Asia Blockchain Review recently talked to Digix Global Co-Founders Kai C. Chng and Shaun Djie about the future of asset-backed digital gold tokens, the market’s interest in gold tokens, the possibility of using gold to pay for everyday items, and Digix’s plan moving forward.
Asia Blockchain Review: Can you tell us about Digix and the vision behind the token?
Kai C. Chng and Shaun Djie: Digix provides a platform where anyone can buy gold, without worrying about its security, accessibility, or transparency. Digix has built the world’s first asset-backed digital gold token, DGX, which democratizes access to gold by allowing anyone with an internet connection to purchase small increments of one of the oldest, safest assets. Each token is backed by one gram of gold that has been approved by the London Bullion Market Association, and held in highly secure vaults in both Singapore and Canada.
DGX envisions itself to be the gold standard on the blockchain. Digix has also pioneered the concept of DAOs (Decentralized Autonomous Organisations) on the Ethereum blockchain by launching the DigixDAO in March 2019. DigixDAO itself is a self-running organization that funds proposals through consensus that promote and spur adoption of DGX.
ABR: What are the advantages of using DGX tokens to represent physical gold? Are there any drawbacks?
KC & SD: Transfer of ownership for DGX becomes very efficient through the use of the Ethereum blockchain. Drawbacks are mostly limited to the technical understanding and use of the blockchain for transactions.
ABR: What targets have you set for Digix this year? How would you describe the overall market for DGX?
KC & SD: We plan to get listed on major cryptocurrency exchanges and expand on the use case of paying with Gold for your daily lives. As a matter of fact, partnerships with BizKey, PundiX are live at the moment and demonstrates this very use case. DGX’s adoption efforts will likely come through the passing of DigixDAO proposals. We recently passed a couple of digital marketing efforts that will happen in jurisdictions outside of Singapore.
ABR: Are there any plans for expansion?
KC & SD: Digix intends to have vaults in more jurisdictions around the world, such that redemptions can be done in person in a more accessible manner. We also welcome more proposals to be submitted to the DigixDAO, where we can help vet and approve proposals with clear agendas to promote DGX.
ABR: What is the objective behind the governance platform DigixDAO?
KC & SD: DigixDAO is a new-age way of running a product placement. Its mission is to help spur the adoption of DGX through the means of mass marketing, technical integration, liquidity and price discovery mechanism on different platforms. These proposals are then funded through the DigixDAO, which is subjected to voting. In return for voting, DGD token holders are rewarded with DGX.
ABR: How will participating in the Singapore government-backed blockchain incubator program Tribe Accelerators drive Digix forward?
KC & SD: Tribe Accelerator has an ambition future to help empower enterprises with blockchain technology. Through their vast network of corporate accounts, we are able to present our product, use case and help foster new collaborations on frontiers that have never been explored before.
For more information about Digix: https://digix.global/
For more information about DigixDAO: https://community.digix.global/#/
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