DigixDAO (DGD)

$19.1478 (1.9%)

CMC# Market Cap (USD) Volume (24hr) Circulating Supply NVTS Change (7d) Change (24h) Savings Per 1K
98 $38,295,500.00 $641,839.00 2,000,000 DGD 39 1.9% 1.38% -$363.81

Exchange Pair Volume (24h) Price
Binance DGD/BTC 89,731.00 0.0018330000
Binance DGD/ETH 23,642.00 0.0990900000
Bitrue DGD/ETH 259,154.00 0.0984600000
Huobi Korea DGD/BTC 84.60 0.0018310000
Huobi Global DGD/BTC 16,393.40 0.0018310000
HitBTC DGD/BTC 22.30 0.0018304000
Bitrue DGD/BTC 21,062.00 0.0018380000
Huobi Korea DGD/ETH 2.05 0.0985700000
Huobi Global DGD/ETH 1,936.53 0.0985830000
Whitebit DGD/BTC 1,278.28 0.0018420000
Whitebit DGD/ETH 2,457.63 0.0995700000
XT DGD/SXC 368,870.00 134.5004000000
XT DGD/USDT 362,440.00 19.0945000000
XT DGD/BTC 228,831.00 0.0018551100
OKEx DGD/BTC 1.16 0.0018300000
Atomars DGD/BTC 172.56 0.0018275700
Dex-Trade DGD/BTC 4.93 0.0018275700
CoinBene DGD/BTC 97,389.00 0.0018350000
Coineal DGD/ETH 5,886.45 0.0990900000
Purcow DGD/ETH 60,953.00 0.1001800000
Purcow DGD/BTC 25,832.00 0.0018400000
FUBT DGD/BTC 11,277.70 0.0018310000
Livecoin DGD/BTC 238.51 0.0018275300
AlterDice DGD/BTC 4,967.49 0.0018294600
AlterDice DGD/ETH 1,873.94 0.0994626400
Cezex DGD/ETH 1,636.43 0.0990700000
Bancor Network DGD/BNT 862.37 49.4720865572
AirSwap DGD/ETH 19.20 0.0998273800
Cezex DGD/BTC 1,715.69 0.0019020000
Cezex DGD/USD 1,630.11 21.2800000000
Gate.io DGD/USDT 879.75 18.6536000000
Bittrex DGD/BTC 254.80 0.0019028600
OKEx DGD/USDT 483.04 19.1000000000
Atomars DGD/ETH 106.54 0.0984346100
Dex-Trade DGD/ETH 3.05 0.0984346100
Vindax DGD/BTC 77,757.00 0.0018610000
Vindax DGD/ETH 32,396.00 0.0991100000
OKEx DGD/ETH 24.79 0.0990000000
Uniswap DGD/ETH 124.47 0.0973089742
BigONE DGD/BTC 0.00 0.0005210000
Coinplace DGD/BTC 28,478.00 0.0048812700
Livecoin DGD/USD 0.00 0.0000000000
Livecoin DGD/ETH 0.00 0.0000000000

Links


Background

Digix is building a decentralized autonomous organization (DAO) called DigixDAO, which will focus on the tokenization of physical goods. The first token released on the platform was the Digix gold token (DGX), which represents ownership of physical gold at a rate of one DGX to one gram of gold. New tokens are created in the system using a proof-of-provenance (PoP) mechanism which creates an audit trail for assets and allows third-party vendors, custodians, and auditors to digitally sign transactions attesting to the purchase, quality, and storage of assets. The team believes that by creating tokens backed by physical assets, like gold, three key advantages can be realized. First, tokens can theoretically act as stable forms of payment on the Ethereum network due to their fully collateralized nature. Second, assets recorded on the public ledger allow users to audit holdings and ensure that the custodian holds the collateral they claim. Finally, if a central party, like DigixGlobal, fails token owners have a public record of their holdings that can be used to retrieve their physical collateral. Currently, the project is run by DigixGlobal, which has been responsible for developing the underlying infrastructure for the platform and launching the DGX token. Once development of the DigixDAO is complete, the project plans to shift governances to holders of the DigixDAO (DGD) token. Holders of the DGD token will vote on proposals to improve the Digix Ecosystem. Proposals can be submitted by developers, and if the proposal is approved, they will receive funding, in ether (ETH), from DIgix to complete the project. The team plans to make this process decentralized, with voting and disbursement of funds managed by smart contracts. In the future, the project sees DGD tokens as a mechanism to vote for other changes on the network, like setting transaction fees.

Technology

Digix was built on the Ethereum blockchain and integrates interplanetary file storage (IPFS) technology to store details of an assets provenance. The smart contracts for the network are live on the Ethereum main network and completed security audits in Dec. 2018. Future upgrades will be made using an underlying modular smart contract system. The primary participants in the network are a vendor, which supplies certified gold bullion, a custodian that stores the gold, and an auditor that provides checks on the quality and quantity of gold stored. The process for creating a DGX token starts with creating a proof-of provenance (PoP) “card” on the blockchain which contains the timestamp of card creation, the SKU of the gold bar, the bar serial number, the chain of custody digital signatures from the vendor, custodian, and auditor, purchase receipt, audit documentation, depository receipt and storage fees due. Each card can represent multiple one gram denominations of gold. Once a PoP card is created a “minter” contract is invoked to produce DGX tokens. For example, a PoP card that attests to the purchase and storage of one kilogram of gold would create 1,000 DGX tokens. These tokens can be exchanged like any other token on the Ethereum platform. If a user wishes to do so, they can send DGX to a “recaster” smart contract which will provide them with a PoP card for their holdings. This card can be used to redeem an equivalent amount of physical gold, which can be picked up at the warehouse or mailed to the owner. At this point, the PoP card is removed from the blockchain. DGX holders are charged an annual fee of 0.60% (charged daily) for storing and securing the physical gold backing tokens (demurrage). This fee will be waived during the first year to incentivize adoption. In addition, the network charges a fee of 0.13% for transactions. Out of the 0.60% demurrage fee, 0.20% will be sent to a pool for future DGD rewards along with the entire 0.13% transaction fee. Once the governance system is finalized the team plans to use these rewards to compensate DGD holders for voting on proposals and other network-wide changes. Once the full governance system is built the team plans to use two primary tokens. The DGD token will be used as the primary mechanism for voting whether or not to include new proposals. While proposals can be submitted by anyone a second class of token, DGB, which is used to vote on which proposals are included in the DGD voting process. This token, of which there are 385, was distributed during the token sale to any participant that contributed more than $15,000. Unlike the DGD and DGX tokens, DGB is not an ERC20 token and is non fungible. Its primary purpose is to serve as a spam prevention mechanism and ensure only quality proposals are included for voting.



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