DigixDAO (DGD) Is Becoming a Popular Altcoin in Market Unrest
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DigixDAO (DGD) Is Becoming a Popular Altcoin in Market Unrest

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DigixDAO

Right from the beginning of this year, the whole cryptocurrency market has been going through significant turmoil due to Bitcoin’s frequent price fluctuation. Bitcoin, being the most popular cryptocurrency with the highest market capitalization, affects a considerable number of Altcoins including its forks like Bitcoin Cash, Bitcoin Gold, etc. and eventually the entire cryptocurrency market suffers plummeting downfalls.

Under the circumstances, investors around the world are inclining towards the currencies that remain relatively unaffected by such fluctuations. DigixDAO (DGD), a cryptocurrency that was introduced exactly two years ago, certainly belongs to this group of digital coins. Here, a few aspects of DigixDAO accentuating the probable reasons behind its popularity would be discussed.

A Brief Overview of DigixDAO:

DigixDAO was introduced to the trades as an initial coin offering back in 2014. Its first major crowd-sale occurred on 30th March 2016 where this coin managed to raise 5.5 million dollars within 12 hours by selling 1.7 million tokens. On completion of this crowdsale, DigixDAO was readily tokenized and listed on Coinmarketcap as a legitimate and tradable cryptocurrency. This cryptocurrency blockchain offers two different tokens to the traders namely DGX and DGD.

Unlike other digital currencies, DigixDAO uses a Proof of Asset technology. The uniqueness of this technology is that the process involves the recording of a certain asset on the Ethereum blockchain and creating asset cards. These asset cards stored in the Ethereum blockchain contain various data including the timestamp of card creation, gold bar serial number, depository and purchase receipt, audit documentation, due fees, and many more.

DigixDAO is the first cryptocurrency backed by actual gold bars. As gold is one of the most valuable assets in the world economy, the sole purpose of this cryptocurrency is to offer a decentralized system where virtual tokens can be created and traded by smart contracts for certain units of Gold.

Recent Developments Regarding DigixDAO:

This cryptocurrency has gone through a few major developments in the past few days that can effectively change this coin’s future.

a. The release of DigixGold Tokens: One of the main reasons behind this currency’s immense popularity is the release of DigixGold (DGX) tokens. In the month of February, the development team behind DigixDAO (DGD) first announced the launching of DGX tokens which would be tantamount to 1 gram of gold. On 8th April 2018, DGD finally released the first batch of DGX tokens that the traders across the globe have been yearning for a long time. Right after the release, this cryptocurrency experienced a sudden boost in its price. Despite the variety of assets that are currently traded by investors across the globe, gold is still considered one of the most valuable assets. Hence, when a certain token becomes equivalent to 1 gram of gold and available for trading, its coin price and overall market capitalization are very likely to increase. Also, gold being a very stable asset in the world economy, the value of DGX tokens would also be very stable, unlike most other cryptocurrencies.

b. Partnership with Request Network: Request Network is a very popular Altcoin that traders have been using since October 2017. Right from the beginning, this cryptocurrency has been exhibiting a steady upward trend. On 10th April 2018, Request Network engaged in a collaborative partnership with DigixDAO. Due to this partnership, both of these currencies are likely to be benefitted significantly. Request Network offers a decentralized platform where the users can send and receive invoices from different parts of the world. From now on, DGX traders would be able to send and receive invoices using DigixGold tokens. This will invariably increase the overall circulation of DGX tokens and escalate its popularity among investors.

Other DGX Projects:

According to the roadmap of this coin, the two updates mentioned above are just the tip of the iceberg. DigixGold has been implementing implement several other innovative features for the convenience of their users for quite some time. Some of these features are:

  1. Wealth Inheritance: There is a death switch available on the Digix platform for passing the wealth automatically to a previously chosen Ethereum asset. If a certain Digix account is not accessed for a certain period time, the death switch would be activated automatically.
  2. Escrow Service: The DGX development team offers an affordable yet efficient escrow service to the users of this coin.
  3. Usage of Real Gold: The DGX developers offer a system where real gold would be used as in-game currency in lieu of Warcraft gold.
  4. Partnerships: In the coming months, DGX is likely to engage in partnerships with several other currencies as well which would help in implementing additional features to this coin’s existing properties.

Current State of DigixDAO:

As mentioned earlier, the release of DigixGold has caused a considerable price surge for this currency. At the moment, DGD has a market capitalization of nearly $417 Million with a coin price equivalent to approximately $208 (as per the data gathered on 12th April 2018). The coin currently holds the 33rd position on Coinmarketcap.

Final Thoughts:

As the persistent downfall of Bitcoin continues, many traders are losing interest in this cryptocurrency and inclining towards other coins. Under the circumstances, DigixDAO can be a perfect alternative to the investors. For people who despise the volatile nature of cryptocurrencies in general, DigixDAO would certainly put them in a comfort zone as its price depends on gold, one of the most stable and valuable assets in the world. If DGD continues to impress crypto-connoisseurs with its new features and development, a decent position in the cryptocurrency chart is likely to wait for this currency by the end of this year.

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

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 Tim Haynes via Flickr

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AAX Crypto Exchange Announces Massive Growth Numbers in August

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AAX Exchange

As the crypto market continues to surge, new traders continue to enter the market on a daily basis.  One of the first questions that new traders have is where should they trade crypto.  While there are countless options for buying and selling digital assets, traders need to exercise extreme caution and perform due diligence to avoid scam exchanges as well as places that have limited or no volume.  While the main platforms such as Coinbase, Binance, and Bittrex will always have significant volume, their fees are known to be on the expensive side.  AAX, a next-generation cryptocurrency exchange with the lowest futures fees in the world, represents a compelling alternative that traders should consider.

Growth Announcement

A few of the most important issues to consider when deciding whether to use an exchange are the number of users and the volume.  On August 7, AAX announced that in a little over two weeks, the exchange doubled its user base bringing the grand total of registered users to over 200,000.  At this rate, AAX may surpass the million mark later this year which would be an incredible achievement and is most certainly due to a variety of factors including extremely low fees and revolutionary technology.

Institutional-Grade Exchange

When AAX decided to build its platform, it set out to meet the demands of both institutional and retail investors.  In order to achieve that goal, the exchange operates at the highest possible…

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3 Reasons Why WISE Token Could Be a Massive Winner in 2021

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WISE token

After working in proprietary trading for over a decade, I decided to transition to crypto in early 2017.  Although crypto is significantly different from traditional capital markets, I managed to successfully find a niche for successful and opportunistic trading.  While 2017 was the perfect time to get involved, the past few years have proven to be a bit more challenging as far as generating ROI.

Cryptocurrency traders have spent the past several years searching far and wide for the next big winner.  While the market as a whole hasn’t been very bull friendly, one specific area that appears to be gaining traction is decentralized finance, more commonly known as DeFi.  This area generally refers to the digital assets and financial smart contracts, protocols, and decentralized applications (DApps) built on Ethereum.  The reason why so many crypto entrepreneurs are flocking to this space is that it allows them to create traditional financial vehicles in a decentralized network, outside the meddlesome control of foreign governments.

One extremely popular DeFi project is Chainlink (LINK) which is a decentralized oracle network that provides real-world data to smart contracts on the blockchain.  Chainlink has seen its token price increase by more than 300% year-to-date.    Another impressive project in the space is Kyber Network (KNC) which has seen its token soar from $0.20 at the start of the year to more than $1.60 at present.  Kyber Network’s on-chain liquidity protocol allows decentralized tokens swaps to be…

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The Pros And Cons Of Cryptocurrency

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cryptocurrency

Many facets of our lives are now digitized––money is no exception. 

Have you noticed that paper money is on its way to being obsolete because so many people receive direct deposit and love the simplicity of their debit card? 

Not to mention, cash carries germs, as we’ve heard lots about during the pandemic. Many businesses have turned to card only options in light of this. 

But what about cryptocurrency?

You probably heard everyone raving about it a few years ago, but the excitement’s calmed down quite a bit. That doesn’t mean that it’s not a viable option you should keep in mind. 

What’s Cryptocurrency? 

Let’s start with the basic definition of cryptocurrency so we’re all on the same page. Cryptocurrency utilizes cryptographic methods and complex coding systems to encrypt sensitive information during data transfers. This protects your funds and personal information on a whole different level. 

These transactions are virtually impenetrable due to the combination of mathematical and technological protocols created and put in place. This aspect of cryptocurrency is what makes it safer. Also, the details of transactions are kept private. No one can see who sent what, etc., because those rigorous mathematical and technological protocols protect it.

The Pros: 

Different From Traditional Banking Transactions

One thing people hate about traditional banks is the fact that they can…

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