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What Is DigixDAO ?
DigixDAO is a cryptocurrency that tokenizes gold in a digital form using ethereum blockchain. By using a physical gold bar. Those digital tokens can be minted, and its’ workability is based on the distributed ledger. DigixDAO has created two technologies namely Digix Gold Token( DGX) and the Proof of Asset Protocol (POA) on ethereum platform. The Proof of Asset Protocol (POA) proves the existence of the asset and the distributed ledger ownership. Digix Gold Token( DGX) is the gold coin that will be exchanged on ethereum blockchain. Digix created an API that enables one to build other Apps. In its’ asset service. The asset is a gold bar representative placed in an allocated deposit. With asset, users can easily purchase gold efficiently.
All authentication process towards buying gold are published through ethereum network, and the user can purchase gold from any accredited refinery such as LBMA refineries with an assay certificate. An auditing is done quarterly on each gold asset in Digix safe house. We know that storage of gold bar is difficult but Digix has made it a lot easier by liquidating the metal and one can use it at any time while maintaining the same level of physical security.
DigixDAO TEAM DigixDAO is made up of seasoned professionals who have made remarkable achievements in their chosen profession. The team is headed Mr.Hye Teo Chng as the Executive Chairman, assisted by Mr, Cheng Chng as CEO.
We have Mr. Djie Shaun who is heading the marketing and Business Development team, Mr. Eufemio Anthony who is leading the technical team.Lastly, in the team, we have Mr.Hitchcott Chris, who is a developer.
In the advisory board, we have these notable personalities in their advisory board, and all have over six years’ experience in the cryptocurrency business. We have Mr.Carl Phillip Mullan who is the founder of PDX Currency Corporation, Mr.Wong Tony who is a Spring Global Mail Asia Consultant and Mr. Peter W C Tan who is a consultant with a leading Asian financial institution.
PRACTICAL USES OF DIGIXDAO
It is used as a cryptocurrency store of values.
It is a marketplace for the gold transaction.
It is used to trade gold to fiat currency.
It is used for lending and microfinance services within P2P network.
It is a wealth management DAPP.
MINING OF DIGIXDAO
DGD token is mined on ethereum platform, and these are two ways of mining Digix token, they are CPU/GPU and Mining pool.
CPU/GPU Mining: CPU/GPU is a machine that has a graphical interface. Proof of Work(PoW) is being used to mine to secure both the transaction records and the rewards. The GPU is more efficient and faster than the CPU. Both delay a lot in recording the transactions to the blockchain, and this also delays rewards.
The advantage CPU/GPU mining has over others is that it gives better privacy.
Please note that, whenever mining is to take place, antivirus needs to be disabled.
Mining Pool: This involves people coming together to form a group, and that group will put all their resources together. Once mining is successful, a reward will be given, and that reward will be shared amongst the members based on individual’s contribution.
Notes for Investors
Presently, we have 2,000,000 DGD tokens in the market, and the management team has no intention to create more. This move will create artificial scarcity resulting to the token going all-time high in the market cap. You can take advantage of the opportunity now.
Cryptocurrency investment is speculative, and it involves unquantifiable risks – the market is full of uncertainty, susceptible to attack and capital loss, and sensitive to secondary issues, time may do not permit to mention here.
Seek advice before investing.