Digix Gold Token

Digix is a smart asset company that uses blockchain technology to represent physical gold with tokens.

Digix incorporated in Singapore in December 2014 and the DGD crowd sale took place on March 30th, 2016. It was the first ever crowd sale and major Decentralized autonomous organization hosted on the Ethereum network.

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

Overview

Founded in Singapore in December 2014, DigixDAO (DGD) is building a decentralized autonomous organization (DAO) that specializes in the tokenization of physical assets. The project provides the infrastructure to create tokens backed by physical assets on the blockchain. To wit, it allows for the public verification of an asset’s existence through its chain of custody via its Proof of Provenance (PoP) protocol, which makes use of the Ethereum network and the Inter Planetary File System (IPFS).

Digix also offers an API that enables other applications to be built on top of its asset tokenization service.

Digix has 2 cryptocurrencies, Digix Gold (DGX) and DigixDAO (DGD).

The company reportedly procures its gold from LBMA-approved refiners. For security, Digix includes third-party auditing from Bureau Veritas. The DGD crowdsale in March 2016 was the first crowdsale and major DAO hosted on the Ethereum network.

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.