DigixDAO plans to create a new cryptocurrency which is backed by the value actual bars of gold. Digix DAO is an acronym for Decentralized Autonomous Organization; essentially a decentralized group of participants involved in making decisions about how to distribute DGX tokens.
The functionality relies on recording the possession of an asset (POA) on the Ethereum blockchain then creation of Asset Cards. POA cards are certified using sequential digital signatures, which come from the entities in the chain of custody to grow the Digix Global Ecosystem.
Tokens are subsequently created by a smart contract that obtains asset cards and generates DGX tokens the equivalent of each gram of gold. DGX tokens are designed with two sets of fees associated with storing and securing gold. That in a nutshell is what DGX entails.
Founder: Kai C. Chng, Anthony Eufemio, Shaun Djie Release Date: April 18, 2016
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