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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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Altcoins

Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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Aluna.Social
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When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve,…

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CoinFlip Scores Big with BRD Wallet Partnership

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CoinFlip
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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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