DigixDAO is a Decentralized Autonomous Organization (DAO) based on the Ethereum platform that tokenises gold and other physical assets. DigixDAO introduced a new Proof of Asset protocol that allows users to track their physical assets in the forms of tokens on the Ethereum blockchain. This allows for public verification of the asset existence without the need for a centralised database.
Each Dgix token represents 1 gram of gold, divisible up to 0.001gram and can be tracked back to the physical gold bar for redemption. DigixDAO is a Singapore-based company and they utilise a 3-pronged audit process to proof existence of the gold bar.
DigixDAO recently conducted a crowdsale of their token and the crowdfund was closed within 12 hours of launch after the upper limit of US$5.5 million was achieved. For more information on DigixDAO, read our CoinGecko Buzz article.