Digix, an asset tokenization platform built on Ethereum, with the DGX gold token being its first use case, newly announced that DGX is now available on decentralized exchange AirSwap.
Launched last year, AirSwap, built on the Swap protocol, is a peer-to-peer ERC20 token trading environment powered by blockchain. DGX is an ERC20 token that was officially launched in April 2018 with new version 2.0. DGX represents physical gold on a proportional basis, with 1 token representing 1g of gold bullion from London Bullion Market Association-approved refiners.
DGX tokens are issued and minted through a suite of proprietary smart contracts that Digix has developed, called the Proof of Provenance (PoP) protocol.
The PoP is an on-chain asset and supply chain management system which utilizes Ethereum and IPFS, tracking the movement of the asset (gold in the primary use case) from the vendor to the independent third party custodial vault that Digix works within Singapore.
Only upon the delivery of the gold bullion to the custodial vault are DGX tokens issued and minted on the Ethereum blockchain. This ensures that there is always a total weight of gold in the vault equivalent to the total supply of DGX tokens. The gold bullion is subject to verifications at the point of deposit, as well as at quarterly and annual audits by independent auditors.
DGX tokens can be recast for the redemption of physical gold cast bars in Singapore, in denominations of 100g and 1kg.
Digix aims to create a stable coin that is backed by a real-world asset that can effectively hedge against the price volatility of the cryptocurrency world.
