Let's get this crypto!
|CMC#||Market Cap (USD)||Volume (24hr)||Circulating Supply||NVTS||Change (7d)||Change (24h)||Savings Per 1K|
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.
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.
- No data is available yet.
Back to Coin Listing