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DigixDAO

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Description

What does DigixDAO do?

DigixDAO held the first crowdsale on the Ethereum blockchain with the purpose of creating a decentralized autonomous organization, commonly known as a DAO. It was created by Digix Global.

DigixDAO plans on offering many services, such as: wealth inheritance mechanisms, escrow services, collateral services, lending platforms, tokenizing of in-game currencies for trading, crowdfunding solutions, gold-backed tokens, and more. The project developed a PoP (Proof of Provenance) consensus mechanism to tokenize assets like gold.

The primary benefit of a DAO is that it allows people of all tiers of wealth to invest in different projects. Individuals that wish to invest in startups are often required to become accredited investors, which mandates certain levels of income and net worth. Now, with decentralized organizations, anyone can have a voice in the investing space by contributing however much they feel comfortable. This further empowers people and can contribute to a fair wealth redistribution.

What is DigixDAO used for?

There are two active coins in the protocol: DGX and DGD. DGX represents bars of gold and is meant to bring stability to the volatile crypto world, while allowing users to speculate on the price of gold by trading DGX. Using DGX to speculate on the price of gold can be cheaper than trading literal gold. Also, DGX is used through a protocol called PoP (proof of provenance), which is useful for tokenizing assets.

DGD, on the other hand, is used to vote on proposals submitted to the DAO. With DGD, users can vote on startups or new services entering the DAO in a democratic fashion.

How can DigixDAO appreciate in value?

DGX can appreciate in value if gold appreciates in value. Gold (and other precious metals) generally have inverse correlations with USD. Accordingly, any drop in value to USD should result in an increase in the price of DGX.

DGD should not be seen as an investment opportunity, but rather as a utility token. DGD allows users to vote on proposals. If DigixDAO needs more funding to create more services, the project reserves the right to create and sell more DGD to fund their endeavors.

What are the differences between DigixDAO and its competitors?

DigixDAO does not have many viable competitors. DAOs are still in their early stages and have yet to come to fruition in any practical manner.

DGX, on the other, hand has some competition: GoldMoney and Tether. GoldMoney is the market leader in tokenizing gold, holds over $2 billion in assets, and appears on the Toronto Stock Exchange.

Tether is a stable token with each USDT equalling approximately the value of 1 USD. If Tether decides to enter the gold or precious metal space, it could create serious competition with DigixDAO since the project is well-trusted in the crypto space.

  • Mainnet Launch: Not yet launched but is expected to happen soon. Accordingly to the latest updates from the team, they are working towards deploying the contracts onto the Ethereum Mainnet by doing pre-flight checks to make sure the contracts can be upgradeable seamlessly in future.
  • Open Source: Partial. Some repositories are private.
  • Consensus Type: Proof of Provenance. Until recently is was named Proof of Asset. The team has taken this move to avoid confusion. Given that “PoA” as an acronym is commonly used to refer to the Proof of Authority consensus algorithm, they want to minimise the risk of readers and users mistaking their protocol for the Proof of Authority when te the acronym “PoA” is used.
  • Technology: Blockchain
  • Total Coin Supply: There are 2 million DGD tokens in existence with 15% allocated to developers. However, if the DigixDAO requires more funding and the majority of participants agree, then another DGD token crowdsale can take place. The supply of DGX tokens will depend on the demand for gold and the size of their vaults. The first vault Digix is working with can hold about 2 billion USD worth of gold, so if the new DGX gold standard becomes popular, they will need to expand to more vaults.
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Description

What does DigixDAO do?

DigixDAO held the first crowdsale on the Ethereum blockchain with the purpose of creating a decentralized autonomous organization, commonly known as a DAO. It was created by Digix Global.

DigixDAO plans on offering many services, such as: wealth inheritance mechanisms, escrow services, collateral services, lending platforms, tokenizing of in-game currencies for trading, crowdfunding solutions, gold-backed tokens, and more. The project developed a PoP (Proof of Provenance) consensus mechanism to tokenize assets like gold.

The primary benefit of a DAO is that it allows people of all tiers of wealth to invest in different projects. Individuals that wish to invest in startups are often required to become accredited investors, which mandates certain levels of income and net worth. Now, with decentralized organizations, anyone can have a voice in the investing space by contributing however much they feel comfortable. This further empowers people and can contribute to a fair wealth redistribution.

What is DigixDAO used for?

There are two active coins in the protocol: DGX and DGD. DGX represents bars of gold and is meant to bring stability to the volatile crypto world, while allowing users to speculate on the price of gold by trading DGX. Using DGX to speculate on the price of gold can be cheaper than trading literal gold. Also, DGX is used through a protocol called PoP (proof of provenance), which is useful for tokenizing assets.

DGD, on the other hand, is used to vote on proposals submitted to the DAO. With DGD, users can vote on startups or new services entering the DAO in a democratic fashion.

How can DigixDAO appreciate in value?

DGX can appreciate in value if gold appreciates in value. Gold (and other precious metals) generally have inverse correlations with USD. Accordingly, any drop in value to USD should result in an increase in the price of DGX.

DGD should not be seen as an investment opportunity, but rather as a utility token. DGD allows users to vote on proposals. If DigixDAO needs more funding to create more services, the project reserves the right to create and sell more DGD to fund their endeavors.

What are the differences between DigixDAO and its competitors?

DigixDAO does not have many viable competitors. DAOs are still in their early stages and have yet to come to fruition in any practical manner.

DGX, on the other, hand has some competition: GoldMoney and Tether. GoldMoney is the market leader in tokenizing gold, holds over $2 billion in assets, and appears on the Toronto Stock Exchange.

Tether is a stable token with each USDT equalling approximately the value of 1 USD. If Tether decides to enter the gold or precious metal space, it could create serious competition with DigixDAO since the project is well-trusted in the crypto space.

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