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:
- 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.
- Escrow Service: The DGX development team offers an affordable yet efficient escrow service to the users of this coin.
- 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.
- 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.
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
Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC
The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.
The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.
Musk’s Tweets also impacted Dogecoin’s price
Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.
He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.
But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
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…
Wisebitcoin Launches Professional-Grade Crypto Exchange
Infrastructure is developing rapidly in the cryptocurrency industry, but the recent launch of the Wisebitcoin cryptocurrency exchange is nonetheless significant in terms of the immediate value it provides to cryptocurrency users. That’s because the exchange has had a beta version available since 2018 while continuing further developments in stealth mode, and already serves over 1.2 million end users with $6+ billion in 24 hour trading volume at the time of its official launch.
In addition to the large user base and deep liquidity, Wisebitcoin also stands out by offering up to 100x leverage to margin traders, with the ability to open a long or short position in their futures market. In the current bullish environment, leverage is a key way that experienced traders increase their exposure and try to profit from volatility.
For example, if a user opened a long position on ETH on January 2nd at a price of $750, they could have greatly multiplied their profits with even a small amount of leverage such as 5x as ETH reached over $1,100 within 48 hours. A simple unleveraged position would have netted $350 in profit, but a 5x position would have netted $1,750 and a 100x leveraged position would have netted an incredible $35,000 in profits from an initial investment of just $750.
Beyond leverage, Wisebitcoin additionally offers a simple and…