DGX Gold Backed Token – The Store of Value for the Digital World

Project Reviews / 18.10.2019

Gold, together with most precious minerals, has been known as a good store of value ever since it was first discovered. Storing these minerals serves as a hedge against the volatility of currencies and the downfall of economies. It also attained a payment method, where individuals can use it to pay for goods and services.

The scarcity and limited supply rather made gold turn into an asset to store wealth, rather than being used as a payment method. The supply of this mineral is not evenly distributed, for individuals to benefit from its store of wealth feature.

Gold’s physical nature also makes it indivisible and inaccessible to everybody, making it an asset held mostly by society’s wealthy classes.

Merchants sometimes take advantage of this to call for high prices when selling it to customers, especially lower quantities. Additionally, purchasing gold comes with a series of paperwork and logistic hurdles to acquire this precious metal.

These hindrances brought by the use of gold are now a thing of the past, thanks to introducing an ERC20 compatible token, DGX Gold Backed Token – being spearheaded by the DIGIX group of companies.

How DIGIX makes Gold easily Accessible and Divisible with the use of Blockchain Technology

DIGIX adopts one of the secured blockchain network, Ethereum, to deploy its DGX Tokens, thereby ensuring transparency and security to the tokens.

The total tokens issued can be verified on the public blockchain ledger, automatically disregarding any rumors of further minting new token, as seen in some cryptocurrencies out there. Security has long since been one of the unending battles in the crypto-sphere industry, but the Ethereum network has stood the test of time against all sorts of hacks.

The decentralized nature of Ethereum makes it absolutely impossible to be hacked, as over 8000 computers across the globe are maintaining this network. With the growth of this network, cases of 51% attack is a thing of the past. Hence DGX tokens are safe and secured.

Through the efforts of DIGIX, crypto enthusiasts can have access to gold deposits 24/7, no matter where they are across the globe. Gone are the days where one had to travel long and crazy distances, all in the name of purchasing gold from a traditional dealer. Now, it all happens right from your home or from the comfort of your office while interacting with the Ethereum blockchain network.

In addition to the easy acquirement of gold, blockchain technology also makes digital gold distribution divisible to the tiniest fraction. The limitation of having to meet a buy order of any gold dealer has now been removed, with the introduction of digital gold. Gold investors can now purchase any fraction of digital gold that they want through listed cryptocurrency exchanges of DGX.

The Assurance of DGX Backed Tokens

Smart Contract is a feature of the Ethereum blockchain network, making it possible for two parties to exchange assets without any centralized institution’s control. Through this same technology, DGX Tokens will be minted on a 1:1 ratio, with every gram of gold deposited in any of the accredited vaults by DIGIX.

To avoid fraudulent attempts, users who wish to mint digital gold tokens are to deposit gold, which is 99.99% pure, as approved by a London Bullion Marketing Association refiner. Proper documentation regarding the ownership of the physical gold is also uploaded. Once this is done, DGX tokens are minted automatically according to the amount of deposited physical gold.

Users can verify the authenticity of all submitted documents through the asset explorer of DGX. This clearly proves why DGX is referred to as gold-backed tokens because, for every token that you hold, you possess an amount of physical gold stored in secured vaults. This also balances the amount of digital gold to the amount of physical gold stored in the vaults.

Through the strict verification system of Bureau Veritas, one of the renowned auditing firms in the financial industry, all documents submitted as proof of deposited gold ownership are ensured to be right and true. Follow up with this short video to know the entire verification process.

Gold, which is deposited, is not lost, but through recasting, one can claim his/her physical gold according to the number of tokens one possesses. Making transactions with the use of DGX is no hard nut to crack. It’s actually quite similar to making transactions with the use of any ERC 20 Tokens. See this video as a guide in making transactions with digital gold tokens. Purchasing DGX has been made simple through the Kyberswap exchange. Within the shortest time possible, one can obtain digital gold tokens within a few clicks.

Conclusion

Many crypto enthusiasts are predicting cryptocurrencies as the future payment method. However, DGX Token is the next store of value to replace gold in the digital world equally. It’s a 100% gold-backed asset issued on the Ethereum blockchain network to provide maximum security to its users and ensure full transparency in all its transfers.

Adopting this digital gold makes this mineral easily accessible, and investors can acquire the tiniest amount of gold they want. DGX has gained the acceptance of renowned blockchain enthusiasts such as Vitalik Buterin, Arthur Falls, and Roger Aitken, hence expanding the community reach of DGX Tokens.

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Holds a degree in BSc. Nursing from the University of Cape Coast, Ghana yet an addict to the blockchain technology and the cryptosphere. He combines the promotion of crypto projects and also the making of professional contents all to get innovative projects to the real world. He is a passionate Community manager and a Marketing Advisor for blockchain startups.