What is DGX?

Discovery Series Dec 05, 2019

DGX is a gold-backed token, built on the Ethereum Blockchain, where every DGX token represents 1 gram of 99.99% gold bars cast from refiners approved by the London Bullion Market Association.

Digix keeps the gold bar within highly secured vaults in Singapore and Canada and mint every DGX token on the Ethereum blockchain through an extremely transparent token creation process, known as Proof of Provenance (PoP). This process ensures that for every DGX token minted, one gram of gold bar is added to the vault. All documentation related to the gold bars is uploaded to Ethereum blockchain for the public to view on Digix’s asset explorer.

Check out this video to learn more about DGX:

Why use DGX?

Gold has always been a safe-haven, yet is difficult to store and use in large quantities.

Storage issue — Owning gold is one thing, storing gold is quite another. It is almost impossible to store a huge quantity of gold safely without worrying about security. There are three ways to store gold — keep it at home, use a bank’s safe deposit box or pay for third-party storage. All of these require additional fees for storage.

Portability issue — Gold is significantly less portable than fiat currency, which is a major hurdle to using it in our daily lives. There is often an additional fee to move a huge volume of gold and it is impractical to carry gold wherever we go.

Divisibility issue — Divisibility was one of the reasons why precious metals such as gold were widely used as currency throughout history. However, in today’s market, gold comes in standard “sizes”, making it difficult to be used as a medium of exchange.

With DGX, gold is accessible to everyone in a highly secured digital form. It resolves the issues of storage, portability and divisibility. The result is a gold-backed token that is portable and divisible, one that can be traded, spent and stored with a stable value.

DGX can be a stable store of value. Since gold is a time-tested safe-haven asset, DGX can be a hedge against the volatility of crypto markets.

Transacting with DGX allows you to spend gold in a frictionless and borderless manner. DGX token is listed on a popular payment wallet, Xwallet by PundiX, and Monolith VISA card, which allows you to spend gold at over 6 million locations globally.

DGX is cryptographically secure and transparent thanks to Digix’s Proof of Provenance (PoP) Protocol which offers unalterable and tamper-proof records. Digix offers full visibility over digital ownership, transaction and inventory with records on quarterly audits.

How and where can I buy DGX?

You can buy and sell DGX on Switcheo Exchange. Learn more in the guide below:

https://medium.com/digix/how-to-trade-dgx-on-switcheo-exchange-1c30a067264e

Where can I find out more about DGX?

Visit https://digix.global/ to learn more on DGX. You can also drop the Digix team a note at marketing@mailer.digix.global or join the channels below:

About Switcheo Network:

Switcheo Network is the first multichain decentralized cryptocurrency exchange that allows for cross-chain trading of Ethereum, EOS and NEO based tokens.

We are building an open and decentralized financial network with a world-class experience where users are able to transact freely and securely with one another.


For more information on Switcheo:

Switcheo Team

Switcheo is the first multichain DEX that allows for cross-chain trading of Ethereum, EOS and NEO based tokens.