Connect with us

Blogs

DigixDao (DGD): Bringing Gold to the Blockchain

Published

on

DigixDao
READ LATER - DOWNLOAD THIS POST AS PDF

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.

For the latest cryptocurrency news, join our Telegram!

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.

Image courtesy of Pexels

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

Published

on

Bitcoin crash
READ LATER - DOWNLOAD THIS POST AS PDF

The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

Continue Reading

Altcoins

Top 3 Coins to Buy Before They Go Big

Published

on

coins
READ LATER - DOWNLOAD THIS POST AS PDF

Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

Continue Reading

Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

Published

on

crypto credit cards
READ LATER - DOWNLOAD THIS POST AS PDF

It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

Continue Reading

Elite