Digix ecosystem consists of two tokens i.e. DGX and DGD. DGX and DGD both are ERC-20 tokens developed on the Ethereum blockchain.
DGX is a gold-backed token, where every DGX represents 1 gram of 99.99% pure gold. The DGX token is issued using the Proof of Asset (PoA) protocol. For PoA, Digix uses proof of asses cards which require filling of information such as SKU of Gold bar, Bar serial number, purchase receipt, depository receipt and storage fees due. These proof of asset cards can be storedShow more [+] in an Ethereum wallet. For every proof of asset card sent to minter smart contract, an equivalent amount of DGX tokens will be issued to the user. For example, for 1000g gold proof of asset card sent to minter smart contract, 1000 DGX tokens will be given to the user.
DGD is a governance token for DigixDAO. DigixDAO is a community-driven project and actively involves the DGD token holders in shaping the physical asset tokenization business.
Digix was founded by Kai C. Chng who is also the CEO of the company. He worked as an EMFX trader in wall street. The team consists of 18 other members.
The purpose of DGX token is to trade the physical gold securely and efficiently using blockchain technology.