Connect with us

Blogs

DigixDAO Poised to be the Future of Gold

Published

on

DigixDAO
READ LATER - DOWNLOAD THIS POST AS PDF

In the past few months, the world is experiencing a crypto-storm, the likes of which has not been seen before. Cryptocurrencies are springing up frequently, with new projects promising several types of utilities to various industries. Digix is one such token which is proud to be the “first” Decentralised Autonomous Organization or DAO and is based on Ethereum. At the time of writing (12/03/2018), Digix has a total market cap of $728,968,000 USD with a total circulating supply of 2,000,000 Tokens. This is reflective of the fact that it is currently ranked at 26th in the world.

Digix and its Connection to Gold

Since Gold is one of the first raw materials that people perceived to be valuable throughout the ages, it has gained an equal status of value when compared to other national currencies. The current Gold market worldwide is currently valued at an excess of 8 trillion.

There are certainly many similarities between Gold and cryptocurrencies in general. One of the major similarities is the presence of a total supply in both cases. Contrary to fiat money, which can be reprinted by national governments based on circumstances, the total supply of Gold in the world is fixed.

There are, however, major problems with acquiring and investing in Gold. Gold dealers can sometimes scam people with fraudulent Gold-Lookalikes. It is also a fairly bulky material, making it difficult to keep at home. DigixDao wants to bridge this gap, by allowing normal investors and the general populous to readily invest in the Gold market.

The Two Major Tokens: DGX and DGD

DigixDao has introduced both the DGX and DGD tokens exactly for this purpose. Both tokens function very differently from one another, with DGX for investing in gold, while DGD for investing in the DigixDao platform itself as well as trading with Gold.

DGX Token

The DGX token is the prime focus of the DigixDao platform. Each token is fixed at 1 gram of 99% LBMC-approved Gold.  This Gold is then safely kept in a safe in Singapore, which can store up to 30,000 kilograms of gold.  The DGX Token allows any investor to get hold of Gold, using the famed blockchain technology.  Thus, it fulfills two purposes, namely

  • Being a Stable Investment compared to other cryptocurrencies
  • Allows Access to Gold for small-scale investors.

DGD Token

The DGD token is used for a dramatically different purpose. A DGD token holder gets a share of the profits that the DigixDao platform makes, which in turn comes from the platform’s transactional fees.  There are currently 2 million of these DGD tokens in circulation, with holders being rewarded every quarter with DGX tokens.

Final Thoughts

DigixDao has a big advantage in being the primary player on the market, a so-called “first mover advantage”. The crypto market is crying for a stable token that can actually show that it is supported by an underlying value or asset. Hence the future prospects of DigixDao are looking bright.

We will be updating our subscribers as soon as we know more. For the latest on DigixDao, 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 Bullion Vault via Flickr

Altcoins

HODLing Stellar Is A Good Plan For 2019

Published

on

HODLing
READ LATER - DOWNLOAD THIS POST AS PDF

HODLing, or holding on to a certain asset or assets has always been an extremely useful investment strategy, even before cryptocurrencies were even imagined. Now, with the market being more uncertain than ever, many are wondering what is the right thing to do with the coins in their possession.

Of course, things change depending on the coin in question, but today, we are going to talk about why it is a good idea to hold on to your Stellar (XLM) in 2019.

Why You Should Hodl Stellar (XLM)

The crypto market is rich with hundreds, and even thousands of different projects at this point, and separating valuable ones from those that are destined to slowly fade away can be tricky. However, even the biggest skeptics believe that Stellar is a coin that is here to stay.

XLM was first launched in 2014, and for a long time now, it has been among the top 10 cryptos by market cap. It is an open-source, decentralized protocol that allows users to send fiat currencies by using cryptocurrency as a method of transport. In a lot of ways, it is very similar to XRP. However, the biggest difference is that Stellar aims to offer its services to regular people, while XRP is more interested in working with banks and financial institutions.

Nevertheless, sending money, especially when it comes to cross-border…

Continue Reading

Altcoins

Reasons To Invest In Electroneum In 2019

Published

on

Electroneum
READ LATER - DOWNLOAD THIS POST AS PDF

2018 has been quite a rollercoaster for the crypto space. Coins went up and down more times than anyone could have guessed, not to mention two massive market crashes. However, in a few short weeks, the year will be over, and a new, positive period for the crypto world is expected to arrive.

While there are many predictions for 2019, today we are only interested in one thing — Electroneum (ETN). A lot of people quickly took notice of this coin, and many believe that it is among the coins of the future. Indeed, it has received a lot of attention, and many are interested in why that is, and why investing in it is a good idea. So, let’s take a look at a few reasons why you should invest in ETN in 2019.

1) It is fast

Speed and precision of any service have always been very important to people. This importance is even greater when making a profit depends on it. Electroneum developers were aware of this when they created it, and the coin is up to 5 times faster than Bitcoin. This means that ETN transactions can be confirmed much faster, which in turn reduces fees and waiting time.

Furthermore, there are also plans to create Electroneum Virtual Currency Exchange, which will allow the project to act as an exchange. However, the even…

Continue Reading

Bitcoin

SEC Postpones Bitcoin ETF Decision Once Again

Published

on

Bitcoin ETF
READ LATER - DOWNLOAD THIS POST AS PDF

The new announcement by the US SEC (Securities and Exchange Commission) states that the decision regarding the potential approval of several applications for a Bitcoin ETF (exchange-traded funds) is once again postponed. This time, the SEC declared that the decision will be made by February 27th, 2019.

The application requesting that VanExk SolidX BTC fund get s listed on Cboe BZx Exchange that was published on July 2nd needs to be given order by the commission within 180 days. Originally, the deadline for doing so was December 29th. However, the SEC decided to extend the period for another 60 days, effectively moving it to February 27th.

The SEC stated that designating a longer period for making a decision was found appropriate, as more time is needed in order to properly consider the rule change.

Cryptocurrencies need a sufficient monitoring mechanism, claims SEC chairman

Recent reports claim that the SEC received over 1,600 comments after requesting the public opinion regarding the ETF applications issue. In the past, the SEC rejected many such applications, some of which were even submitted by SolidX itself. In addition, they also rejected the applications submitted by Gemini, the exchange owned by Winklevoss twins. Brothers were attempting to gain ETF approval ever since 2013, although to no avail.

Other applications were also submitted by Direxion, ProShares, as well as GraniteShares. The SEC rejected them…

Continue Reading

Elite