity 0.5 XAG
NB: Pricing for silver is obtained courtesy of the Digital Gold Currency Standards Consortium, as reported via this URL. This price feed is sampled every 2-3 minutes.