Digix Enters Partnership With Trust Wallet to Introduce Trackers for Digital Tokens
Digix Enters into a Partnership With Trust Wallet to Introduce Trackers for Digital Tokens
Digix prides itself in being the very first smart asset company that is backed by gold. On November 5, 2018, the company released a press statement indicating that it had formed a partnership with a decentralized and secure mobile wallet application known as Trust Wallet. the news released via its blog indicates that the partnership between the two crypto companies is aimed at launching trackers for digital assets.
Apart from decentralized, the Trust Wallet also provides support for all the Ethereum based tokens. This means that it supports both the ERC 721 and ERC20 tokens. In addition, it also has a marketplace as well as a D-App browser. Users can use the market to access its decentralized applications such as Cryptokitties and Kyber Network.
Trust Wallet and Digix Partnership
When asked about the partnership between the two firms, Trust Wallet’s founder—Victor Radchenko—commented that they were hopeful that they would be able to incorporate the Dapp from Digix into their platform in the near future. Incorporating it will make it easier for the Trust Wallet users to easily swap their ERC20 tokens for DGX.
Users can easily swap the two by using Kyber or by visiting the marketplace. Trust Wallet was recently acquired by Binance, which happens to be one of the biggest cryptocurrency exchanges across the globe. The acquisition occurred in July 2018 and was aimed at ensuring that platform users were provided with better service and security measures.
The announcement further states that the Wallet has been able to integrate both DGX and DGD into its existing ecosystem. The integration will make it easier for the platform to simplify the process of sending or receiving both tokens. It will also provide an all-inclusive method of tracking both tokens as they are transacted and transmitted via the platform.
DigixDAO uses the DGD as its primary governance token. It also happens to be the ICO corresponding symbol for Digix. DGD earlier on marked the first ever crowd sale episode to occur on the ETH blockchain. Its funds are currently being held in the form of DigixDAO smart contracts.
They will continue to be held in this form as they await the completion of the governance platform. It is important to note that DGD on its own is a fully-fledged smart asset. It is also the only coin that is being used in the Binance ecosystem.
Digix Stable’s flagship product happens to be DGX. This is a smart asset that is backed up by Gold. The token is ERC20 compatible. Digix has put measures in place to ensure that this token is a hundred percent backed by PoP (Proof-of-Provenance) protocol and Gold. According to the terms of the PoP, each gold bar will need to be verified independently.
The verification is to be done by a custodian as well as a bullion dealer. Once verification has been completed, the creation of the DGX tokens will then begin in earnest. The step taken by the multi-wallet appears to be an indication of things that are expected to come in the foreseeable future.