DigixDAO Soars to New Highs

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DigixDAO token began in March 2016 as the Ethereum blockchain's first "DAO" or "Distributed Autonomous Organization". Surpassing even the founder's expectations, they raised over $5.5 million in the first 12 hours. I would imagine if the launch occurred later in the evolution of cryptocurrency, they would have raised substantially more. Fast forward nearly two years, and DigixDAO continues to climb.

What is a DAO?

Well, I wondered the same thing and looked in to it so you don't have to. Turns out it is quite difficult to explain, but I will try. Think of the DAO as a business, but instead of a board of directors and ceo making the rules, the business is ran by the rules of the smart contracts. Basically, it acts as a ledger without the need of a third party. In this way, ownership of a material asset can be tokenized and represented by coin ownership.

In the case of DigixDAO this asset will be gold, in the form of the yet to be released DGX coin. Each coin will represent a small amount of gold thus allowing quick purchase and sales of the asset on the blockchain. With DGD acting as the ledger for these transactions, its holders will be rewarded for voting and helping to grow the network.

This time last year DGD traded around 15 USD. Currently, it is trading around the 500 USD level. A large amount of that gain was in recent months, with the price at 160 USD Jan 1st. Even though the DGX token has not been released yet, it could come out any day. How this event will affect DGD's price remains to be seen. In any case this coin is one to watch for the year. 

Disclosure:

I have received no additional compensation other than the Ethereum that Hade Technologies pays to produce Exclusive content

I do not hold a position in DGD

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