Digix

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Digix is a commonly used short version of the name of a company called DigixGlobal. It is also the common name of one of the company's tokens, DGX.

Digix
Digix-logo-247x300.png
Founded 2014
Headquarters Singapore
Key People Anthony Eufemio, Founder & CTO; Kai C. Chng, Founder; Shaun Djie, Founder & COO; Teo Chng, Chairman
Products Digital gold token DGX
Twitter @https://twitter.com/@DigixGlobal
LinkedIn Profile
Website https://digix.global/

DigixDAO

DigixGlobal launched one of the first decentralized autonomous organizations or DAO which would be governed by the holders of DGD coins. Seeking to raise $500,000 over one month, DigixGlobal raised $5.5 million-worth of Ethereum coins in a half day-long crowd sale in April 2016. DigixGlobal launched a crowdsale of its DigixDAO in 2016.[1] The Chairman of DigixGlobal recently asked Digix CEO, KC Chng, about the plan to return the 465,000 ETC to DGD holders. A year later CEO Kai C. Chng told a reporter, “I think the main point that people need to understand is that DigixDao didn’t hold a crowd sale where devs get access to the entire pool of funds. The funds belong to DGD token holders, for the creation of a real Dao.” At that time, DigixGlobal was preparing to distribute directly to DGD holders the Ethereum Classic coins (ETC) that had been created when Ethereum hard forked after the 2016 hack and failure of The DAO.[2]

DGX Gold Token

In March 2018 DigixDAO launched DGX, a cryptocurrency coin whose value is tied to the value of gold by making the tokens redeemable into physical gold. Each DGX represents 1 gram of gold.[3]

DGX coins are created through a protocol it terms Proof of Asset. PoA is designed to assure that sufficient gold has been acquired and stored against each DGX and the certification is stored on the Ethereum blockchain. The main nodes that process the PoA are the vendor which provides the gold, the third-party auditor which is hired to check the quality and quantity of the stored gold, and the vault. DGXs are issued against PoA cards which evidence details of the stored gold, including but not limited to the timestamp of the card, the gold bar serial number, audit documentation and the chain of custody digital signatures.[4]

References