DigixDAO The Future Of Gold Crypto Token Assets



hi guys thanks for tuning in to another episode of Nuggets news today we've got a very special guest with us and that's Shaun one of the cofounders of digi-egg stout hey going Shaun yeah hi Alex thanks for having me no worries we've covered you on the channel before you guys are creating a gold-backed cryptocurrency we're gonna talk about asset tokenization and exactly what the project is in the to token system so how did your team come about getting into cryptocurrency in this project specifically yeah so uh the cool founding team of us here as comprising of my CEO as well my CTO so my CEO casey chung LED his job on Wall Street he was working up about four years in investment bank trading Asian currencies he left his job so I just had this idea back then with my CTO in 2014 so my CTO his name is Anthony your female probably one of the early adopters in cryptocurrency as well even he was the first one that made the live transaction I'd give him back in 2015 yeah so they they came together in New York City back in 2014 him out this idea reached out just mostly for me to build a community back here in Singapore so upon this while we run the largest community in Asia called EDM Singapore where we have about 6800 members mostly promoting projects at a very nascent stage here as well as post companies such as like companies such as consensus led projects and the EPA found Asian so they come by the Singapore to a pitch on the our deal at the foundation and any further protocol progress yeah so we came together in 2015 Saturday jaques which is a call back staple polishing platform have been running the business since and yeah here we are that's one of the things that I loved about you guys is that we see all these new projects with great IDs and a lot of marketing and blah blah blah you guys been working hard behind the scenes for a number of years and you know I haven't really gone over the top with marketing or anything but it's all really starting to come together what stage is the project now and you know talk about that Tootsie system yeah sure so digital self we have been incorporated since December 2014 the company right now has about 14 people mostly working out here in Singapore so we have two products the company mainly egx eco back table as well as DGD she did star token so DJ to stop has been launched live since April 2018 we've sold about 50 kilograms of gold so far which brings it to about 2 million dollars street value yeah so the token sub is an e rc 28 days token so it's such a ting freely mostly on decentralized exchanges as well as diem wallets we have a market place as well on the d/dx home site and that's where we primarily sell the goat tokens in exchange for ethers and the ending star oh sorry I was gonna say that real world problem that you guys are solving I think we talked about on the channel a lot of people say well is there gold in Fort Knox and during the GFC when all assets crashing and who owns what you guys have got that perfect solution now a gold on the blockchain yeah so so much of the early days of the company were discussing a lot about the history of money and how one can actually find a very stable store value in goal so the whole idea that we have here and it is that we create a physical operation that exists here in Singapore because we believe is one of the safest and friendliest jurisdiction to operate from in respect to go in crypto currencies so we have an entire physical custody purchasing process all located here and the 50 kilograms of gold are publicly auditable on the marketplace under the tab called the ssl explorer so you can actually go forward to there you can check out all the related documents they are being attested by the different vendors which creates these boats opens so the whole idea of this Gorgons is and people eternity coin as we have seen in recent weeks and months crypto has been in pretty much in its mini ice age right now as we speak and DJ self access is very stable small value and anyone watching purchases these tokens would have a natural hedge against the following either prices yes this ought to say that go is so it's not volatile go serve as own volatility but the main reason and we see is that we're creating a physical asset back token I mean we've seen the US dollar and other fiat currencies go off in they are more than 10 or 20 percent this year so I think gold might have even been more stable than fiat currency so everything's relative I guess in terms that stability but if dgx he's gonna be around for a long time when we see these peaks and drafts people certainly have a great option to park their cryptocurrency in for stability so what are the other sort of advantages you see for these in terms of how difficult it is for people to trade large or small amounts of gold around the world today right so in a traditional aspect you have things like paper gold as well as exchange-traded funds like the SPDR Gold yeah this all gives you the exposure to physical gold but you don't really own the physical underlying verse ten digits of the go back tokens that we have available for redemption as a matter of fact we did had a redemption order this morning so we have really redeemed about two pars of coal on the vaults with people where she owned these DJ's tokens so the whole idea is delenn it's physical credibility to our people who are by these the DJ's go back tokens yeah and just for learning context more some of these these banks commercial banks you know they say they have gold on their balance sheet and then they'll lend it to someone else and charge them and then they might say well we're now the owners lender to someone else but nobody really knows who owns what whereas it's very clear when sits on a blockchain and serial numbers and everything as well okay guys so we're back after technical difficulties Ron Paul today came out and said the gold back crypto currencies of the future so it must be good hearing things like that from someone such notable backgrounds I know on the roadmap you guys have possibly got silver for asset tokenization but what else is possible once you have this system in place right so this history you just spoke off it's actually the proof of provenance protocol so in digits we have devised this this system that allows us to invite current party vendors to attest on the smart contract in the creation of these s effect opens for go as an example we buy gold from a vendor a supplier and we store them in a custodial votes and every quarter we achieve an auditor to come forward to audit these paths so in example silver or even a crude oil or any kind of other commodities we will be able to invite a third party who are people who have come forward to sell either send itself story as well as audited in the future you will likely be able to see Alok our practice Metro they have been listed on the latex platform it's meant to function just as a modular technical infrastructure allows us to any kind of physical assets that could possibly be stored and all deferred over the top real-time and you guys have also partnered with some of the big projects in the etherium space such as maker I know 10x so do you pitch your future where someone will be able to go and spends you know any commodity or we're just gonna have all this different asset tokenization and it's gonna be spendable with everyday lives yep lot of things in a community back then when 10x was around is that a lot of people don't like the idea of spending cryptocurrencies down volatile and speculative in danger because most people have the hope that it's there's a lot more upside downside so the whole point of creating this the stable point DJ service well good then the idea that you could try and set encrypt all at the same time you know just transact in a very stable store value now it's good for both the merchants as well as the spender because the merchants are accepting a very stable store value prices don't fluctuate that much of course in 10x model is mostly done by a process on the back end but for the spender is a cheap order for them because they don't want to be spending in let's say like Bitcoin or cheaper versions of ethers or any other cryptocurrencies out there so yeah we do see synergies if a lot of people out there a distributed application space and so the company here we focus a lot of partnerships and never adoption awesome so I mean what would be the sort of take-home messages or why do you feel that these projects is so important going forward and what is the future of asset organization in general yeah so we do feel that right now in this space collaboration and partnership is key for all these companies that you succeed together most of them would actually require a very stable store value either as an escrow for payments like such as I request Network or even an example of let's see like other kind of exchanges right now there are scene of exchanges they are selling or other trading Kryptos against base pairs of stable coins yes so in the future actually when you have a you exchange this thing where we actually peg it everything against goal that will never create a very big demand for people trading anyhow SSS denominator against eg X which also stands for one gram of gold yeah and that applies for decentralized exchanges as well once people have dgx tokens people can start to trade different coins off each other into gold it's just so exciting watching this ecosystem develop and I think it's finally here in terms of you guys have got that marketplace up and running and what are the other sort of future roadmap you know girls in the next few months yeah so right now the future the roadmap for the next near-term future would be just to get both of these circulating about the bucket list so we are actively pushing for marketing on most fronts from the retail to the business fronts honest I know as well we have been actively deploying and developing big style so these Daleks are probably the model Tomoko in this company because it has been around since March 2016 yeah and this governance platform right now as we speak is being worked on and we will be releasing couple of exciting updates in a couple weeks time just for most of the big key folk and holders out there to be aware of yes in the idea of I suspect in this whole space we do think that in the future nan punchable tokens could be a big thing yeah where you could have tradable tokens that represent a whole physical asset so let's say like one token represents one time and one token it represents one pair of oil in a future this could be a very big thing going forward with what we have been seeing in the idea of crypto CDs and the Holgersson 7:21 yeah you could expect something from DJs to come out in the fall bands to forget that this year or early next year on somehow tokens around and at least it's funny you say that we've actually been talking about non fungible tokens on the channel this week as well so I really appreciate you coming on today Shawn we'll certainly do our part to keep an eye on a website and keep getting all those updates as well so you guys are doing great stuff I think you're one of the team's that's underrated and doing good things behind the scenes so congratulations thank you so much thank you cheese Gus yes thank you

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