DigixDao: The Community Run Gold Trading Marketplace
Digix completed the first ever crowd-sale fundraising event on the Ethereum Blockchain in March 2016. It surpassed expectations by reaching its 5.5 million USD target. More impressive is it managed it in 12 hours. People from all around the world purchased a tokenized stake in a decentralised autonomous organisation. What was this organisation doing? Lead by Digix, they had agreed to develop a technology that would back up DigixDao tokens with grams of gold. A fast-moving altcoin that been listed on Bittrex and Binance. DGD tokens have passed the $400 USD mark, and the community leading this project has proven themselves time and time again and sentiment, in early 2018 seems good for this altcoin, which I think still has a long climb ahead.
7 Days Change
What Is DigixDao?https://www.youtube.com/watch?v=uHvygtO6Q1I -Video Source Kai Cheng Chng The DigixDao is an ERC20 token and this entire cryptocurrency is run on the Ethereum Network. Sounds like every other altcoin, right? but all the money raised in the crowdfunding event($5.5 million) is tied up in an Ethereum smart contract. The organisations' funds are held to ransom, and the community demands progress for their release. DGD token holders are all stakeholders in a DAO (Decentralised Autonomous Organisation). Only with majority consensus can the developers and Digix team get money from the smart contract. Digix are a company building DigixDoa, It’s like they have pitched an entire idea and put funding for it into escrow." "Digix provides a transparent, auditable, and secure protocol that leverages the full potential of Ethereum's peer-to-peer decentralized consensus system and IPFS permanent document storage to facilitate the creation of transferable crypto assets on the blockchain." - Digix Reddit Page.
Each DGX Token Represents 1g of Gold
How does that work? Through connections with publicly listed companies, Digix has set up transparent blockchain gold tracking. ValueMax, Singapore, is a publicly listed company. They supply London Bullion Market Association(LBMA) certified gold bullion bars through the Digix Marketplace. A first glance ValueMax looks like a dodgy pawn shop, but dig a little deeper. They sell a lot of Gold, and it doesn’t matter how ill-reputable the vendor DigixDao chooses to partner with, because Bureau Veritas, a world renowned asset Inspectorate, carries out quarterly checks on the quality and quantity at the DigixDao custodian vault to ensure accounting is upheld. MalcaAmit’s, are a logistics company, who will be acting as DigixDao’s gold couriers, and they have a state of the art facility near Singapore Changi International Airport. It’s 25,000 sqm of high security and climate controlled facility featuring cutting edge security technologies enhanced by green building engineering. The purchase, transfer and authentication of gold to DigixDao is all managed by centralised companies. (gasp..horror). 2013 “The White paper’s response to centralised naysayers.” While the risk of collusion is a real possibility, it is at the cost of severe reputational and legal damages to the colluding participants. As these entities provide similar other services to other customers and such reputational and legal damages to their core business would be detrimental to their business, we can make a fair assumption that they will act in a rational manner.” Whitepaper