To fund this vision, Digix Global conducted one of the first Ethereum-based ICOs in Q1–2016. The project raised ~466,648 Ether (valued at ~$6MM USD at the time of the sale) and sold 1.7MM DGD tokens (of the total 2.0MM total token supply). The ICO was the second major Ethereum-based ICO following Augur’s ICO in 2015, and sold out in 9 minutes. DigixDAO was formed to create and manage a new cryptocurrency that will be backed by actual physical gold stored in vaults. (It’s called DGX tokens, which we will discuss further). DigixDAO is a decentralized, autonomous organization proposed and created by Digix Global company.. Digix Global’s whitepaper states that they do this through a protocol that they have developed – PoA (Proof ... People all over the world use ETH to make payments, as a store of value, or as collateral. The latest news about Ethereum mostly concerns the move to Serenity the last post-development phase of Ethereum as well as changing Ether mining’s concept from Proof-of-Work to Proof-of-Stake in order to reduce the power cost of the process. Ethereum is a platform that can be used to create any arbitrary smart contract including smart contracts that represent digital assets called Ethereum tokens. This is similar to the App Store providing a platform for iOS apps with some apps issuing their own digital currencies that are used within the game or system. At Digix, we create a world where 99.99% fine gold bars are made divisible, transferable and redeemable.
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