In March 2016 Digix completed the first ever crowdsale on the Ethereum Blockchain.
It surpassed expectations by reaching it's 5.5 million USD target within 12 hours.
History was made.
Digix DAO, Ethereum's first major 'Distributed Autonomous Organisation' was born.
It was impossible to predict the outcome of the world's first on-chain Ethereum crowdsale.
Now it's complete, we wanted to share some insights into why it was a huge success.
Our backers know that the future of Ethereum is bright. They know it's going to radically change the world for the better, and they know that this vision is quickly becoming a reality. Ethereum is the next generation of blockchain technology that allows Smart Contract to be easily deployed and interacted with.
There's a great deal of momentum and interest behind Ethereum, and we're seeing the very beginnings of a true technological revolution that's potentially more important than the internet itself.
At Digix, we understand the implications of this exciting new technology and intend to be among the first to harness it's wild potential. We believe the future economy is going to bring untold prosperity to society. We'll witness the disintermediation and optimisation of nearly every kind of social interaction.
In order to achieve this grand vision, Ethereum needs a unit of exchange that allows it's users to store value over time. This is where Digix Gold Tokens (DGX) come in.
DGX represents value on the blockchain that can be retained over time with relatively little volatility; giving it greater utility than Ether for a wide range of use-cases. Retail, Rentals, Salaries, Commerce, Lending, Wealth Management. You'll even be able to use DGX to pay for your coffee using an NFC tap. DGX is in the Ethereum EIP20 format, which means it can be used seamlessly in future Ethereum contracts for literally anything. It can also be used as a basis for other tokens and financial instruments that have yet to be imagined.
The future for DGX is bright, and DGD allows us to share it's success with those who helped make it happen.
Thus far, Digix has created two types of Ethereum tokens - each with unique properties.
These two tokens complement each other to ensure their joint success.
465,134 ETH (about 5.5 million USD at the time) was raised during the crowd sale. This value will be used for investments in peripherals that increase DGX adoption, as approved by DGD holders.
DGD holders get to claim rewards on transaction fees of DGX. Transaction fees are at 0.13% of balance sent, capped at 1 DGX per transaction.
Pledges who sent over $15,000 USD during the crowdsale receive a special proposer badge, which allows them to submit proposals to DigixDAO.
Once proposals have been approved by badge holders, voting is open to all DGD holders who can accept or reject with an on-chain ballot.
The DigixDAO governance model is currently undergoing a careful planning, development and auditing process. Watch this space for exciting updates to come, and join our community to get involved with it's progress.
© 2016 DigixGlobal Pte Ltd 2016