Virtual asset DigixDAO was conceived as a modern and simultaneously stable form of cryptocurrency, based on real gold bars. It is based on cornerfinding in the Ethereum network, which immediately attracted a lot of potential investors. Like all platforms that work on Blockchain technology, DigixDAO has a decentralized structure of its users, taking personal part in determining the fate and development of the ecosystem of the same name Digix Global Ecosystem.
Owners of the virtual currency DGD get payments in the form of coins when voting for one or another variant of the project development. The DigixDAO monetary unit is equated to one gram of gold, and this contributes to the stability of the currency and the preservation of its importance in the future. Despite the fact that digital gold is still called Bitcoin, it is DGX that can realize your desire to invest in gold assets.
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In the DigixDAO network, the algorithm for reconciling Proof of Asset operations, or simply PoA, is applied. The activity of this technology process lies in the formation of a chain of blocks in the Etherium and the execution of records in the form of PoA savings cards. The cards themselves are securely protected by digital signatures and are tracked by a thread: the provider - the custodian - the auditor, and after the check comes into the DigixDAO file system. To date, the main gold depository is located in Singapore, it has 30 tons of valuable metal.
All operations on the platform are carried out using smart- contracts that accumulate in PoA and thereby generate coins. At the same time, for saving DGX, the purse Ethereum is used. Unfortunately, there are a number of commissions and fees necessary to transfer assets to gold. Despite this, DigixDAO significantly simplified the procedure for investing in gold, which makes such an asset very interesting for conservative users.
The DigixDAO monetary unit received the abbreviation Digix Gold (DGX) and serves to provide payments to asset holders. The accrual of the currency occurs after the personal participation of the network user in the confirmation of the proposals for the main tasks of the shell.
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The Digix brand appeared in Singapore in late 2014, and in early 2016 the first large sale of tokens took place. This project was the first large-scale event, launched on the Ethereum platform. Involvement of investments was planned to be carried out within thirty days, but already in the first day it turned out to concentrate more than 5 million dollars. The set limit of 15 thousand dollars provided an opportunity to participate in the further development of DigixDAO. But not everything worked out smoothly and in mid-2017 about four thousand coins were stolen because of the weak security level of the smart- contract. Platform owners still managed to compensate for the damage from theft and restore investor confidence.
The next stage in the development of DigixDAO could be a new credit model based on the stable DGX token. In the cryptocurrency market, DigixDAO has so far only one competitor in the face of the Tether network, although GoldMoney is the leader in the digital gold market, which does not use Blockchain technology. At the time of ICO's launch, the price for one DGD coin was about three dollars, and already in 2018 it reached $ 400. Like any other cryptocurrency, DGD is represented on major Internet sites. To save DGD, you can apply not only the Ethereum purse, but also such well-known programs for smartphones as imToken and MyEtherWallet.
The Digix community is working on a reliable and practical gold standard in the global economy, but it's too early to talk about replacing classical gold with digital.
Editor: Yuliya Soroka