Gold on the blockchain with Digix [DGX]
Digix (DGX) is a token that is part of Digix Global, which is a platform built on Ethereum for transacting gold on the blockchain.
The Gold Standard in Blockchain Digital Assets
Digix DGX represents 1 gram of 99.99% LBMA standard gold that is secured in a safehouse vault.
Every asset represents a unique bullion bar sitting in designated securitised custodial vaults. The provenance of the Gold is traceable, immutable and exists indefinitely.
They also state that DGX is free from the volatility of other cryptocurrencies, and will have..
- On chain proof of auditing
- No fractional reserves
- LBMA approved refiners
So with this token it is more like purchasing gold itself, but there is also another token that is part of Digix Global called Digix Dao [DGD] which is basically owning a stake in the network itself and there are only 2,000,000 total.
DGD holders get to claim rewards on transaction fees of DGX.
So all in all the project seems great for people interested in buying gold on the blockchain or even being a part of the network itself, and I'm excited to see how these types of projects help secure precious metals transactions in the future!
Disclaimer: All of my opinions are only opinions, and it is not investment advice. Please do your own research before investing in anything.
Post - Vote - Earn :D
Solid post. I was about to post a similair thread. The future is in blockchain. The issues is that people don't seem to care about the Trustworthiness of the current cryptos. This also happened in the internet boom. Does anyone know about: https://www.coincheckup.com. They researched and analyzed every tradable coin out there from a investment, team, product, transparency perspective. Really interesting.
I think it should do well as many people will like this idea. I however, would like to own physical gold and have my crypto investments separate. Thanks for sharing :)
I agree that it's nice holding your precious metals in your own hands, but depending on how much you want to own and your storage options I could see this being good.
Yes, especially for bigger investors
Hello @stealthtrader ! I'll share/resteem all your posts if you can follow me and resteem too my future posts ,you're the best ,thank you and hope we'll help each other ! I wish you have the best posts !
The problem with every gold on the blockchain project I have noticed is that they don't actually solve any problem. It is just a more expensive way to buy gold!
Also, the DGX gold token will be priced at LBMA, which means this will not create new arbitrage opportunities. Very poorly thought out in my opinion.