The search for a stable means of saving value in the cryptocurrency world is much more difficult than you can imagine. Volatility lies at the heart of most digital currencies. However, attempts are being made to combine the best ideas of crypto technologies with reliable assets.
In this respect it seems very interesting DigixDAO is a distributed Autonomous organization on the Ethereum blockchain. This project includes a lot of interesting things, take my word for it.
Why Is There DigixDAO?
The idea of a distributed Autonomous organization can not yet boast of a decent track record. This was extremely evident when the DAO was hacked several times in a row, and the Ethereum blockchain had to be rolled back to its previous state to repair the damage.
By default, DigixDAO became the first successful DAO on The Ethereum blockchain. The creators managed to raise $ 5.5 million for the project” decentralization of the future ” and the presentation of a new stable coin. All this seemed an ambitious project at the very beginning, and since then, by the way, many steps forward have been made.
Platform Characteristics DigixDAO
For more correct and convenient operation of DigixDAO platform, the developers have come up with 2 types of tokens: DGX and DGD, more details about which are below.
The DGX token is a token that reflects the possession of gold.
The DGD token is a token that allows its holders to vote for the development of the platform. These tokens could be bought exclusively at ICO and in fact they act as “shares” of Digital Global company, which pays dividends to its holders. The amount of dividends depends on the Commission received by the platform for the year. The amount of the Commission is divided into 2 million, as many tokens were sold during the ICO.
It is worth noting the advantages of this cryptocurrency, or rather DGX tokens. The main advantage of DigixDAO Is the reinforcement of the value of the token with gold. Imagine, since 1971, no currency is backed by gold, and the digital token DGX includes such a possibility. To get confirmation of your gold stock, you can order a warehouse audit from an independent auditing company.
But this model also carries small risks, because you can not be sure that Digix Global will not raise the fee for storage of gold in the warehouse or the government of Singapore will ban the operation of the project on the territory of the state.
How Does DigixDAO Work Exactly?
The first thing on the agenda of DigixDAO was the launch of a new “stablecoin”, that is, a stable cryptocurrency. The unit of exchange, which allows to preserve the value after a long time, first appeared only a few years ago. Digix Gold Tokens (DGX) is a value on the blockchain that will stand the test of time.
These tokens are compatible with Ethereum smart contracts and in the future will play the role of a payment instrument using short-range contactless communication technology. They are touted as the future “gold standard” for the exchange of value in The Ethereum ecosystem.
Each DGX token represents 1 gram of gold (99.99% according to LBMA standard), which is contained in reliable storages. Users can redeem 100 grams of physical gold in exchange for 100 DGX tokens. This can be done both personally and by mail, which is quite interesting.
Another feature is the proof of the audit on the blockchain without a partial reserve. DGX is likely to interest the person who is looking for relatively stable the digital asset.
In addition, there are DigixDAO tokens: they allow Owners to receive quarterly rewards, which depend on the amount of DGX received from transaction fees.
In order to match the true essence of DAO, DGD tokens have been introduced: they are used as a way to support DigixDAO offers. DGDS are not stablecoin because they can be traded on exchanges. Currently there are 2 million DGD tokens.
Thanks to the combination of award concepts, badges and proposals, DigixDAO is able to become a major project much earlier than expected. And yet the project management model is still at the stage of careful planning and development. In the future should see even more important things ― so that you can be sure.
What Awaits DigixDAO In The Future?
As in the case of any other blockchain project, the DigixDAO team still has a lot of work to do. Very soon the public will see the final report on the results of the audit. Once this happens, DGX 2.0 should appear in the next eight weeks. The software package for smart contracts is already being tested in the public test network Kovan, waiting for feedback and comments from the community.
In addition, it is necessary to take into account the conclusion of several new partnerships, which can not but rejoice. It will be quite interesting to follow the development of DigixDAO in the coming months.
Where to buy cryptocurrency DigixDAO?
At this point, cryptocurrency DigixDAO traded on stock exchanges Finance and Huobi. Most of the trading of DGX tokens takes place behind BTC. The average daily volume of trade in DigixDAO tokens is 13 million dollars, with a capitalization of 225 million dollars. The cost of one DGX token has risen sharply in recent days to $112. All these data allow bitcoin DigixDAO, located on 39 line rating coinmarketcap as of November 27, 2017.
We consider this platform as a project that takes a step forward towards digitization and tokenization of physical assets. But the idea itself is not entirely clear to us, so we do not support it. But this is just our opinion, with which you can disagree. That’s all our dear, invest and earn, and we can help you with this.