Digix (DGX)

From CryptoMarketsWiki
Jump to: navigation, search

Founded 2014
Headquarters Singapore
Key People Kai C. Chng, Founder and CEO; Anthony Eufemio, Founder & CTO; Shaun Djie, Founder & COO; Teo Chng, Chairman
Products Digital gold token DGX
Twitter @DigixGlobal
LinkedIn Profile
Website Digitx Home

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.


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] When the failure of The DAO led to the awarding of Ethereum Classic (ETC) to all Ethereum holders the Chairman of DigixGlobal asked Digix CEO, Kai C. Chng, to return the 465,000 ETC it received to DGD holders. A year later 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.” DigixGlobal later distributed the ETC that had been created directly to DGD holders.[2]

In December 2019, CoinDesk, an online cryptocurrency news service, reported that Digix CEO Kai Cheng Chng had launched a project to consider the full dissolution of DigixDAO.[3] The company called it "Project Ragnarok." Operation of the Digix platform as well as issuance of DGX gold tokens were not to be affected by the outcome of the vote.[4] In mid January 2020 Chng announced that 52 DGD holders, representing more than 90% of the holdings, voted to liquidate the $64 million treasury.[5]

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.[6]

DGX coins are created through a protocol it terms Proof of Asset (PoA). 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.[7]

As of late February 2021, DBX coins were traded on Bitfinex and a handful of other small platforms. With a value of $4,148,664 on February 25, 2021, DGX was not among the top 1,000 cryptocurrencies ranked by market capitalization.[8]