Digix (DGX Gold Token) now on AirSwap Decentralized ERC20 Exchange
AirSwap Adapts To Include The Use Of DGX Gold Token
Digix uses the DGX token all across their Ethereum based platform. The token was only just released in April 2018 with the 2.0 update to the platform. Much of the appeal of this token is that it represents the physical gold proportionally, in that one token is exactly equivalent to 1 gram of gold bullion. However, this metal can only be sourced from refiners that have been approved by the London Bullion Market Association.
As the tokens are issued, they must be supplied through Digix smart contracts, following a protocol called the Proof of Provenance (PoP). This on-chain asset and system uses both Ethereum and IPFS to keep tabs on the movement of the gold bullions from one investor to the other. Once the tokens are brought to a custodial vault, the DGX tokens are minted and issued through the Ethereum registry. To ensure that this system remains reliable and secure, multiple audits are performed throughout the year. If a user wants to withdraw their tokens and exchange it for gold, the process must be done in Singapore, and is only available in 100g and 1kg gold cast bars.
With how new the token and platform are, it may come as a surprise that DGX has become available on AirSwap, an ERC20 exchange. AirSwap is fairly new to the industry as well, having only launched last year as a peer-to-peer opportunity for investment. However, the use of a physical asset like gold may be able to hold its own against the varying prices on the market today.