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DigixDAO (DGD) On The Comeback Trail

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DigixDao

DigixDAO has been on the market for some time now and during that time this currency has shown some astonishing results with its price rising high pretty quickly and with DGD being spotted among the bestselling currencies on the crypto market. However, tables can often turn pretty quickly, so DGD is sort of going through a rough patch for the past couple of days. This is the case because DigixDAO is losing a lot of its value during the most recent changes in the market. Let’s see what is expected to happen with DGD’s price as well as what DigixDAO has been up to.

A Little Reminder about DigixDAO: the Technology behind Digix

If you want to understand DigixDAO and how this currency works, we need to go deeper into the blockchain layers of Ethereum platform. Digix is a small portion or a sub-network existing on top of Ethereum network and its layers and it hosts two different tokens: DGD and DGX.

DGD is a token hosted on Ethereum within the network called Digix. This token can be purchased on exchanges and it is used on the platform primarily for making fast and cost-effective transactions being processed on the blockchains. However, since Digix is a vast decentralized community that cares about DGD holders, users and investors, there is more to these tokens than just making transactions.

With DigixDAO tokens, you can also get included in important changes going on the platform. Basically, you can use your ownership over DGD for voting on important things like changing the system or implementing new features or even vote in favor or against modifications on Digix platform.

By participating in voting for different projects, you are actually participating in a reward program set by Digix where every token you own is rewarded by another token of value that is well hosted on Digix platform – DGX.

That is where DGX comes into the story. To assure the stability of the platform and consequently acquiring stability over the value on the market, DGX is a token set as a reward on Digix platform. What is amazing about this token is the fact that each DGX actually represents the amount of gold that you legally own through this reward program.

However, as there was confusion about the terms these reward tokens are being handed out, the development team behind DGX and DGD stressed out that DGD is not in any way a passive way of income in form of DGX. So, that basically means that you need to participate in voting for projects if you want to get DGX in exchange; the fact that you solely own DGD tokens doesn’t qualify you for getting DGX.

On top of having its purpose within its role on Digix platform, DigixDAO has another purpose that is also important for Ethereum platform. This is the case because DigixDAO represents first Decentralized Autonomous Organization set on Ethereum, narrowly connected to the usage of smart contracts.

How is DigixDAO doing at the Current Moment?

DigixDAO was doing great for the most of the beginning of 2018. The massive success that this currency made on the market at the end of February and at the beginning of March of 2018 is said to have everything to do with the announced launching of a decentralized exchange that should be hosted on Digix – similar to what Binance is planning on doing in the near future.

On  March 1st, 2018, DGD managed to climb for over 3% against the dollar, which brought this token to a trading price of 551$ per one unit, which is a true success for this token given the fact that only three years ago this currency was worth only 3.25$ per one token.

Unfortunately for holders and investors, up from March 7th, DGD started to suffer from severe drops that lowered its price by -12% against the dollar in the course of only 24 hours.

From that point on, DGD could be bought at 443$ per one unit. The currency continued to drop further; so on March 8th, DGD fell by -14.29%, which was, needless to say, a devastating drop for this currency.

Now, DGD can be bought for 329$ per one unit, which officially launches this currency to the top 25 currencies that suffered from doubled losses over a very short period of time.

It is expected to see DigixDAO rising back up again, if not before, then around the time of the launching on Digix exchange.

We will be updating our subscribers as soon as we know more. For the latest on DGD, sign up below!

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. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Keith Allison via Flickr

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.

NFTs are already being actively traded in markets globally. For…

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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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