Cryptocurrencies are arguably one of the most highly applied use cases for blockchain technology. The biggest issue retailers have with adopting it into their system is because of the volatility that comes with this speculative market. If we are to use this disruptive technology as a means of payment, and dislodge ourselves from the current fiat system, we need stability.
That is where Digix comes in.
Digix was one of the first companies that brought gold, onto the blockchain. Having been incepted in December 2014, Singaporean based Digix has been using blockchain´s immutability capabilities as a means to prove ownership of the asset. So unlike other cryptocurrencies, the value of DGX, is justifiable and is just as volatile as the value of gold.
The information of a gold bar, would be recorded and etched onto the Etheruem blockchain. Once the information is processed by Digix´s smart contract, 1 DGX token will be created for each gram of the gold bar. Thus the value of 1 DGX token closely correlates to the value of 1g of gold. When the proper terms are met, token holders can claim the tokens for a gold bar, that could either be sent to the user, or be collected in person.
With Digix, gold would be cheaper and easier to own, and this asset could be liquidated a lot easier. With the help of blockchain, holders can easily transfer this commodity from person to person almost immediately, and cheaply, with just a device and an internet connection.
As clearly shown in the table above, the average person can easily own gold, with the help of Digix. The ability to own a fraction of 1g of gold, combined with low fees make the barrier of entry to own this commodity, that much lower when compared to buying it from banks in Malaysia.
The Digix team is led by its 3 co-founders:
Digix also has support from a well known name, with many years of experience - Teo Hye, Chng, Chairman. He was the chairman / CEO of Fujitsu Asia Pte Ltd.
They were even nominated as one of the top 40 finalists in the inaugural Fintech Awards 2016 as hosted by the Monetary Authority of Singapore and Association of Banks Singapore.
Seeing how buying gold from Digix, in form of DGX tokens, is a lot easier, cheaper, and quicker, as compared to buying from the banks, this seems like a no brainer.
DISCLAIMER: This is not investment advice, simply a promotional write up based on information made available, be it scarce or in abundance. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice.