What is DigixDAO (DGD)?
Future of DGD Cryptocurrency and know how to buy DGD

#1 - What is DigixDAO (DGD)?

We’ve all heard about how Bitcoin is often called “digital gold”. But the term literally applies in the case of DigixDAO crypto - it actually has gold bars as a trading block. DigixDAO wishes to make it easier for users to own gold assets, whilst bringing some sort of stabiltiy to the cryptocurrency ecosystem by backing units to actual gold.

DigixDAO: The Basics

  1. DigixDAO stands for Digix Decentralized Autonomous Organization, and its participants make choices on how grow the Digix Global Ecosystem
  2. DigixDAO’s token is the DGD cryptocurrency. The DGD enables the holders to vote on proposals relating to the governance on the DigixDao Ecosystem.
  3. The holders can claim rewards on transaction fees in the form of another token - the DGX, on the Ethereum Blockchain. The interesting feature here is that each DGX unit represents a gram of actual gold.

DigixDao Development

  1. DigixDao was founded in 2014, Singapore by Kai C. Chng, Anthony Eufemio, and Shaun Djie.
  2. The DGX tokens each represent exactly 1 gram of gold in the Digix vaults and they are divisible to 0.001 g. They are issued against every Proof of Assets Card sent to the Minter’s Smart Contract.

 

#2 - What are the benefits of DigixDAO?

DigixDao Technology

  1. DigixDAO uses a Proof of Asset (PoA) concept to assist in distribution of DGX tokens. Asset Cards are created and certified by the custody hierarchy digital signatures. The Asset Cards consist of information on:­
    - Timestamp of card creation,­
    - Stock-Keeping unit of the gold bar,
    - Bar Serial number,
    - Purchase Receipt,
    - Audit Documentation,­
    - Depository Receipt, and
    - due­ Storage fees.

  2. The entities are:
    - Vendor (ValueMax Singapore) and
    - The auditor checking the gold benefits at regular intervals.
    For security purposes, Digix uses third-party auditing from Bureau Veritas.

  3. The custodian vault in Singapore called “The Safe House” stores up to 30 tons of gold, while Digix is planning to open more vaults all around the globe.

  4. Team Digix feels that DGX can work both ways  -in order to maintain the new ecosystem for wealth preservation and for payments. Hence they reward the decision makers as an incentive for their active participation.  

Transactional Processes

  1. Any smart contract created on the network generates DGX tokens after it receives corresponding PoA cards. So if a smart contract were to receive a 50g PoA card, it would generate 50 DGX tokens since each token represents 1g of gold.
  2. For DGX tokens - there is a demurrage fee (0.6% annual) and a transaction fee (0.13%) for redemption of actual gold.
  3. Holders of the DigixDAO token - the DGD - then vote on proposals submitted to the DigixDAO and help in execution of projects that the organisation may have planned.
  4. According to the DigixDAO website meant for DGD holders - “each token rewards you with a prorated share of DigixDAO’s transaction fee on Digix Gold, denoted in DGX gold tokens.”
  5. These rewards will be generated on a quarterly basis to DGD holders, and only to those who actively vote on proposals or contribute to the ecosystem.

 

#3- How to buy and store DGD

How to buy DigixDAO / How to buy DGD

Binance and Huobi hosts the major share of DGD trading. But a DGD token can be traded on popular exchanges like OKEx as well.

If you want to get the best deal for buying or selling TEL tokens, check out CoinSwitch - the largest cryptocurrency conversion platform. It allows users to compare real time prices of DGD tokens on multiple exchanges and then choose the best one. It also supports more than 45,000 cryptocurrency pairs.

DGD Storage

Being an ERC20 token, DGD mining isn’t supported on the network. But it can be stored on all wallets that support Ethereum storage. This includes the popular MyEtherWallet, and even hardware wallets such as those from Ledger and Trezor, all of which work perfectly as a DGD wallet.

 

#4- The Future of DigixDAO

Complete Analysis of DigixDAO | Live DigixDAO (DAO) Price Charts & Predictions

  1. In the crypto universe, a common issue is that cryptocurrencies are too volatile. With its tie in to Gold, DigixDao promises a secure future to its holders.
  2. DigixDao also allows an inheritance solution; the accumulated wealth would not vanish in case the DGD holder passes away.
  3. The prospects include new horizons on lending and microfinance, based upon its authenticity.
  4. The team also has many other updates to the network planned in the future, such as the use of DGD tokens in games, an escrow service.

Price History

Date

Open*

High

Low

Close**

Volume

Market Cap

Jun 01, 2018

133.84

135.93

128.62

133.53

1,888,950

267,671,000

Apr 01, 2018

244.92

245.38

211.13

221.12

12,401,600

489,833,000

Dec 01, 2017

100.51

107.11

93.32

106.31

3,101,960

201,026,000

Sep 01, 2017

98.50

101.18

94.63

97.34

871,656

197,006,000

Jun 01, 2017

78.92

82.83

78.12

80.19

935,979

157,837,000

Jul 01, 2016

10.33

10.89

9.86

10.43

30,205

20,662,600

  1. The first ever crowdsale on the Ethereum Network was hosted for DGD. Although it had a 30-day-sale-period, it met the ceiling in 12 hours, the figures being 1.7 millions of DGD tokens sold, and 300000 reserved for the team.
  2. The circulating supply is 2 million DGD tokens right now, backing about $2 billion worth of gold via the DGX token that is linked to it. With its rise in popularity and acceptance, expect DigixDAO to open more vaults globally to keep up with the demand.

 

#5- How is DigixDAO different from other currencies?

  1. DigixDAO may be seen as the polar opposite of most cryptocurrencies - in the sense that is backed by actual physical assets than the blind belief that drives most (or all) other cryptocurrencies.
  2. With its gold storage regularly audited by a third party, it ensures a sense of security and reliability to its users.
  3. It also actively awards its token holders who contribute to the ecosystem - something lacking in many other cryptocurrencies.

#6- Should you invest in DigixDAO?

  1. As DGX is tied to tangible gold, it has a stability advantage – you can rely on it and can trade gold without physically exchanging it.
  2. DGD token holders are rewarded by dividends for helping and holding the asset, so that your portfolio receives an undeniable boost.
  3. The DigixDAO team promises to provide “a transparent, audit friendly, safe protocol that leverages the full potential of Ethereum's decentralized consensus ecosystem and IPFS to facilitate crypto assets on the blockchain.”
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