What is DigixDAO (DGD)?

Aug 03, 2018 at 20:56

Coin overview

The goal of DigixDAO is to create a cryptocurrency backed by actual gold—gold bars, to be specific, which owners can easily transfer and divide through blockchain. They call it the “digital gold standard.”

DGD is DigixDAO’s governance token (not to be mistaken for DGX, which is their gold-backed token). A total of 2,000,000 DGD tokens were offered in an ICO to raise funds for the DigixDAO project, but according to the developers, if the demand for DGX funding increases in the future, they might offer more DGD tokens in another public sale. DGD was worth $31.90 when it was first offered in April 2016; at the time of writing, its value is at $96.56.

As a governance token, DGD gives holders the power to participate, which means they can either send in proposals for the development of projects that build the Digix and DGX ecosystem or vote on the proposals sent into DigixDAO.

As a crypto token, DGD can be bought on cryptocurrency exchanges and is often paired with Bitcoin (BTC) or Ethereum (ETH). However, token holders who have their DGD in exchange will not be able to participate in DigixDAO governance, as they require you to lock up your tokens for the quarter you want to participate in—this is the minimum requirement for you to earn points towards rewards.

The idea behind DigixDAO is to create a digital representation of gold bars from London Bullion Market Association-approved refiners. They use The Safe House Singapore as their custodian vault. Each gram of gold is easily traded using Proof-of-Asset (PoA), which uses digital signatures from the vendor (London Bullion Market Association), the custodian vault, and an independent auditor—in this case, Digix uses Bureau Veritas Inspectorate—to certify the gold assets represented by their gold-backed token.

The Digix team is based in Singapore and led by two formerly New York-based Kai C. Ching, a trader by profession, and Anthony Eufemio, a software developer.


Where to buy?

Majority of DGD tokens are available on Binance and Huobi.

Is it mineable?

DGD has a total supply of 2,000,000 tokens, all of which are currently in circulation.