When investing in virtual currency, you need to do your research. We provide you with reviews of each world top cryptocurrency out there, so that you can find the best crypto coins to invest in for you. This is a review of DigixDAO.
UPDATE 28 April 2020: It has been brought to our attention that the website to this crypto project is no longer accessible. Accordingly, we suspect that this crypto project has been closed down. If you have any more information about this, please contact us and we will update this review accordingly.
Teo Hye, Chng (Chairman) – Former Chairman and CEO of Fujitsu Asia Pte Ltd.
Kai C. Chng (Founder, CEO) – Kai worked on Wall Street as an EMFX trader in a global investment bank for the past 4 years. He was an International Program student at Upenn – Wharton and graduated with honors from NYU – Stern.
Digix is building the platform for trading DGX on the Ethereum blockchain. The company is based in Singapore, and will store physical gold for each token issued on Ethereum. There are fees charged for storage at 0.39% per annum, similar to Gold ETFs. However, by having Gold in token form, it gains the ability to divide into parts in order to facilitate micro-transactions. The Digix tokens will also be redeemable for gold bars.
DGD holders get to claim rewards on transaction fees of DGX. Transaction fees are at 0.13% of the amount transacted. Therefore, ownership of DGD represents the ownership of a part of the company and its profits.
So, each DGX token represents 1 gram of 99.99% LBMA standard gold. The company regard themselves as parallel to E-gold, which at its peak was processing over $2 billion in transactions per year in 2006. It was later shut down due to allegations of illegal activity.
Vitalik Buterin, founder of Ethereum has said:
“Giving users easy access to many different kinds of digital assets on the blockchain, and particularly tokens that are linked to assets in the real world, is crucial to seeing blockchain adoption reach the next level, and I applaud Digix’s initiative in being the first of many such projects to successfully launch.