DigixDAO means Decentralized Autonomous Organization (DAO) software. It is the brainchild of DigixGlobal. It is the world’s first Ethereum powered enterprise where specific physical assets are tokenized on the blockchain of Ethereum. To be more specific the assets, in this case, are the LBMA or London Bullion Market Association sanctioned 99.99 per cent pure Gold bars through an established protocol. DigixDAO is split into DGX and DGD tokens with both having completely different applications. They also perform different functions.
Participants can buy gold by becoming owners of an ERC20 token called DGX. The value of one DGX is one gram of 99.9% gold approved by LBMC. The asset is generally deposited in a vault in Singapore. DGX is an accredited enterprise and also an eminent player in the gold market. This makes DGX, a highly stable system that will only move with any movement in the price of gold.
The blockchain and smart contracts associated with DGX makes buying gold simple. Participants simply have to buy a token and a gram of pure gold is allocated to them on the system. The ledger is designed to record all purchases and transactions automatically. The best part is that there is absolutely no need for any third party involvement in the process which makes it fully safe and secure.
DGD or DigixDAO tokens can be used to claim rewards on a quarterly basis depending on the sum total of DGX gained as fees through transactions. DGD can also be used for DigixDAO proposals with the intention of improving DGX adoption. Currently, there are 2,000,000 DGD tokens available.
It is seen that the crypto market is extremely volatile. Prices fluctuate wildly and even on an hourly basis at times. DGX will be the first ever stable and solid token in the crypto market. It can assure a stable and secure destination for funds. In a market controlled by bears, the funds can be converted into DGX and you can re-enter at a favorable time. Projects can use DGX for its high stability. Those who love to predict are unlikely to lose money as they can allocate currency into the system. DGX can be used to guarantee prices and make the system work smoothly and in a hassle-free manner.
DGX will be the currency of the future for hedging risk inside the cryptocurrency market and the best way to buy gold with minimal fees and through a safer, secure process. Clearly, DGX has immense potential to propel itself as one of the top players in the industry.
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