BITCOIN Today down into it's lowest price to $8,307.68 for this year 2018 according to Coin Market Cap (https://coinmarketcap.com/)
And as it is expected, almost all the Altcoins follow to the down trends. But to my surprise there is only one that survived to the Bloody Red Market, of the top 100 Cryptocurrencies and that is DigixDAO :
I got interested to this Altcoin/Token so I dug into it's website here
So What is DigixDAO?
Digix DAO, Ethereum's first major 'Distributed Autonomous Organisation' was born last March 2016 on its first ever Crowdsale on the Ethereum Blockchain.
On their website it states that Digix has created two Tokens that compliments each other and they are :
DIGIX GOLD TOKENS (DGD) AND DIGIX DAO TOKENS
According to their White Paper Digix is The Gold Standard in CryptoAssets
and:
Digix provides a use case for the tokenisation and documentation of physical assets through its
Proof of Asset (PoA)protocol. The PoA protocol utilises Ethereum and the InterPlanetary
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Files System (IPFS) to track an asset through its chain of custody. This allows for the open and
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public verification of an asset’s existence without a centralised database. Digix also offers an
API allowing other applications to be built on top of our asset tokenisation service.
They have two Key Products and they are:
- Proof of Asset (PoA) Asset Cards
PoA Asset Cards consist of the below information permanently uploaded onto the
decentralised database:
Time Stamp of card creation
SKU of the gold bar
Bar Serial number
Chain of Custody digital signatures (Vendor, Custodian, Auditor)
Purchase Receipt
Audit Documentation
Depository Receipt
Storage fees due
PoA Asset Cards are kept in an Ethereum Wallet.
- Digix Tokens (DGX)
Dgx Tokens are minted via a Minter Smart Contract. Each DGX token represents 1g of
Gold and divisible to 0.001g. For every PoA Card that is sent to the Minter Smart
Contract, DGX tokens will be issued in return. For instance, a 100g PoA Card sent to the
Minter Smart Contract returns 100 DGX tokens to the user.
Digix Tokens are held in an Ethereum Wallet.
For complete info visit there WhitePaper here
What is so interesting on this Token is backed by a real Asset which is every One DGX is equavalent to 1gm of Gold.
Interesting isn't it?
What is your Thought on this Token? Did you purchase some, or are you planning to include it in your portfolio?
Pls. Comment your thoughts below:
