Q. How would you describe Tally?
A. Tally is an independent monetary system that uses physical gold as digital money. Every 1 tally in your account represents 1mg of real, physical gold that’s securely vaulted on your behalf.
And because you use it just like a regular bank account, tally is the first real alternative currency to pounds (£).
Q. What inspired Tally?
A. I was a bank customer, and after witnessing the billions of taxpayer pounds used to bail out banks during the GFC, and the subsequent “bail-in” legislation that gives your bank
the right to confiscate your savings if it gets in financial trouble, I realised that we could no longer trust banks to protect our financial wellbeing. So I set about developing an independent monetary system that benefited and protected the customer, not the bank.
Q. How does Tally protect people's savings?
A.
Firstly, banks use your savings as security to write new loans. And they pay you a tiny bit of interest for the privilege. But with loans comes risk, and if too many loans are defaulted on, your bank wouldn’t be able to repay you your money. With tally, your money represents your ownership of vaulted physical gold, which is never invested, loaned or leveraged. Your money stays put and in your control at all times.
Secondly, when the bank uses your savings to write new loans, they're increasing the money supply. More money means higher inflation, which devalues savings. You won’t see your savings balance going down, you’ll just be able to buy less in future as prices go up. Unlike pounds, tally (i.e. gold) is historically proven to increase in value in the long term, which helps protect your savings from inflation. In the past 12 months alone, tally has increased in value by over 14% against
pounds.
