What Is DigixDAO (DGD)?
DigixDAO is a blockchain protocol that specializes in tokenizing real-world assets. The protocol is powered by the DigixDAO token (DGD), which is an Ethereum-based ERC-20 token that is mainly used for governing the protocol. The aim of DigixDAO is to create a system that enforces ownership of physical assets, in this particular case, the ownership of Gold. This is the case because the primary goal of DigixDAO is creating a new crypto asset that is solely backed by Gold. Thus, DGD tokens are backed by Gold at a ratio of 1 DigixDAO coin being equal to 1g of Gold.
Check out the live DGD price that is featured on the DigixDAO price chart.
DigixDAO uses a unique type of protocol called Proof-of-Assets (PoA) to distribute its asset tokens. It works by utilizing asset cards that are proven with unique digital signatures. Each card contains information about the chain of custody, the custodian, the vendor, and the auditor. Additional certification for these cards is provided by evidence of purchase, which includes deposit receipts that are submitted to the database.
As of writing this, DigixDAO uses ValueMax as its vendor. ValueMax is a regulated and certified owner of the London Bullion Market that stores certified gold bars. Bureau Veritas Inspectorate audits the quantity and quality of every single gold bar stored by DigixDAO. Their current safe house in Singapore can store more than 30 tons of Gold.
Who Founded DigixDAO?
Digix, the company behind DigixDAO, was founded in Singapore in December 2014. The project was founded by Kai Chng, Shaun Djie, and Anthony Eufemio. Nevertheless, Teo Hye Chng, the former CEO of Fujitsu Asia, was recruited in 2017, after the DigixDAO crypto project experienced a security breach that led to the theft of 400 DGD.
What Can You Do With DGD Tokens?
DGD is both – a governance and security token. The token allows holders to suggest and vote on proposals on the DigixDAO network. Additionally, DGD holders receive a portion of demurrage and transaction fees for trading DGX tokens. DGX tokens are commodity tokens representing a physical store of Gold.
DGD is listed in various major exchanges where it is traded on a daily basis. However, just like it is the case with other crypto assets, the DigixDAO price may frequently vary due to various market factors. However, you can always check the current DGD price on its price chart above.
