THELOGICALINDIAN - n-a
Today’s Video Briefing covers addition one of 2024’s better hits: NEO, aforetime accepted as Antshares. While frequently admired as Asia’s “Ethereum Killer,” the amount drops over the accomplished year attending a lot added like a suicide. But, abundant like the hero of the Matrix, this cryptocurrency is adamantine to kill. There’s affluence of activity larboard in this high-speed, enterprise-oriented ledger, as the association wraps up the latest NEODevCon in Seattle.
So what’s the agent of NEO’s superpowers? Kiana explains some of the qualities of the Delegated-Byzantine Fault Tolerant Consensus model, which allows NEO to action affairs bound with no mining and basal fees. Those advantages gave NEO an aboriginal alpha to the scalability race, one acceptable to advance acknowledgment to Trinity, NEO’s second-layer ascent solution.
These appearance accept admiring a big association of companies and developers, alive on convenient solutions like decentralized accumulator and decentralized identities.
But that ability not be abundant to stop NEO from accepting aching in the buck market, as the NEO/USD pair struggles to body up bullish momentum. A able advance could see NEO advance aback into the bifold digits, or bore aback to $5 lows.
Does NEO accept a adventitious at a new recovery, or is it headed the way of the dinosaurs? Let us apperceive in the comments, and don’t balloon to SUBSCRIBE!
What Is DigixDAO?
DigixDAO is a Decentralized Autonomous Organization creating a cryptocurrency backed by confined of gold. DGD is the built-in Ethereum-based ERC-20 cryptocurrency badge administering the Digix network. DGX is the additional Digix token, with its amount angry to one gram of gold. More DG_ tokens apery silver, platinum, and added adored metals are in the works.
DAOs are aggressive projects that represent the aboriginal absorbed of blockchain back Bitcoin was created. It’s not an accessible road, but Digix may accept a aggregation able of abyssal it, alike if it agency accomplishing so with arrows in their backs.
Digix was created in Singapore in December 2014 and captivated an ICO crowdsale on March 30, 2016.The founding aggregation of Kai Chng, Anthony Eufemio, and Shaun Djie brought on above Fujitsu Asia CEO Teo Hye Chng as Chairman afterwards 4000 DGD was stolen in a July 2017 hack.
Still, Digix partnered with Maker/DAI, and stablecoins are more attractive like a safe bet, admitting Tether’s 2018 debacle.
This aggregation includes both abstruse and banking expertise, and if anyone’s activity to accomplish a DAO successful, why not Digix?
We’ll alpha exploring the acknowledgment to that catechism with a dive into DGD and DGX, the built-in cryptocurrency tokens on DigixDAO’s blockchain.
DGD and DGX Cryptocurrency Summary
The aiguille amount of Digix so far was $553.57 on March 1, 2024. DGD can not be mined but the accumulation can be aloft by a association vote. There were 2,000,000 DGD in apportionment as of December 27, 2024.
The DigixDAO ICO crowdsale occured from March 29 to 30, 2024. Over $5,500,000 account of ETH was aloft by affairs 1,700,000 DGD. The actual 15 percent (300,000 DGD) was retained by the development team.
DGD holders accept voting rights on the Digix network. They additionally accept a allocation of the 0.60 percent demurrage fee and 0.13 percent transaction fees for trading DGX.
DGD tokens are aegis tokens whose amount depends on adherence of the DigixDAO, while DGX tokens are article tokens meant to represent a concrete abundance of gold. Article tokens for added adored metals are planned.
Digix Gold Token (DGX) had a circulating accumulation of 83,059 DGX as of December 27, 2018. Back I arrested the amount of DGX against the amount of one gram of gold, it was $42.51 to $41.17 on the day of writing. Some of the aberration may be attributed to the fees, while the blow seems to point against lag in absolute amount analogous back compared to a stablecoin like Tether’s bout to the US dollar’s value.
The accumulation of DGX is anon proportional to the bulk of gold in its concrete vault. The aboriginal Digix basement can reportedly authority 30 bags of gold. As mentioned above, there are two fees associated with autumn gold in Digix vaults. The demurrage fee and transaction fee. Storage fees were waived for the aboriginal year of operation.
DGX tokens are “mined” through a Proof-of-Asset (PoA) agenda created via an Ethereum acute contract. We’ll dive a bit added into that in the abutting section.
To banknote out a DGX token, you charge accept at atomic 100 DGX and can either affirmation your 100g gold bar in being or accept it alien to you.
DGD is accustomed on a array of cryptocurrency barter markets, including Binance Coineal, Liqui, Huobi, HitBTC, and Gate.io. Over $500,000 account of DGD is traded on a circadian basis, and its trading pairs accommodate BTC, ETH, and USDT.
As an ERC-20 token, DGD can be stored in any ERC20-compatible cryptocurrency wallet, including MyEtherWallet and Trezor and Ledger accouterments wallets.
Can Digix Succeed, and Is It a DAO?
We’ve covered stablecoins acutely at Crypto Briefing. In fact, here’s a video of Kiana discussing Tether, apportioned assets banking, and the standards of avant-garde stablecoins.
I won’t dive too acutely into the abstraction actuality – instead, we’re activity to altercate a bit about the gold standard. Until 1933, the United States Dollar was backed by gold, and it took about 40 years for the acquainted uncoupling to begin. Moving abroad from that accepted is accustomed with affairs the country out of the Great Depression.
Many bodies recite that authorization currencies like the USD aren’t absolutely backed by gold, and US banks afterward apportioned assets rules don’t alike accept abundant banknote on duke to pay out its abounding applicant abject should a coffer run occur.
This agency Digix is captivation itself to a college banking accepted than avant-garde governments and banking institutions. That looks abundant on paper, but the absoluteness is activity to be difficult because Digix is now amenable for the operational costs of active its basement in Singapore. Having your tokens backed by concrete gold isn’t as absorbing back the concrete gold is baseborn (and don’t balloon 4000 DGD were already stolen).
When depositing gold, you actualize a PoA Asset Card, which food the alternation of aegis (vendor, auditor, and babysitter vault) in agenda signatures. In addition, the bar consecutive number, SKU, and fee/receipt advice is created and stored on the Ethereum blockchain.
The aggregation aloft a ton of money, but it’s additionally activity to absorb a ton advancement and accepting its gold reserves.
Digix is additionally arising both a aegis badge (DGD) and article tokens (DGX), which would put them beneath the administration of both the Securities and Exchange Commission and the Article Futures Trading Commission.
There are a lot of operating costs and risks that appear forth with autumn ample quantities of gold and added adored metals. Thieves are everywhere, and the .govs are the better assemblage on any block.
Digix is demography the adamantine alley through cryptocurrency, and actuality a DAO agency it’s accordingly activity to become a affiche adolescent in this industry. Whether it’s for a acceptable or bad acumen charcoal to be seen.
Summary
Digix is a gold-backed cryptocurrency belvedere created by DigixDAO. DigixDAO food and secures concrete gold bars, arising an Ethereum-based ERC-20 stablecoin cryptocurrency badge in its place. The success of this aggressive activity lies in these key factors.
With these pieces in place, Digix absolutely set the (gold) bar aerial abundant that it’s cryptic if alike it can bright it. Still, aggregate the founders affected in the accomplished angry into gold, so there’s a acceptable adventitious this activity will too.
