Finding a stable stock of value in the world of cryptocurrency is much more difficult than we think. Most crypto-currencies are inherently volatile, but efforts are underway to combine the best of cryptocurrency with stable assets. The DigixDAO is a very interesting project in this respect, since it is a distributed autonomous organization that resides on the Ethereum blockchain.
The distributed self-organization concept does not have the best results. This became incredibly obvious once the DAO was hacked several times and the Ethereum blockchain had to be canceled by the developers to repair all the damage. The DigixDAO is, by default, the first successful DAO on the Ethereum blockchain. They raised 5.5 million US dollars in order to decentralize the future and introduce a new stablecoin. At first it seemed like an ambitious project, but significant progress has been made since then.
How DigixDAO works
The first item on the agenda of the DigixDAO was to present a new stablecoin. A trading unit that stores the value in time was not present in recent years. Digix Gold tokens - or DGX - represent a value on the blockchain that will be retained over time. This token is compatible with Ethereum Smart Contracts, and DGX will eventually be used as a payment tool using NFC technology. This particular token is announced as the future gold-standard for the exchange of value in the Ethereum ecosystem.
Each DGX token represents 1 gram of 99.99% LBMA standard gold, which is secured in Safehouse safes. Users can redeem 100 DGX tokens for 100 grams of physical gold. This process can be completed in person or by mail, which is quite interesting. Another feature is chain audit evidence, with no fractional reservations. For anyone looking for a relatively stable digital asset, DGX is definitely worth a look. There is also the DigixDAO token, which allows holders to claim quarterly rewards based on the total DGX collected by transaction fees.
To adhere to the true nature of a DAO, DGD tokens can be used to promise DigixDAO proposals. This is not a stablecoin because it can be traded through exchanges, and 2 million DGD tokens already exist. By combining the concepts of rewards, badges and proposals, the DigixDAO could become a major project much sooner than people think. That said, the governance model for this project is still under careful planning and development. Many great things are yet to come; this is obvious.
The future of DigixDAO
As with any blockchain project, there is still a lot of work to be done for the DigixDAO team. A final version of the audit report will soon be presented to the public. Once this audit is made public, the launch of DGX 2.0 will take place in the next eight weeks. The team's smart contract series is currently on Kovan's public test network and is awaiting further feedback from the community. There are also new partnerships to consider, which can only be considered a good thing. It will be interesting to see how DigixDAO will evolve in the coming months.
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