What is DigixDAO
DigixDAO (DGD) is a peer to peer, open-source cryptocurrency which is issued against real gold, on the Ethereum network, using a Smart Contract. The original gold bullion which has been tokenized is kept in a safe house in Singapore.
History of DigixDAO
Digix was incorporated in Singapore in Dec 2014. In March 2015, Digix collaborated with Ethereum foundation to bring the network on Ethereum blockchain. In Jan 2016, the beta platform was launched on Frontier. The company is run by Teo Hye, Chng (Chairman), Kai Cheng, Chng (CEO) and Anthony Eufemio (CTO) all of whom come from impeccable backgrounds.
How DigixDAO Works
DigixDAO users can own tokens which are issued against real gold bullion. One a physical gold bar is owned by the company, it is registered as a digital asset and a gold asset card is created against that particular bullion bar. That asset card then goes via a minting software which creates Digix gold tokens (DGD). These tokens are then issued to the users who can buy, sell and trade these tokens.
When the user wants to return the tokens, it goes via Recast software which again creates a Gold asset card, containing all the detail of the original gold bullion. This can then be redeemed against the physical gold bullion. Each DGD token represents 1g of gold and each token can be divided into 1000 parts.
- Real Gold Tokenised: Digix tokens are issued against real gold, the first and original wealth measuring asset in the world. Almost all the Fiat currencies work against gold as well. That makes Digix coins valuable and have a real-world price.
- High Standards: ValueMax Singapore, a public limited company, supplies London Bullion Market Association (LBMA) certified gold bullion bars to the Digix Marketplace, making it a very safe source of gold. Moreover, these bullions are stored at Singapore Safe House to make it ultra secure.
- Stability of Ethereum: Digix works on the Ethereum network and utilizes Smart Contracts to execute the trading of the coins as well as the minting, recasting and digital asset card creation process. Ethereum Smart Contracts have proven to be the way forward.
- Immutable Records: Every record of the digital asset creation, minting and trading of DGD coins are recorded on the blockchain and thus, these records are safe forever.
- Full-fledged Coins: DGD coins can be traded on all the leading exchanges. Moreover, they can also be used to purchase products and pay for services.