Full description of Digix Gold
Digix is a project launched in 2014 by the Singapore team aiming to create the first organization for gold tokenization. The blockchain-based platform DigixDAO provides the infrastructure for digital tokens backed by physical gold. The process takes place on the Ethereum blockchain.
The development of the project is predicated upon the decisions of the
Decentralized (?) group of participants. The team insists that the company is transparent, secure, and traceable, and they stimulate their users to participate actively in the community.
DigixDAO tokens
Digix offers two types of tokens. These are the DGX and DGD, and they play different roles in the Digix Global Ecosystem. DGD is a governance
Token (?) based on Ethereum. It can be viewed as a sort of DigixGlobal shares, and gives access to voting and making decisions on the project development to its holders. The total supply has a maximum limit of 2,000,000 DGD.
DGX is a stablecoin, and its value is tied to one gram of gold which is fully audited and stored in The Safe House, a custodian vault located in Singapore. In other words, Digix provides the investors with the opportunity to own gold without the problems that are typically associated with physical storing such as security, space, liquidity, etc. Unlike DGD, DGX token does not give its owners a right to vote.
Digix utilizes its proprietary Proof of Provenance (PoP) protocol to guarantee the maximum security for the stored gold. In order to make a transaction in DGX, users are required to pay network fees. The custodial fee is 0.60% per year, and the transaction fee is 0.13%.
DGX holders can get their gold back at any time. This change costs 1 DGX token. You may pick up your gold bars personally in The Safe House, or they may be sent to you via mail or similar means of transportation.
The DGX token was launched on April 8, 2018. The total supply of DGX is not limited, because it depends on the number of investors who decide to use DigixDAO for investments in gold.
How to obtain and store DGX tokens
DGX tokens are created only when someone buys gold through the Digix gold marketplace, receiving DGX equivalent to the gold. DGX can also be paid as a reward for the active DGD holders who participate successfully in the platform governance to encourage their further involvement. Also, these tokens can be obtained on some exchanges, such as Bitfinex, Hotbit, and Kyber.Network
DGX is an ERC20 token, that is why any
Wallet (?) which supports Ethereum storage is suitable for storing these coins. It can be popular MyEtherWallet, Metamask or Coinomi or hardware wallets such as Ledger Nano S and Trezor for higher security.
DigixDAO Team
Digix was created by Kai C. Chng, Anthony Eufemio, and Shaun Djie in 2014. Later in 2016, they conducted
ICO (Initial Coin Offering) (?) with 85% of DGD being sold in 12 hours.
Kai C. Chng is the CEO of the project. He is also is the advisor for GBBL, Canya.io, Swypecrypto, Indorse.io, and Ethereum Singapore Co-Organizer. He was as an EMFX trader from 2010 until 2014 before starting his own project. Anthony Eufemio is the CTO, he studied at the University of Southern California. He is known as a sender of the first-ever Ethereum transaction. Shaun Djie is the COO. Apart from Digix, he is the ICO Advisor at Indorse, the founder of Ethereum Singapore Meetup, regional partner at Kenetic and other companies in the area of
Blockchain (?) technology. From January 2018 until April 2018, he was an advisor at PolicyPal Network.
- Exchange symbol (?): DGX
- Cryptocurrency type (?): Token (?)
Digix Gold for developers
Digix Gold social sites
Source: NOMICS
