DGD Governance System

We have been working on our DGD governance and will provide a separate update (Part 2) following this.

A look at DGX since our soft launch on April 8

DGX tokens went live for purchase on April 8 — exactly a month ago. More details on the sales can be found below.

Digix’s on chain proof of provenance system for DGX gold tokens (1 DGX = 1gram of gold) is publicly available at https://digix.global/app/#/provenance/assets-explorer/assets-list

What is the Digix Proof of Provenance Protocol for DGX gold tokens?

The security of purchasing DGX tokens derives from the fact that all inventory is being tracked on chain as compared to other tracking systems which may not be as fool-proof or reliable.

We are moving away from a model where a traditional private company adopts a centralized system for asset accounting and provenance with photocopies or scanned documents. For example, traditional companies can claim that an X amount of assets are accounted for as tokens because of the ‘associating documents’ that they keep on hand. This becomes an inventory as well as fraud issue in different kinds of trade financing and supply chain management systems. There is simply no easy, low cost, nor secure way of ensuring that these receipts or associating documents accurately and reliably reflect the requisite amounts of assets in transit.

At Digix, the transparency of our asset tracking system is enhanced through the use of an immutable ledger. We leverage the essential ‘trustlessness’ of the blockchain. There is no reliance on word of mouth, credibility or reputational arguments; The blockchain proves that the provenance of gold is true and immutable as the original supply chain documents are kept permanently on a timestamped decentralized database. There becomes no room for arguments on where/ what is a correct account or receipt, as all documents are immutably recorded, time-stamped and can be publicly scrutinized on the blockchain. This is taken to be the one true account of the inventory.

At Digix, we believe that accountability and integrity are essential values that demonstrate the strength of our business. We make sure that we actively institute real world audits every quarter to ensure that we are accountable and transparent with the products that we sell. We want to do more than simply track the supply chain of gold from the time of purchase to their time of delivery into our vaults.

By intentional design, no DGX tokens can be issued and minted until the entire blockchain provenance process, called the Proof of Provenance protocol, is fulfilled at Digix.

DGX 2.0 is the first to create a full public, on chain solution to representing physical assets as crypto assets on the blockchain. Anyone connected to the internet will be able to fully audit, verify and track the entire lifecycle of any physical assets that have gone through the Proof of Provenance protocol at Digix.

Outreach Update:

Digix was an industry partner to the Global Inclusive Blockchain Conference held at Singapore University of Social Sciences, which was co-organized by LongHash.

Shaun spoke on scalability and sharding and also moderated the decentralized storage and exchange group which saw founders from TenX and Gnosis discussing their vision for their company.

Shaun Moderating the Panel discussion

KC joined Pavel Bains (Bluzelle) and Amrit Kumar (Zilliqa) on a discussion on the future of the decentralized web at the De/Centralize 2018 conference. The video is also available here.

Kc at De/Centralize 2018 with Bluzelle, Ziliqa founders

Last week, Shaun also spoke on a stablecoin panel (with MakerDAO, Terracoin, Havven) at the World Digital Asset Summit, organized by FBG Capital, Block72 and sponsored by Binance, Kyber Network, Huobi, Aelf Blockchain and many others.

WDAS 2018

Sales update: Volume, metrics and retail/ corporate

Overview

In our 1st month, a combination of both retail and corporate sales has led to DGX selling out by the end of 30 days. A total of 17,300 DGX was sold in the first month of relaunch. DGX token transfers can be traced on etherscan.

We have also tested the recasting and redemption process with our first foreign retail customer who flew down to Singapore to redeem one (1) 100 gram gold cast bar from the vault.

We provide below a summary of retail and corporate sales.

Retail sales

Retail sales numbers are always publicly visible on the landing page of our marketplace (https://digix.global/app/#/marketplace). All viewers on our website can see the retail amount purchased through the marketplace in the last 24 hours, and the remaining amount available for purchase.

As of early Friday May 4, our sales numbers below were as such. We had only ~68 DGX (g) available for retail purchase through our marketplace as DGX was selling out.

Friday May 4: Retail sales numbers on the marketplace.

As of early May 7 Monday, we are officially almost sold out and that our inventory will be restocked in due time.

We are still ironing out proper restocking / inventory levels with only 4 weeks of data, and we intend to improve the inventory turnaround time of DGX on our marketplace.

Corporate sales

We have concluded our first two bulk enterprise purchases with companies on Ethereum (exciting announcement to be made in due course!) for their treasury management solution amidst the high volatility of Ether.

Reminder / Note for US, Chinese and Japanese citizens from our community

As stated in our Mar 21st blog post prior to launch, we are unable to accept US, Chinese and Japanese citizens.

Due to the regulatory climates in the US, China and Japan, we are unable to make DGX available for users of these citizenships at this point in time.

We are legally advised to proceed with regulatory and business caution amidst the uncertainty in these jurisdictions. While we await further regulatory clarity in these markets, we will continue to allow DGX to be made available for purchase by other users from other markets.

We will explore options to engage these markets when there is legal clarity from these regions. We remain with the vision of allowing global public access to DGX as soon as possible.

Please note that any purchasers of DGX from Kyber Network or other decentralized exchanges will still be subjected to the KYC requirements from the Digix Marketplace prior to performing a recasting and redemption function at Digix.

Listing on Kyber Network

Our listing on Kyber Network on Friday May 4 at 9pm was seamless. On Saturday May 5, DGX was the top token by trading volume on Kyber Network within the past 24 hours.

Saturday May 6: Top 5 tokens by trading volume on Kyber Network

24 hour volume (7th may)

Final thoughts from the team

We thank our enterprise clients as well as retail clients, whether they have purchased through our marketplace or through any other means, for their support.

We are also working out future partnerships and bulk sales in the pipeline and will provide regular sales updates going forward.

If you would like to get in touch regarding partnerships or bulk purchases, please feel free to get in touch with the team directly via our website support link or Discord / Telegram channels.

Moving Forward

We are working to have DGX listed on Blockfolio and Coinmarketcap. We look forward to seeing DGX listed in more decentralized exchanges soon.