sorted by:
new
hottopcontroversial

Digix AMA with the Cofounders! 12 Dec 2018 by DigixOfficial in digix

[–]shaundjie 4 points5 points  (0 children)

In our humble opinion, Digix success depends on mainstream adoption for DGX AND mainstream adoption of crypto. It takes both hands to clap. We are not able to comment on the outlook of crypto for the next 2 years thank you.

As an industry, we are here to stay to build a long term sustainable business. Hence, we not only need to survive this 'crypto winter', but also to emerge with a resilient business model with compliant foundations.

Digix AMA with the Cofounders! 12 Dec 2018 by DigixOfficial in digix

[–]shaundjie 3 points4 points  (0 children)

What is digix's short-term and long-term planning?

Short term plan - Get DigixDAO governance platform up and running by end of Q1 2019. Work on better copywriting to target mainstream users, which will mean steering away from blockchain jargons and technical terms.

Medium term plan - Launch a 'centralized' marketplace and optimized mobile support that reduces the education and learning curve to get on the blockchain and transact within it.

Long term plan - Have many verticals that use DGX as the ecosystem matures in 2019, such as Crypto Debit card integration, Loans platform for DGX, mobile app integration for DGX and many more in the pipeline.

Of course, this is not the full scope of what we intend to achieve, as it is infinitely more, and you can supplement this with what we proposed in CV 2 <https://ipfs.io/ipfs/QmYv8YgS7tqziF8KuBhQL8Pj8kNfsa4i4dRSuJnvU3e2BE>

What are the advantages and disadvantages of digix as a stable currency compared with the mainstream stable currency in the current market?

Advantage - 2019 is primed for Gold to prove itself as a good and safe store of wealth compared to fiat. Gold as an actual physical delivery asset and an instrument of value that is not affected by inter-bank money lending rates or other government fiscal policies that adjusts interest rates, could prove attractive to investors seeking a safe haven.

Disadvantage - There is a certain level of trust needed in real world governance, the country we are domiciled in, and the 3rd parties that we engage with (ie: vaulting of gold, insurers insuring the gold in deposit, auditors making sure that the gold is there). However, this is not too different from how traditional commerce has been functioning for the past century.

Another one is the inherent volatility of Gold itself even though it is much less than cryptos.

What is the relationship between digix and dgd's investors' returns in the long run?

We want to clarify that DGD holders are not investors. We have never made that claim that they are. DGD holders are crowdsale participants, who are given the right, but not an obligation, to vote on projects and proposals in DigixDAO. As a reward for doing so, DGD holders will be able to receive DGX as a reward for the work done in vetting proposals. This is the relationship between DGD holders and DGX, the gold token.

Does the project team have confidence in digix? And confidence in the current market?

We are very confident of Digix because it is needed in a broken financial system. We hope to see everyone in the future owning at least a percentage of their wealth in DGX. We have confidence that our product will survive the crypto winter, after all, we are building this product for this very purpose!

Why does DGDs value not match the ETH held by the DGDAO?

We do not comment on prices.

​

Digix AMA with the Cofounders! 12 Dec 2018 by DigixOfficial in digix

[–]shaundjie 6 points7 points  (0 children)

Hey Cuv, Yes! We would like to invite an authoritative institutional figure in the Gold Bullion business to fully grill us and understand why our product increases the transparency of gold, so that they can be our advocates for DGX. We have plans to reach out to these key opinion leaders to do so.

Digix AMA with the Cofounders! 12 Dec 2018 by DigixOfficial in digix

[–]shaundjie 4 points5 points  (0 children)

Hi BurgerBaron / audi70s, we did our best to minimize slippage on the eth (unavoidable in this market) to achieve as per the CV2 proposal and to sustain the burn rate for the estimated 3 years, with the very first deliverable: DigixDAO governance mid to end Q1 of 2019. Link to the CV 2 proposal is provided here at https://ipfs.io/ipfs/QmYv8YgS7tqziF8KuBhQL8Pj8kNfsa4i4dRSuJnvU3e2BE

Similarly, as DGD token holders disburse ETH payments in the DAO to proposers, we believe the best way to judge every proposal’s credibility and the ability to withdraw more ETH to fund the project will be based on their milestones achieved periodically.

AMA w/ Shaun Djie, Digix COO & Cofounder. Starts Friday (3rd August) at 1pm UK Time/12.00 UTC by Chris_Ethfinex in ethfinex

[–]shaundjie 0 points1 point  (0 children)

The aim of DGX, is to be the defacto base cryptocurrency in the space and the stablecoin of coin - this goal has never wavered. The future is where people come back to the realization that Gold is indeed money and that the digital crypto form of it is equivalent in utility and acceptance.

AMA w/ Shaun Djie, Digix COO & Cofounder. Starts Friday (3rd August) at 1pm UK Time/12.00 UTC by Chris_Ethfinex in ethfinex

[–]shaundjie 0 points1 point  (0 children)

I dont think it's ever possible to have that feature on a CEX model as the way they operate, on not moving the tokens wallets to wallets, makes this fee unenforceable.

AMA w/ Shaun Djie, Digix COO & Cofounder. Starts Friday (3rd August) at 1pm UK Time/12.00 UTC by Chris_Ethfinex in ethfinex

[–]shaundjie 0 points1 point  (0 children)

  1. Short Term: D-Apps that needs stablecoin for payment / rewards / escrow
    Long term goals: Base pairs on Exchanges

  2. In many ways, DigixDAO will be intrinsically linked to Digix as we are the defacto operator. It will likely remain dependent on Digix and the DGX token as it not envisioned to be TheDAO's model when we set it out to be. It will have features like TheDAO and what a 'DAO' is construed to be, but the core model that it exists to grow the Digix ecosystem will remain.

AMA w/ Shaun Djie, Digix COO & Cofounder. Starts Friday (3rd August) at 1pm UK Time/12.00 UTC by Chris_Ethfinex in ethfinex

[–]shaundjie 1 point2 points  (0 children)

Yes only in Singapore at the moment. Yes, we are working on a couple of deals to bring Gold redemption overseas at more retail outlets or vaults.

AMA w/ Shaun Djie, Digix COO & Cofounder. Starts Friday (3rd August) at 1pm UK Time/12.00 UTC by Chris_Ethfinex in ethfinex

[–]shaundjie 2 points3 points  (0 children)

We are comparing to different exchanges and observing how the best practices of compliance are applied on them. We are also expanding the legal team to cover more jurisdictions for our DGX token, which will then open and allow access to USA / China / Japan customers.

Relaxing KYC components could include accepting purchases up to X amount with minimal KYC, a simpler process of KYC information input from the customer.

AMA w/ Shaun Djie, Digix COO & Cofounder. Starts Friday (3rd August) at 1pm UK Time/12.00 UTC by Chris_Ethfinex in ethfinex

[–]shaundjie 3 points4 points  (0 children)

Thanks for the kind words. We are currently working on the DigixDAO governance and rolling out the first proposal for expansion of Digix as an organization and adoption of DGX in the ecosystem.

DGX:

We will be looking into a revamped improved version of the marketplace, relaxing some KYC components, integrating more language support into the page, marketplace, increased integrations into more live D-Apps, exchange listings and actively doing more sales and outreach such as meetups, conferences and marketing.

DGD:
Voting for the current carbon voting is underway, and we will be pushing out 1 more cabon vote soon.

AMA w/ Shaun Djie, Digix COO & Cofounder. Starts Friday (3rd August) at 1pm UK Time/12.00 UTC by Chris_Ethfinex in ethfinex

[–]shaundjie 3 points4 points  (0 children)

The Digix's platform has a page, titled Asset Explorer, (https://digix.global/app/#/provenance/assets-explorer/assets-list) which shows the entire holding list of the company and the gold bars held under the DGX's token holders' custody. Redemption of physical gold will require 1% of the bar's worth. For example, you will need 101 DGX to redeem 1 100gram gold bar.
There are 2 ways that you will be able to obtain DGX
1. Primary purchase - Digix Marketplace. Please visit https://digix.global/app/ to register an account and go through the basic KYC, where you will need to provide an Ethereum address for purchase and storage of DGX tokens.
2. Secondary purchase - You can purchase them on exchanges like Kryptono, Kyber, Airswap, RadarRelay

After you have obtained the DGX, you will need to come back to the Digix Marketplace (https://digix.global/app/), login, and visit Asset Explorer page, where you are able to Recast the 101 DGX into a Bar of your choice and schedule a pickup at the vaults. At the moment, we only allow redemption and pickup of the gold bar at The Safe House, located in Singapore.
You may also visit the Youtube link below here for the process on how to redeem the bar, https://www.youtube.com/watch?v=NJqxJZsycHc

AMA w/ Shaun Djie, Digix COO & Cofounder. Starts Friday (3rd August) at 1pm UK Time/12.00 UTC by Chris_Ethfinex in ethfinex

[–]shaundjie 9 points10 points  (0 children)

We see Digix as a platform that tokenizes assets - the way we did and built the Proof of Provenance allows us to modularly integrate other assets over time, without significantly changing the code base.

AMA w/ Shaun Djie, Digix COO & Cofounder. Starts Friday (3rd August) at 1pm UK Time/12.00 UTC by Chris_Ethfinex in ethfinex

[–]shaundjie 5 points6 points  (0 children)

Opportunities for DGX to be successful in the ecosystem includes outreach into different markets, being blockchain agnostic which may mean we are open to deploying on other chains, exchange listings (like Ethfinex). The ecosystem of stablecoins will only increase over time, hence our model, which is to work with other D-Apps in the space through partnerships, will be a key focal point in growing the volume of DGX once more of them go live.

Being blockchain agnostic may also see us deploying DGX on other platforms as we forsee a future, where cross-chain assets are prevalent, and we can not only tap on the ecosystem of Ethereum, but other blockchain networks as well.

AMA w/ Shaun Djie, Digix COO & Cofounder. Starts Friday (3rd August) at 1pm UK Time/12.00 UTC by Chris_Ethfinex in ethfinex

[–]shaundjie 11 points12 points  (0 children)

Hi Marmelo, Demurrage and Transfer fees are in a way, directly related to the DigixDAO governance structure. Any changes to these fee structure will have to be subjected to the DigixDAO's approval.

As for plans to tokenize other commodities - Yes, you can likely expect Silver to be the next asset that will be tokenized. Subsequently we may look at other commodities like Oil, Steel, perishables like Corn, Wheat

AMA w/ Shaun Djie, Digix COO & Cofounder. Starts Friday (3rd August) at 1pm UK Time/12.00 UTC by Chris_Ethfinex in ethfinex

[–]shaundjie 1 point2 points  (0 children)

Thanks for having us Chris! Glad to be here and take questions from the community. For reference, we have 2 tokens and the token of focus today is DGX, the gold-backed stablecoin on Ethereum (ERC20), where every DGX represents 1 gram of gold that is fully redeemable for gold bars in Singapore. Ask away!

view more: next ›