DigixDAO: Basic Notion
The DigixDAO stands for the Digix Decentralized Autonomous Organization, a decentralized Digix team member seeking effective ways to grow and further expand the Digix Global Ecosystem. Its members acquired DGD tokens in the “first-ever ICO (Initial Coin Offerings) on the Ethereum Blockchain.” So, Digix Decentralized Autonomous Organization is, in fact, both a new cryptocurrency and the same-named platform related to gold and other precious metal transactions, distribution of its shares among the token holders, and dividing it between the members from all around the world. So, The DigixDAO system is meant to expedite and promote the digitization of precious metal.
How does DixiDAO work? The efficiency of the DigixDAO platform is provided through the Ethereum blockchain system, which, in turn, provides effective protection of user assets and data from possible hacker attacks and simplifies the placement and storage of tokens. For the reasons of safety and security, Digix technology comprises third-party auditing from Bureau Veritas.
All these factors make it a safe and reasonable choice for anyone wishing to try a hand in crypto mining, even if it is the first step.
More to the point
Let us delve into details of the DigixDAO options available for crypto enthusiasts:
- For instance, you want to invest your money assets in physical gold. To do this, you form a request for the purchase of gold and place it and pay in equivalent BTC or ETH on the DigixDAO platform. After that, the DigixDAO system purchases the precious metal according to your application and places it in a safe depository located in Singapore. In your account, a certain number of DGD coins appears, which corresponds to the gold purchased. For storage of the gold you have acquired, the DigixDAO project charges a commission of 0.39 percent per year.
- At the same time, you can operate with DGD coins, storing, selling, and buying them within the DigixDAO system – they are an indisputable confirmation of the right to own gold. You can also pick up your gold by taking it out of the safe in Singapore. One of DigixDAO’s core features is its physical gold bullion which means that by investing in the Digix marketplace, users purchase physical assets (bullion) from renowned refineries (such as LBMA approved refiners from which the platform acquires up to 99.99 percent of its gold without any percent from fractional reserves), including certificates of analysis from major and well-known refiners.
- DigixDAO works following the principles of decentralized management – a member of the DigixDAO network votes for the implementation of new solutions to the system and all significant changes affecting the operation of the site. Only the 0.13% transaction fees and one-third of the demurrage fees on DGX are counted towards the DigixDAO.
- Detailed and up-to-date information about DGX, as well as the current DigixDAO price in USD, DigixDAO contracts, circulating supply, max. Supply and DGX charts demonstrating exchanges rate, rice history, including all-time high and daily ones, are available on the official website of DigixDAO company: https://digix.global.
1. DigixDAO platform tokens
The Digix platform thus offers the infrastructure to create tokens backed by physical assets on the blockchain in the most efficient manner: it lets the existence of an asset be publicly proved through its supply chain involving the Proof of Provenance (PoP) protocol, which applies the Ethereum network and the IPFS (which stands for the interplanetary file system).
Digix has to offer two cryptocurrencies, Digix Gold (DGX tokens) and DigixDAO (DGD tokens). The Digix applies the blockchain technology to represent physical gold with tokens, and the DigixDAO project developers developed these two types of tokens: the first is the so-called DGX tokens, which give the user the right to own gold (1 DGX token price is equal to 1 ounce of precious metal, or 29.8 grams). There are some key points to learn about the DigixDAO price: while DGX tokens have a gold-backed value (and DGX token is based on the Ethereum Blockchain), DigixDAO DGD token, in fact, is a share of the DigixDAO platform and confirms the right of the network participant to vote and influence the development of the project, as well as let the DGD token holders receive remuneration as the dividends from commissions.
The DGD-coin emission indices are 2 million units. This is a fixed value for future DGD holders. At the time of publication of the review, the DGD price of DGD altcoin is $ 191.17 with a capitalization above 382 million dollars (visit the relevant website to learn the current DGD price). DigixDAO DGD principle suggests that the subsequent growth of the DigixDAO token rate is guaranteed.
When carrying out DigixDAO DGD transactions in the system, a small commission is retained from DGD holders, which is later compensated in the equivalent of DGD coins – it can be considered a kind of mining for DGD holders.
2. Prospects for the DigixDAO project
The possibilities of the DigixDAO system development are enormous for private business enterprises and public companies. Each country of the world has its own gold reserve, which is the financial support of the entire economy. At the same time, anyone can become a holder of DGD coins, investing their money in the company’s gold. Now you do not need to use the services of banking companies to purchase precious metals.
It is also worth noting that the risks lie in the vulnerability of the DigixDAO platform before the Singapore government, which can speak of the problems of the DigixDAO network. Do not need to exclude the likelihood of closing the project due to the accumulation of a large amount of gold from developers of the DigixDAO platform who decide to “disappear,” taking the entire gold fund of the company.
The regular increase in the value of gold indicates the prospects of the DigixDAO system, as well as it does for the high risks of scum.
3. The purchase of DigixDAO tokens
Here we explain how it is done in simple terms:
- The DGD coins are traded on the Binance stock exchange service. To purchase DigixDAO coins, you need to have a cryptocurrency on your account – the exchange works only with leading altcoins and does not support the fiat assets.
- First, check the current DGD price in USD or other currencies. In the top menu of the stock exchange, we select “Shopping Center,” click “Main,” and select the currency pair in the trading interface of the resource.
- After selecting the desired trading pair, we see a chart of fluctuations in the value of assets. Below is a window for creating a new application for the acquisition of assets.
- We use the option of the deposit to determine the working share of funds and confirm the application by clicking the “Buy” button.
- After this, the funds are credited to the balance – now, you can dispose of the DGD coins at your discretion.
Market Cap Factor For Cryptocurrency
For a cryptocurrency such as Ethereum or Bitcoin, market capitalization (or shorter market cap) stands for the total value of the sum of the coins that have been mined and is calculated by multiplying the number of coins in circulation by the current market price of a single coin. Market cap is considered the first crucial indicator for ranking cryptocurrencies, so it cannot be disregarded in all crypto-related operations. Here the pattern is, the higher the market cap of a cryptocurrency, the more prevalent and superior its position and reputation in the market are.
To start with, there are already quite a few popular websites where you can find learn and track the real-time DigixDAO price and Bitcoin price, coins market cap, historical data, price graphs, and currency converter.
For example, the Ethereum price page is part of The CoinDesk 20 that comprises price history, price ticker, market cap, and real-time graphs for the top cryptocurrencies. CoinDesk also provides a suite of institutional-grade price indexes. The Bitcoin price page is part of The CoinDesk 20 that contains price history, price ticker, market cap, and actual graphs for the top cryptocurrencies. CoinDesk also contains a set of institutional-grade price indices.
The bitcoin price page is part of CoinDesk 20 as well. So, you can learn DigixDAO price or any other cryptocurrency price rate, and you can navigate through the up-to-date charts, price history, price ticker, market cap provided on those most popular sites, and thus stay tuned on the most widespread cryptocurrencies.
Even if our article made you dream gold bars without being limited by the physical mass of gold supply, or convinced you to purchase gold as a safe haven in the times of highly unstable market, or just persuaded you to try operating on DGX and other cryptocurrency platforms without setting aside, we still recommend seeking professional financial advice and marketing consultation before carrying out bitcoin-related operations. You do not necessarily have to pay for them – to start with, and you might read some proven guidebooks, articles on crypto mining, watch a series of video instructions on Youtube – many of the good ones are accessible on the Internet for free.
Here we encourage you to learn more details – for instance, there are plenty of relevant websites, as well as blog pages on Medium (Medium is an open platform and mobile app – Medium work principle is similar to a blog where experts share their advice on various topics they’re keen on, including cryptocurrency). One thing you’ll surely need to develop a flexible approach and find insightful and dynamic thinking, so keep yourself updated on the new ideas and trends in cryptocurrency and let’s go.
Where can I buy DigixDAO?
Most users who buy DGX do so with Bitcoin (BTC) or Ethereum (ETH). While you can’t buy DGX directly on Coinsquare, you can use Coinsquare to purchase Bitcoin or Ethereum, which can then be used to purchase DGX. Besides, you can trade it on Huobi, Binance, or Bitrue. As of today, the top exchanges for trading in Digix Token are currently Bitfinex, ProBit Exchange, GokuMarket, Indodax, and Hotbit.
What happened to Digix?
Digix Global administered and led one of the first Ethereum-based ICOs in Q1–2016. The project gained over 466,6 Ether (valued at ~ USD 6MM at the time of the sale) and advertised 1.7MM DGD tokens (of the total 2.0MM USD total supply), and relatively low usage of the DGX platform resulted in low fees from the side of DGD buyers and DGD holders. In January 2020, the Digix members were allowed to vote for the project’s dissolution. So, as for now, Digix DAO is dissolving as a result of a community vote (according to that final vote decision, over 380,000 ETH held in the treasury funds will be shared between DGD token holders while the rest – 70,000 ETH has been applied to fund projects within the Digix ecosystem).
How do I buy DGD?
First, create an account with a cryptocurrency exchange that lists DGD (it always requires your email address and a password to create your user account). Next point, deposit funds into your account (it is mostly a crypto-to-crypto trade mechanism than USD, so think about gaining some applicable cryptocurrency complying with DGD, such as bitcoin (BTC) or Ether (ETH). Then seek the “Deposit” link on the website interface and copy the address for your existing exchange wallet. Proceed to the “Buy DGD” operation: as soon as your deposit is clear, select the preferable currency pair (DGD/BTC or others). Fill in the amount of DGD to buy, check the price, double-check all the transaction details, and click on the button “Buy DGD.”
Why will the future of video transcoding be decentralized?
If put shortly, the demand for video broadcasting and transcoding services keeps increasing as 4K video and VR streaming are getting more widespread, and more media services prefer streaming to television. Video streaming marketplaces, such as Livepeer, allows anyone to bid on transcoding jobs if they comply with a minimum required stake of LPT. Such an efficient decentralized network thus curtails the expenses of video processing for a broadcasting company and makes widely accessible the whole new set of video use cases.