DigixDAO (DGD) Profile

DigixDAO Token Profile (PDF)

DigixDAO (DGD) is an Ethereum-based organization that enables the transfer of tokenized gold through its platform. The DGD token represents ownership in the Decentralized Autonomous Organization that manages the transactions on the platform. DGD token holders are entitled to transaction fees and governance rights. A different token, the DGX token, is the platform’s native medium of exchange, and there is a fixed exchange rate of one DGX per gram of gold. Although DGX is only traded within the DigixDAO platform, it is also a blockchain-based token, and the actual existence of the gold backing the token can be verified on chain. Each DGX token has a “Proof of Asset Card,” which includes a timestamp of when it the token was created, the SKU of the gold bar backing it, the gold bar’s serial number, digital signatures from the chain of custody, purchase receipts, audit documentation, a depository receipt, and storage fees records. These cards are sent to a Minter Smart Contract, where each card is converted into the DGX token, which can then be traded. In order to ensure that each token is backed by an equal amount of gold, ValueMax Singapore supplies the London Bullion Market Association with certified gold bullion through the Digix Marketplace. Quarterly audits of the vault are performed by Bureau Veritas and storage is provided by Malca-Amit.