Meet again with me Wahyu Nahrul
This time I will work on the homework given by one of our professors @yohan2on.
The assignment for this week is to write an article that will explain one of the 4 stable coins given by professor @yohan2on which are: USD Coin (USDC), TrueUSD (TUSD), Paxos Standard (PAX), and Digix (DGX).
For this discussion of StableCoin part 2, I will take Digix DGX as the main topic in my article.
What Is Digix?
Digix (DGX) is a StableCoin designed in 2014 by a company from Singapore, the company is called DigixGlobal. DGX was made as to the latest breakthrough in the world of cryptocurrencies, especially StableCoin, where the average StableCoin created is always based on fiat currencies such as American Dollar, Japanese Yen, British Pound Sterling, etc. Meanwhile, DGX is pegged to an original asset that has been used very often in the real world as an investment object, namely Gold.
As we know, if we want to invest or buy and sell gold, we have to do it offline. We have to come to the gold shop with a certain amount of money so we can buy the gold we want, and likewise, if we want to sell it back.
With DGX it will make all these processes easier. If at first we only had to travel directly to make gold transactions, with DGX that had entered the Ethereum Blockchain, we could carry out all the gold buying and selling transactions using only our smartphones.
Because the benchmark of DGX is Gold, the price of 1 DGX Coin is the same as 1 gram of gold stored in The Safe House, a subsidiary of Silver Bullion.
If we look at the current price of DGX, according to CoinGecko the price of the DGX coin is around $55.13.
The current Market Cap amount for DGX is $4,244,178 with a total current circulation of 76,991 DGX from 80,000 DGX.
Who The Founder and Managed Digix (DGX)?
Currently, Digix is managed by 3 people, all of whom are already involved in the cryptocurrency world and are very skilled in the Blockchain system. 3 people I mean are:
- Kai. C Chng as CEO and Co-Founder of Digix
- Anthony Eufemio as CTO and Co-Founder of Digix
- Shaun Djie as COO and Co-Founder of Digix
What Is The Specialty Of DGX?
The special thing about DGX is that StableCoin is included in the Ethereum Blockchain. This means you can send, receive, and exchange DGX with everyone who has equally connected on the Ethereum Blockchain anywhere in the world. And of course, you have full control over the crypto assets you have.
The next thing that is something special for DGX is that this coin is directly backed up by gold, so if we have bought 1 GDX, it means we already have 1 gram of physical gold which we can directly convert to gold.
DGX is one of the coins included in the Ethereum ERC 20 which means that all DGX transactions are carried out transparently and the total supply cannot be cheated or misused. DGX Coins can only be transferred by users who have the private key to the respective blockchain address.
Where Can I Get DGX?
If we look at the official Digix site, we will be shown several exchanges that provide DGX in their market list which you can see in the image below.
For an example of the DGX purchase process, this time I will take Indodax as an exchange that provides DGX in its market.
Visit the official Indodax page, then log in to your Indodax account by clicking on the "Sign In" button at the top of the page.
Enter your E-mail and password and click on the column that says "Click to verify" for the verification process. After that, press the "Enter" button for the next process.
Enter the Google Authenticator Pin code if you are using the 2FA security system.
After successfully logging in, you will get a display like an image below.
Then look for DGX coins in the search column on the right, then click on the DGX coins column that has been successfully found.
To carry out the DGX purchase process, all you have to do is select the "Buy Digix Gold Token" option on the right and fill in how much money you will spend to buy DGX and the bid price for purchasing DGX. After that, you just have to wait for your order to finish, and DGX will automatically enter your wallet.
That's my explanation of the DGX token with all its uniqueness and strength. After I read many articles in the process of making this article, I concluded that DGX is a token that dares to be different from other StableCoin which is always based on fiat currency while DGX uses gold as a price benchmark. This is really something that is very innovative for the cryptocurrency world.
I apologize if there are still many mistakes that you can get when reading my explanation earlier, I would be very grateful if you told me in the comments column below.
Thank you for reading my blog, hope it will be useful for all of you. 😁