Singapore Gold-Backed Digital Token Platform Reveals Crowdsale Website for Decentralized Organization
DigixGlobal, a new gold-linked cryptocurrency platform, has officially launched its crowdsale website for proprietary tokens, called DigixDAO, designed to incentivize community participation in development decision making. Based on Ethereum, the crowdsale’s avowed goal is to give users the opportunity to have a say in platform’s software development going forward.
According to the Singapore-registered company, the DigixDAO provides participants direct incentives to “democratically pledge their support” for the proposed projects and initiatives that they want to receive funding. DigixDAO token holders are incentivized through transaction fees collected in another cryptocurrency called Digix Gold, essentially Ethereum based assets backed by gold bullion certified by the London Bullion Market Association.
Digix has derived the name of its token from the concept of DAO or decentralized autonomous organization, essentially an organization that is not directed by humans but under control of an incorruptible set of rules implemented as software or by artificial autonomous agents distributed across systems of its stakeholders. Nonetheless, as Ethereum founder Vitalik Buterin points out, this may be an over-simplified definition with the DAO definitions and the role of humans in such organizations.
Digix reports that its goal is to use Ethereum to develop a decentralized organization dedicated to the growth of a decentralized gold standard economy. Humans or users of the platform play a significant role in the organization by pledging their support for proposals they want developed by developers. The most popular pledges will be implemented and, in return for their support, DigixDAO token holders are rewarded with transaction fees of Digix Gold tokens on the Ethereum platform.
The Singapore company is led by CEO and co-founder Kai Cheng Chng, a former foreign exchange trader with HSBC Securities. The Chairman of Digix is Teo-Hye Chng, the former Chairman and CEO of Fujitsu Asia Pte Ltd, the Japanese technology giant’s Singapore subsidiary. Digix’s CTO and co-founder, Anthony Eufemo, has 18 years of experience in the software development, computer security, and IT industries, and an active software contributor to Ethereum.
In the crowdsale’s terms and conditions, DigixGlobal clearly states that it is prohibited to use or access Digix from the US State of New York, Iran, North Korea, and any countries sanctioned by the United Nations Security Council. Digix warns that it may seize any funds from users in these jurisdictions and donate them to a charity at the company’s “sole discretion.” The company also alerts users they they are responsible for compliance with all local laws, whether in Singapore or in another jurisdiction.