Gold Struck on OpenLedger With Ethereum Based DigixDAO asset

Place/Date: Blokhus, Denmark - April 29th, 2016 at 11:26 am UTC · 5 min read
Source: CCEDK

OpenLedger, the CCEDK owned transparent decentralized exchange now allows users to trade DigixDAO (DGD) assets on its platform. The DigixDAOcryptocurrency protocol is used for trading DigixGlobal’s gold backed digital tokens (DGX) on the Ethereum platform. Recently mentioned in Forbes, the event is one of the most significant recent developments in the cryptocurrency industry.

The gold backed digital token is a gold standard of cryptocurrency where the value of each DGX is hedged against a specific amount of real gold stored in the company’s reserve. The DGD asset allows the platform to operate like any other cryptocurrency platform, enabling the transaction of digital gold tokens over DigixDAO.

The digital gold asset created by DigixGlobal (DGX) is backed by actual gold, and is currently available for purchase with Ethereum only. All sales are registered as Ethereum smart contracts, recording the value, transactions and other information on the Ethereum blockchain.

The DigixDAO (DGD) assets are similar to shares and are held by members who have contributed to the DigixDAO platform. They are entitled to receive a portion of the proceeds made by the platform through DGX sales and transaction fees. Anyone can trade DGD with ETH, BTC or any other cryptocurrency at:

Once DGD coins are released at launch time April 29th 00.00 UCT 2016, the same IOU asset (OPEN.DGD) currently trading during pre-launch will become freely transferrable and withdrawable. Users will also be able to make DGD deposits to OpenLedger at that time.

It is now also possible to access OpenLedger in the far east region much more quickly using the new server.

Gold has been the standard of value exchange for centuries. Even the early fiat currencies were based on the actual value of gold. However, with the growth of global economy and increased demand for money, the gold standard in fiat currency was gradually abandoned. The same system is now brought back to life in the form of digital currency by DigixDAO. As a part of this platform, all the digital gold tokens (DGX) ever created are backed by the corresponding amount of LBMA gold purchased by the platform.

Each DGX is equivalent to 1 gram of gold and its value at any time is same as that of the equivalent amount of yellow metal at any given time. DGX is highly divisible, allowing people to buy and transact as less as one-thousandth of a gram of gold, which is priced at around $0.04. The platform charges a transaction fee of 0.13% per transaction, with a cap of 1 DGX per transaction. DGX holders can also redeem their digital gold token on the Digix platform for the equivalent in gold whenever they want.

While speaking about gold, DigixDAO assets and volatility, DigixGlobal’s co-founder and Director of Business Development Shaun Djie says –

“Gold has been one of the better-performing commodities since the start of this year, albeit with a volatile range-bound trading range. Extrapolating it over a longer period of time, the stability of gold as a hedge against geopolitical and economic risks is undisputed.”

DigixDAO attempts to make the best use of the both the transactional functionality possessed by virtual currencies and the stability of gold.

DGD and OpenLedger are a perfect fit for each other as DGD makes use of Ethereum based smart contracts to register the value and transactions associated with digital gold tokens. At the same time, OpenLedger is offering a platform to list such Ethereum based assets for trading. Most of the Ether used by DigixDAO, over which DGD is created is ultimately owned by the people who contributed Ether during DGD crowd sale. The ether ‘investment’, resulting in DGD and the digital gold tokens (DGX) are all registered and governed by smart contracts to ensure value as well as to maintain proper records of all transactions on the blockchain.

OpenLedger is a decentralized cryptocurrency exchange based on BitShares 2.0 MIT licensed Graphene blockchain technology. The platform allows users to trade various existing cryptocurrencies and also offers an option to create their own digital assets. These digital assets are created using OpenLedger’s underlying Graphene blockchain technology and sold on the same platform as well.

Even though DigixDAO is initially making use of the OpenLedger’s Ethereum assets listing feature to list its DGD assets, it eventually intends to list DGX, the digital gold tokens on OpenLedger. This will allow people to buy DigixGlobal’s gold backed tokens directly from OpenLedger. Meanwhile, the DGD bought over OpenLedger can be transferred to the buyer’s Ethereum wallets.

With such collaboration, it will become easier for people to buy any amount of gold directly over the cryptocurrency exchange platform using any digital currency.

About OpenLedger:

OpenLedger is a decentralized financial crypto-platform created by CCEDK, a well-known Danish cryptocurrency exchange. It allows users to covert bitcoin to fiat pegged SmartCoins which can then be withdrawn in multiple ways. OpenLedger is powered by Graphene blockchain technology, based on BitShares 2.0 MIT License.

About Digix:

Digix is an Ethereum based decentralized platform for gold backed peer-to-peer digital assets. The platform leverages upon Ethereum smart contracts and InterPlanetary File System hypermedia distribution protocol to facilitate the creation of transferable crypto assets on the blockchain.

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