EGOLD

Founded in 1996 by Dr. Douglas Jackson and Barry Downey, E-gold was one of the earliest and most successful digital currency systems. It operated as a private digital currency where the value of accounts (denominated in e-gold) was tied to the real-time value of physical gold bullion held in storage by its affiliate, Gold & Silver Reserve Inc. The service allowed for immediate and irrevocable value transfers between user accounts, making it a precursor to modern digital payment systems. At its peak, it processed billions of dollars in transactions annually but was ultimately shut down by the U.S. government for operating as an unlicensed money transmitting business and facilitating illegal activities.