About DigixDAO (DGD)
 

Overview

DigixDAO was Ethereum's first major Distributed Autonomous Organisation (DAO) created by DigixGlobal. Using a Proof of Asset (PoA) protocol the financial platform tokenizes physical assets, in this case, London Bullion Market Association approved gold ingots. DigixDAO has two tokens, each with a different use. The DigixDAO token (DGD) enables the holder to vote for projects at Digix as well as allowing the holder to claim a quarterly reward on the systems transaction fees. There are 2,000,000 DGD tokens in existence. The Digix Gold Token (DGX) is a stable coin expected for release in 2018 and represents one gram of real-world gold. This digital gold is available for purchase through the platform and backed by an actual gold ingot deposited in a custodian vault in Singapore.

Technology

The decentralized, trustless nature of the blockchain combined with the use of smart contracts makes DGX a simple, secure and fee minimal means of purchasing gold as no third parties are involved. The PoA protocol that Digix uses combined with the InterPlanetary Files System (IPFS) tracks the physical asset through its chain of custody allowing for transparency in verifying the actual existence of the gold without the need for a centralized database. Additionally, DGX tokens can be utilized as a framework for Dapp development, gaming currency, and as a store of value for Escrow services.

Future Focus

The future of Digix and the related two tokens are expected to be exciting; if DGX becomes a widely adopted means of owning and transferring digital gold assets the value of DGD tokens will increase relative to this. The Digix team are currently busy testing the PoA protocol and UI/UX interface to make it easier for custodians and auditors before the expected release at the end of Q1 2018.

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

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Storing your coins with Wallets

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

Pay with POLI. Its fast!

POLI - internet bankingPOLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

About Bitcoin

Bitcoin (BTC) is a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Transactions are stored on a distributed, immutable, online, public ledger known as a blockchain. Bitcoin was the first truly decentralised cryptocurrency which was created by a programmer under the pseudonym Satoshi Nakamoto and was released in 2009. The system is peer-to-peer, verified by network nodes and recorded in a public distributed ledger called the blockchain. Bitcoin can be exchanged for other currencies, products, and services with over 100,000 merchants and vendors accepting bitcoin as payment. Bitcoin can also be held as an investment. There are only a fixed number of Bitcoin will ever be mined (21 million), it’s not controlled by any one government or central bank, and there’s no such thing as quantitative easing or fractional reserve banking. These qualities make Bitcoin excellent as a store of value and a long-term safe-haven asset, similar to gold.

A Bitcoin success story that went viral on social media is Kristoffer Koch from Norway. Koch invested around $27 in Bitcoin in 2009 and then forgot about it for four years. He remembered about his Bitcoin wallet in 2013, which had then grown in value to $886,000.

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