# Decentralized Gold vs Tokenized Gold

Most existing “tokenized gold” or “tokenized silver” products implement centralized issuance and custody models.

They rely on:

* A single issuer
* Pooled custody
* Corporate balance-sheet liabilities
* Discretionary redemption
* Limited transparency<br>

In these models, users do not own gold — they own a promise.

Decentralized gold is different.<br>

Global Gold introduces a new category where:

* Gold is tokenized by the vault that holds it
* Each bar is represented individually on-chain
* Asset-level claim rights reference specific physical assets
* Redemption is deterministic, not discretionary
* No single entity controls issuance or custody<br>

*Tokenized gold* creates exposure.

*Decentralized gold* creates ownership.