Digix DAO

DigixDao is the digitalisation of gold. It is a new cryptocurrency backed by actual bars of gold. DigixDAO is the Digix Decentralized Autonomous Organization, a decentralized group of participants making decisions about how to grow the Digix Global Ecosystem. The blockchain system has two coins – DGD and DGX.
Share:
Price
Basic
Initial release:
2016-03-03
Smart Contract Support:
No
Consensus Mechanism:
Proof of Asset
Development Community:
DIGIXGLOBAL PTE LTD
Digix DAO101

What is DigixDao?

DigixDao is the digitalisation of gold. It is a new cryptocurrency backed by actual bars of gold. DigixDAO is the Digix Decentralized Autonomous Organization, a decentralized group of participants making decisions about how to grow the Digix Global Ecosystem. The blockchain system has two coins – DGD and DGX.

The DGD token holders will make decisions related to any proposals submitted to DigixDAO. As a reward for voting and decision making in the growth of Digix, DGD holders receive rewards related to DGX, a token that represents 1 gram of gold. Each DGX token always represents 1g of gold and is divisible to 0.001g.

How does DigixDao Work?

Digix utilizes Proof of Asset (PoA). The process involves recording possession of an asset on the Ethereum blockchain and the creation of PoA Asset Cards. “The asset cards are certified using sequential digital signatures from the entities in the chain of custody, namely, the Vendor, Custodian, Auditor, which are further validated with proof of purchase and depository receipts provided and uploaded onto the InterPlanetary File System for permanent record.”

The Vendor, ValueMax Singapore, is a publicly listed company that sells London Bullion Market Associate certified gold bullion bars.

The independent Auditor, Bureau Veritas Inspectorate, checks the quality and quantity of the gold every quarter.

The participating Custodian Vault, The Safe House, is located in Singapore. Their vault can store up to 30 tons of gold, but in the future, Digix will look to open more vaults around the world for regulatory redundancy.

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