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DigixDao (DGD): Bringing Gold to the Blockchain

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DigixDao

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

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful trading…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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