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.
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.
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.
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.
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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. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Bullion Vault via Flickr
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.
NFTs are already being actively traded in markets globally. For…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
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…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
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…