DigixDAO Coin – General Info, Best Exchanges and Wallets

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Recommended resources: CoinMama (Buy BTC and ETH) and Ledger Nano S (Hardware wallet).

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DigixDAO is a suite of smart contract Decentralized Autonomous Organization (DAO) software created and deployed by DigixGlobal on the blockchain, and aims to work with the community to govern and build a 21st century gold standard financial platform on Ethereum. DAO are basically Companies written in code that are there to perform a set of functions with holders of the tokens voting in relation to the number of tokens they hold.

DigixGlobal will establish a standard in being an open and transparent organization using the power of Ethereum smart contracts, such that Digix DAO token holders can directly impact decisions dedicated to the growth and advocacy of the DigixCore Gold Platform. In return, token holders are able to claim rewards of transaction fees on DGX from DigixDAO every quarter on the Ethereum platform.

All raised Ethers will be kept in a publicly disclosed Ethereum address. The DAD will have a project pledging mechanism in place, where token holders are eligible to pledge their approval / rejection of project proposals suggested by DigixGlobal, before any of the raised ETH can be unlocked from the DAO’s multi-signature contract wallet.

DigixGlobal wants the community to directly influence the allocation of raised ETH in a transparent manner. All project proposals will be uploaded onto the Inter-Planetary File System (IPFS) and is publicly available. Token holders will get to pledge their support for projects on the blockchain before any of the cryptocurrency raised can be released to DigixGlobal.

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How it works

DigixDAO leverages Ethereum’s P2P consensus system and the Inter Planetary Files System (IPFS), a decentralized P2P permanent database and a new internet architecture, that it’s claimed will facilitate the creation of transferable ‘crypto assets’ that represent physical gold on the blockchain. The IPFS itself replaces the centralized, server-based attributes of HTTP with a decentralized cache-based system. Meanwhile, OpenLedger offers a gateway and an exchange for a wide range of fiat and digital currencies.

The upshot of this partnership means that as an investor you can buy gold in any amount – right down to one thousandth of a gram (i.e. worth about $0.04). People can send it anywhere in the world, or even pay another person in gold. Furthermore, you will be able to sell it via OpenLedger for USD, EUR, CNY (Chinese Yuan) or their ‘pegged’ digital equivalents on the platform (BIT.USD, etc.), as well as Bitcoin (BTC), BitShares (BTS), Ethereum (ETH) and other cryptocurrencies.

Key Products

1. Proof of Asset (PoA) Asset Cards

A digital Gold asset card issued to the purchaser of a Gold bar as listed on the Digix Web Application marketplace. PoA Asset Cards consist of information permanently uploaded onto the decentralized database such as Time Stamp of card creation, SKU of the gold bar, Bar Serial number, Chain of Custody digital signatures (Vendor, Custodian, Auditor), Purchase Receipt, Storage fees due etc.

2. Digix Gold Tokens (DGX)

This is the digital gold token minted from Gold Asset Ownership Cards on the blockchain when a client purchases a 100g or Lang LBMA Gold Cast/Ingot Packed Bar. Every DGX Token is backed by physical gold bullion deposited with the Custodian Vault.

Each DGX token represents 1g of Gold and divisible to 0.001.g. with transaction fees at 0.13% capped at 1 DGX per transaction. 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.

Key Processes

There are 3 modular processes that Digix uses to provide a proof of existence and fungibility for an asset, 1 for redemption of physical assets, and 1 that encourages Ðapp Development. Those processes consist of:

• Proof of Asset (PoA) Verification. This process records and provides an audit trail of an asset on Ethereum to create 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 IPFS for permanent record.

• Minter Smart Contract. Used to create fungible DGX tokens that accepts or holds PoA Asset Cards in exchange for DGX tokens.

• Recaster Smart Contract. Used to exchange DGX tokens back into PoA Asset cards.

• Redemption Process. For redeeming physical gold bar with PoA asset cards.

• Generic I/O Contracts. These allow developers to utilize PoA Cards or DGX tokens for Ðapp development.

Meet the team

Teo Hye, Chng (Chairman)

Former Chairman / CEO of Fujitsu Asia Pte Ltd.[1]He provides IT Expertise and Business Development Strategies to the firm.

Kai Cheng, Chng (CEO)

Kai worked on Wall Street as an EMFX trader in HSBC Securities, North America for the past 4 years. He left to start DigixGlobal, convinced that blockchain technology will impact the world of finance. He was an International Program student at Upenn – Wharton and graduated with honors from NYU – Stern with a Bachelors of Science in Finance and Economics.

Anthony Eufemio (CTO)

Anthony is a Software Engineer, Computer Security Consultant[2][3], and Entrepreneur. Anthony developed a passion for technology at a very early age. He is a 15 year veteran of the software development, computer security, and IT industries. As an experienced hands-on CTO, Anthony is responsible for the technology research and software development at DigixGlobal. He has a Bachelor’s of Science in Computer Science from Viterbi. He is also an active software contributor to Ethereum, the next generation Turing Complete Blockchain.

Shaun Djie (Marketing / Business Dev)

Shaun is the lead coordinator of the largest Ethereum Meetup group in Asia. He recently published a Blockchain/IOT paper on Smart Nation for the Singapore Ministry of Trade and Industry (“Future Tense” Series).

Chris Hitchcott (Front End / UI UX Developer)

Chris is a web developer specializing in frontend; he’s been designing and building websites and apps since 2002. Chris previously worked at Ethcore; blockchain startup founded by Gavin Wood (co-inventor of Ethereum), and before then founded and operated a Hong Kong based app development and events team that delivered interactive technology to conferences. He has a Bachelor’s Degree in Design and Communication from the University of Leeds.

DigixDAO (DGD) Token

Overview:
Current coin Value: $74.93
Market Cap: $149,854,200
Total Supply: $462,364
Circulating Supply: 2,000,000 DGD

DigixDAO (DGD) tokens are Ethereum-based assets that represent a portion of DGD. They are divisible to 9 decimal placings and are transferrable. Whenever Digix gold Tokens (DGX) are sent to another blockchain user – in quantities as little as 0.001g – all transaction fee(s) involved will be available for DGD holders to claim as a reward from DigixDAO every quarter when the full suite of smart contract software goes live.

Every DGD token automatically entitles the holder to pledge on proposals that are submitted by Proposers or Digix Developers. Your pledge significance is directly proportional to the amount of DGD tokens held in your ethereum address.

DGD tokens serve these vital purposes:

I. Gives anyone and everyone the equal opportunity, to participate in a transparent, decentralized organization, where the holder of tokens can influence the direction taken by the team at Digix, and be rewarded with transaction fees of DGX on Ethereum.

2. It will incentivize the adoption of Digix Gold on the Ethereum network With many more supporters of the platform, it has a high chance of being the de-facto gold backed token for new Decentralized applications (Dapps) such as collateral in virtual nation projects, P2P lending, payment systems, funding platforms on Ethereum.

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How many DigixDAO tokens are in existence?

There will be an initial supply of 2,000,000 DigixDAO tokens. A holder of tokens will be rewarded on chain transaction fees collected by DigixDAO every quarter through a claim process. There will be an automatic crowdsale project proposal submitted to current token holders for a new round every 2 years that may increase the supply. If emergency ETH are needed a proposal can be submitted to increase the supply for a specified amount. This is put in place to ensure the sustainability of DigixDAO if more ETH is needed. Additional crowdsales will only occur with majority consensus since it involves token dilution. Current holders will be eligible to purchase more tokens prior to releasing to the general public with a special multiplier.

Exchanges

OpenLedger

Wallets

Ethereum wallets. Buyers can withdraw their newly acquired DGD from OpenLedger to their Ethereum wallets to enjoy both the passive income from transaction fees and the ability to vote on key decisions as well as the deployment of funds within the company.

Conclusion

What you’re seeing here is what would be described as a democratization of the investment industry. Previously, it would often be prohibitively expensive to buy small amounts of gold – certainly physical gold of which you actually took receipt in person. Even if ordinary investors were able to buy paper or digital gold without getting hit by fees, what could they do with it? Transferring it to another person is also fraught with difficulties and costs.

However, via DigixDAO it means investors can buy and send someone else a fraction of a gram of gold, without worrying about spreads or transaction fees or delays or ownership records. It’s all done automatically on the distributed ledger. What this means is that we now have the means to use gold as an effective payment mechanism once again. Not as a new gold standard, but as one of many parallel currencies on the blockchain.

Holders of DGX have a secure store of value and a new form of payment on the blockchain – fungible, resistant to counterfeiting, scarce, durable, divisible and portable like never before. They can even cash it in and take physical delivery of the gold should they wish to do so. But, unlike real gold in a safe behind a picture at home, the tokenized form of the precious metal is secured by a cryptographic lock and key that the backers purport “can never be cracked.” Let’s hope so, or there could be egg on faces.

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