DigixDAO (DGD) – A Beginner’s Guide, Review & More

What is DigixDAO?

Digix is a company which formed the first major DAO, which is short for Decentralized Autonomous Organization. A DAO is an organization that exists on the blockchain and has its rules written in and executed by code. DigixDAO has created two types of ERC20-tokens on the Ethereum blockchain:

  • DGB token – Digix Batches, tokens where the holders can submit proposals for the usage of the collected funds, where given to large investors
  • DGD token – Token for the DAO, holders can participate in making active managerial decision to any proposals submitted to DigixDAO as well get a share of transaction fees. Holders are rewarded every quarter in the form of DGX tokens.
  • DGX token – Each token represents one gram of 99.99% LBMA Standard Gold, the physical counterpart is stored in a Singapore vault. The Gold is redeemable for token holders and can be exchanged in Singapore.

The goal of DigixDAO is to create a stablecoin on the Ethereum blockchain. The DGX token is backed by physical gold.


History

DigixDAO was one of the very first projects that did a crowdsale on the Ethereum blockchain. If I recall right, only Augur was earlier. And it was the first successful creation of a decentralized autonomous organization. The ICO was held from 29. to 30. March 2016 and the equivalent of 5,500,000 USD in ETH was collected.


Can DigixDAO be mined?

No, DGD and DGX are tokens.

To find out insider news, before-the-public, I advise you to bookmark www.blockchainwhispers.com

What differs DigixDAO from other Cryptocurrencies?

DigixDAO was the first that tokenized Gold and used the immutability of the blockchain to prove ownership. It is designed as a stablecoin and redeemable against the underlying asset.


How much is DigixDAO worth today?

What is the total and the circulating supply?

The circulating supply of DGD is 2,000,000, but it is a possibility that new tokens are issued in another crowdsale if the project needs additional funding.

The supply of DGX is dependent to the demand of tokenized gold.


You can buy DGD on several cryptocurrency exchanges, most notably Binance and Huobi.


Can DGD be sold for cash?

You can sell DGD for cash on several cryptocurrency exchanges that have fiat-pairings, most notably Bitbns (not recommended).


Future Development

DGD

The team is constantly working on the platform. The aim is to spread awareness, form partnerships and continuously improving the user interface.


Verdict and Rating

6/10
An interesting project that is around for some time. Could be the future of the gold market.

Tokenization of assets will be a trillion-dollar industry in my opinion. And DigixDAO has first mover advantage here and has excellent contacts in the blockchain space.

The future potential of tokenization was highlighted several times on Blockchain Whispers, which is the most accurate crypto website. You can check it out at https://blockchainwhispers.com/about-2/
6 / 10.0
Page Score:

Disclaimer

The writer’s views are expressed as a personal opinion and are for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.
Author

Contributor : Adolph Obasogie

Gb Adolph Obasogie is a Chartered Accountant, and he worked for several years as an Independent Consultant for World Bank projects in emerging markets. As an Emerging Markets Analyst, he has analyzed several portfolios for clients in the Middle East, North America, Europe, and Africa. He has a deep understanding and insight on the workings of Cryptocurrencies and their real-world applications. You can connect with him on Linkedin.

More Posts

Waltonchain

Waltonchain (WTC) – Is It the Future of Global Supply Chains?

What is Waltonchain? Waltonchain is a decentralized supply-chain management system that combines blockchain with IoT. ...

Read More

Qash

QASH (QASH) – Everything You Need To Know

What is QASH? QASH is the native currency of the QUOINE LIQUID platform which is a cryptocurrency firm that aims to so...

Read More

PIVX

PIVX (PIVX) – What You Should About PIVX

What is PIVX? PIVX stands for Private Instant Verified Transaction and is an open-source cryptocurrency with a focus on...

Read More

Nebulas

Nebulas (NAS) – What You Should Know About Nebulas

What is Nebulas? Nebulas provides a decentralized, blockchain based platform with a search framework for all blockchai...

Read More

View All
Written by Adolph Obasogie

Top 10 Coins

Live Coin Prices

Name Price24H (%)
Bitcoin (BTC)
$3,420.15
-1.89%
Ethereum (ETH)
$88.62
-3.18%
XRP (XRP)
$0.302733
-1.2%
Litecoin (LTC)
$23.90
-3.42%
Bitcoin Cash (BCH)
$101.43
-3.63%

Advertisement