DigixDAO (DGD)

$14.1517 (7.46%)

CMC# Market Cap (USD) Volume (24hr) Circulating Supply NVTS Change (7d) Change (24h) Savings Per 1K
112 $28,303,300.00 $2,302,950.00 2,000,000 DGD 84 7.46% -5.22% -$1,055.72

Exchange Pair Volume (24h) Price
Bittrex DGD/BTC 2,134.97 0.0017115800
Dex-Trade DGD/ETH 8.52 0.0761851300
Dex-Trade DGD/BTC 48.64 0.0017081100
Binance DGD/BTC 1,095,744.00 0.0017000000
Bitrue DGD/ETH 516,263.00 0.0761800000
Bitrue DGD/BTC 215,396.00 0.0016930000
XT DGD/SXC 289,032.00 98.8315000000
XT DGD/USDT 268,101.00 13.9084000000
Huobi Global DGD/BTC 117,371.00 0.0016840000
Binance DGD/ETH 93,626.00 0.0765400000
XT DGD/BTC 139,854.00 0.0017150100
AlterDice DGD/BTC 37,339.00 0.0016860000
Huobi Global DGD/ETH 21,621.00 0.0761630000
AlterDice DGD/ETH 3,977.08 0.0765300000
Atomars DGD/ETH 298.69 0.0761851300
Atomars DGD/BTC 1,701.77 0.0017081100
Gate.io DGD/USDT 1,426.12 14.0000000000
HitBTC DGD/BTC 1,029.39 0.0017199000
OKEx DGD/BTC 7,990.24 0.0017300000
OKEx DGD/ETH 359.59 0.0790000000
Vindax DGD/ETH 26,770.00 0.0784400000
CoinBene DGD/BTC 89,144.00 0.0016970000
Vindax DGD/BTC 32,948.00 0.0017150000
Bancor Network DGD/BNT 2,676.76 40.3834052734
Cezex DGD/USD 2,661.73 14.5300000000
Cezex DGD/BTC 1,979.98 0.0017310000
Uniswap DGD/ETH 1,175.04 0.0772463225
Huobi Korea DGD/BTC 1,018.08 0.0016870000
Huobi Korea DGD/ETH 45.57 0.0761700000
Livecoin DGD/BTC 269.05 0.0018621800
OKEx DGD/USDT 4,728.08 15.9600000000
OKEx Korea DGD/BTC 0.00 0.0017300000
Coinplace DGD/BTC 22,578.00 0.0048815900
OKEx Korea DGD/USDT 0.00 15.9600000000
OKEx Korea DGD/ETH 0.00 0.0790000000
Gate.io DGD/ETH 0.00 0.0896140000
Purcow DGD/ETH 44,654.00 0.0715400000
Purcow DGD/BTC 19,528.76 0.0015150000
AirSwap DGD/ETH 171.60 0.0918900600
ForkDelta DGD/ETH 14.92 0.0800000000
Cezex DGD/ETH 0.00 0.0856300000

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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