Hello @yahon2on and every member of this great family, it was a nice time receiving week7 lectures, here is my homework task article for @yahon2on.
DIGIX
Digix (DGX) is a stable cryptocurrency coin that can be redeemed into physical gold, this makes its value to be tied with the value of gold as one Digix DGX coin can be redeemed into a gram of physical gold.
This coin was first launched in March 2018 by DigixDAO with the aim of making it an easy process for people to own the asset of gold and they also provide stability in cryptocurrency as a stablecoin coin that it is.
HOW IT WORKS
The Digix DGX works with the help of the 'proof of Asset' (PoA) protocol which ensures that golds that are equivalent to the DGX available are purchased and stored on the blockchain on Ethereum so that owners of the Digix DGX coin can redeem it to physical gold whenever they want to do so.
Digix DGX tokens are created when a particular smart contract receives a Proof of Asset card. For example, if a smart contract is given 25g of PoA card, then the equivalent 25 DGX coin is created and sent to an Ethereum wallet.
BENEFITS OF DIGIX DGX
•EASY OWNERSHIP OF GOLD ASSETS:One of the main aim of the Digix stablecoin is to make it very easy to own gold assets, and this has become realistic as you can easily purchase and own a Digix token with the use of Bitcoin or Ethereum coins from your private wallet.
•IT PROVIDES A CHEAP WAY TO LIQUIDATE GOLD ASSETS: This is another main aim.of Digix DGX as it is cheap to own and liquidate gold assets as compared to others.
HISTORY
DigixDAO started in 2014 with the use of the DGD token which is the DigixDAO coin, but it is now approaching a crucial point in the history of stablecoins ever since it started its tokenized gold coin project in 2018 known as Digix DGX.
Source
CONCLUSION
It has always been pondered if it can ever be very easy to own Real and Physical assets like a gold assets, but the introduction of Digix DGX by DigixDAO has made this dream to come true as it is now very easy, and cheap to own physical gold with the help of Digix DGX stablecoin.
To me, this is one of the best stablecoin coins available despite not being ranked among the top 1,000 cryptocurrencies by market capitalization.
I hope this highlight on Digix DGX was helpful to you.
Hi @anselam
Thanks for attending the 7th -Crypto course on stable coins and for your effort in doing the given homework task.
Feedback
This is good work. Well done with your research study on DGX stable coin.
Homework task
7
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