Not many people were aware of the crypto coin DigixDAO (DGD), until February 2018. When Bitcoin and Ethereum went down by 20% and 15% respectively, DigixDAO gained over 50% hike. This is a new cryptocurrency, also known as Digix decentralized autonomous organisation, that is backed by actual bars of gold. It incorporates a decentralized group of participants that takes decisions on how to grow the Digix Global Ecosystem. These participants purchased DGD tokens through first ever crowd sale on Ethereum blockchain.
DGD token holders make decisions for the growth of Digix and as a reward for decision making, they receive a token that represents 1 gram of gold. Currently, DigixDAO has a circulating supply of 2 Million coins and a total volume exchanged of ₹867,175,412.
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DigixDAO’s Proof of Asset
For distributing DGX tokens that represent 1g of gold, Digix utilizes Proof of Asset (PoA). PoA records possession of an asset on the Ethereum blockchain and creates PoA Asset Cards. These cards are certified using sequential digital signatures from the custodian, vendor, auditor and are further validated with proof of purchase and depository receipts.
ValueMax Singapore, the vendor, sells London Bullion Market Associate certified gold bullion bars. The Safe House, custodian vault, stores the gold and Bureau Veritas Inspectorate, checks the quality and quantity of the gold every quarter. However, in future, Digix has plans to open more vaults around the world for regulatory redundancy.
Incorporated in December 2014, the crowdsale of DigixDAO took place on March 2016. It was the first ever crowdsale hosted on the Ethereum network. The sale that was intended to run for 30 days, reached the hard cap of 5.5 million dollars in just 12 hours, selling 1.7 million DGD tokens. In 2018, with the release of tokenized gold in the form of the DGX token, Digix will make a prominent place in the crypto market.
On this platform, the DGD token holders can make active managerial decisions to any proposals submitted to DigixDAO. They can vote on how the DigixDAO funds are allocated. The coin holders are rewarded with a prorated share of coin’s transaction fee on Digix gold. However, the rewards are not received passively and must be claimed quarterly.
DigixDAO is undoubtedly a lucrative cryptocurrency to invest in.