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DigixDao (DGD): Bringing Gold to the Blockchain - Global Coin Report
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DigixDao (DGD): Bringing Gold to the Blockchain

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DigixDao
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The Cryptocurrency market is volatile and ever-changing, with newer cryptocurrencies being introduced almost every other day. While not all of these new projects become successful in the long term, the past two years have seen many successful projects starting to gain traction in various trading communities around the world. Hence, a world of trading opportunities exists beyond the dominance of the big three, namely Bitcoin, Ripple, and Ethereum. This brings us to DigixDAO, a Cryptocurrency with a revolutionary new idea of bridging the gap between Gold acquisition and cryptocurrencies.

DigixDao: Background Information

The term DigixDAo is short for Digix Decentralized Autonomous Organization. DigixDao (DGD) was conceptualized in early 2014, by the Digix Global Company. The team, headed by Teo Hye, Chng aimed to create a new Cryptocurrency which is backed by actual bars of Gold. The system is based on the Ethereum blockchain, with a decentralized group of participants making the decisions about how to take the Digix global system forward. Digix’s crowdsale was one of the first to be conducted on the Ethereum network. While the original period was slated to be 30 days, the Digix team raised the 5.5 Million dollar hard-cap within 12 hours of the announcement, with 1.7 million tokens being sold.

Holders of the Digix tokens have the opportunity to vote on how the DigixDAO funds are allocated. They can also active managerial decisions to any proposals submitted to the network making it a rather unique system.

Salient Features

The Digix Ecosystem focuses more on empowering the community, as mentioned earlier.  There are certain salient features which make it stand out from the other blockchain based projects with similar use-cases.

  1. Proof-of-Asset Concept: Contrary to other protocols, including Proof-of-Work, or Proof-of-Stake, Digix’s unique Proof-of-Asset allow individual DGX tokens to be backed by 1qram of gold. This protocol involves recording the possession of an asset on the Ethereum blockchain by creating Proof-of-Asset Cards. All relevant information including Custodian name, Auditor, Vendor etc. are recorded and further validated with the proof-of-purchase receipts. The physical Gold is stored at a high-security vault Called “The Safe House” in Singapore.
  2. Supply and Sustainability: According to the team, Digix’s total coin supply for DGD tokens is 2 million while the DGX token supply will depend on the demand and other factors.  Thus, the total valuation of the Gold is approximately 2 billion at the moment.
  3. Adaptation to the Market:  When it comes to competition, Digix has two main entities on the same market, with one being Gold Money. Gold-Money is undoubtedly the market leader at the moment, already holding about $2 Billion in Assets. The other competitor is Tether, which itself is a noted stable coin.

DigixDao in the News

DigixDAO’s DGD tokens had quite a successful run in the first quarter of 2018, so much so that traders considered it a good haven. However, Bitcoin’s price decline resulted in the coin’s appreciation, with Digix tokens rising by almost $500. In spite of price slumps in recent weeks, the coin is starting to stabilize from the effects of being overbought in the market.

Final Thoughts:

In a world, where the link between fiat currencies and gold is largely non-existent, the Digix team aims to bring back the so-called “Gold” standard. The success of DigixDao would result in the creation of a “Gold Dollar Cryptocurrency” providing not only stability but also opens the avenue for future tokenization of metals. Thus, by tapping into the secure environment of the blockchain, Digix hopes to create an entire ecosystem of applications. Thus, the future looks bright for Digix, which is already listed and trading on major exchanges around the world, such as Huobi, Bittrex, Binance, OKEx, Liqui, Gate.io, IDEX, etc.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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The Crypto Space Once Again Divided Over Bitcoin SV

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Bitcoin SV
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The crypto community is a strong one, one that managed to bring digital currencies from nothing to an industry worth hundreds of billions of dollars. However, while its strength in this regard is undeniable, the crypto community can be just as fragile given the appropriate conditions. With that in mind, the conditions seem to have been set for a new divide, although the cause is once again the same — Dr. Craig Wright and his Bitcoin SV (BSV).

Craig Wright vs. the (crypto) world

Dr. Craig Wright, the chief scientist at nChain, and the creator of Bitcoin SV. has been a well-known and very controversial figure in the crypto industry. Wright was suspected of being Bitcoin’s creator several years ago, which is possible because no one knows who is behind the name ‘Satoshi Nakamoto.’

Wright was believed to be him, and one theory claimed that he and his friend were responsible for giving life to BTC. However, the theory quickly died out, but not before Wright seemingly liked the idea of assuming the mantle of Nakamoto. He himself started claiming to be Bitcoin’s mysterious creator ever since.

Of course, he managed to gather up some followers, but the majority of the crypto community — while confused — did not believe him. Luckily, there is no need for trust, and Wright should easily be able to prove that he…

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Are XRP and Ripple Going to Be Worth Anything by the End of 2019?

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One surprise recently was when XRP took over Ethereum’s long-held second place in the Market Cap leaderboards. It quickly went back to its traditional and respectable third place behind Ethereum, but it could be a sign of things to come.

XRP has a lot of clout in the market because of the platform it is based on, which is Ripple. A coin that is used for a very specific purpose and with a long term goal in mind is always going to fare better than others. Litecoin, Bitcoin Cash and others have come about because of disagreements in Bitcoin. Therefore they offer nothing except an alternative to Bitcoin as a pure cryptocurrency, while Ripple (and XRP along with it) has something tangible behind it.

Big Banks Back Ripple

Ripple was created in 2012 for a specific reason. It aimed to become a faster and more efficient method to transfer value between banks and countries. This value can be almost anything from currencies to other instruments. While initially, banks were cautious about investing in the company, recently they have been lining up. The crypto winter has helped with innovation int he industry and Ripple has benefitted immensely for it.

The various payment solutions based on Ripple such as xRapid and xCurrent are seeing a large uptake, and this is having an amazing effect on XRP as a whole.…

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Bitcoin, Litecoin, Ethereum, and Ripple On the Rise

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The recent development in the cryptocurrency industry is a rise in price for many of the core digital coins. We believe that the unexpected price hike is due to the renewed interest of the key players in the industry. Many investors, speculators, and traders are rushing into the number one cryptocurrency; Bitcoin like never before. Other altcoins such as Ethereum, Ripple, and Litecoin are not dormant either. The effect of the influx is the soaring prices of the digital coins within seven days.

The price of the crypto leading giant-Bitcoin has increased at 25.74 percent in one week. Ethereum also gained 18.76 percent increase in its price. Litecoin and Ripple also recorded some percentage increase in the tune of 53.20 percent and 16.12 percent respectively. It is no just these few popular coins that have gained in one week. From what we have gathered, 94 digital coins amongst the leading 100 cryptocurrencies are also experiencing the rise in price. This information is according to what TradingView published in April 2019.

According to them also, other cryptocurrencies gained in value while others declined. From their calculations, six digital currencies advanced while ninety-four was on the decline. Also, another information shows that the increase in Bitcoin price has reduced the value of other assets such as bonds and stocks.

The possible reason for the rally

Many people are wondering…

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