Digix is a gold-backed token with zero fractional reserves. This means that 1 Digix token is 1 gram of Inspectorate Bureau Veritas-audited gold, vaulted securely in Singapore, and will never be loaned against. Further, token-holders can actually redeem their tokens for real gold on a trip to Digix or by mail. (minimum is 100g).
CanYa is excited about the Digix partnership, as it provides two very unique integration opportunities; use in the CanYa hedged escrow store-of-value asset, and providing Digix as a native CanYa wallet option.
Digix completed the first ever ICO on the Ethereum blockchain in March 2016, raised 465,000 ether and sold out in 18 hours. CEO Kai C. Chng is the leader of the team, and is an experienced FX trader with HSBC and Matrix Capital. His team is very capable!
Digix is both a gold-backed token offering, as well as a Decentralised Autonomous Organisation (DAO). Many refer to Digix as ‘Gold 2.0‘ as it marries the functionalities of cryptocurrencies with the stability of the sentiment-driven commodity. The DAO retains the funds from the incredibly successful ICO and allows token-holders to decide the future of the organisation.
CanYa values its ‘Hedged Escrow Smart Contract‘ as one of the most important aspects of the platform. Escrows are fundamental to peer-peer marketplaces, as it ensures job satisfaction by allowing dispute resolution. Until both parties are satisfied and the job is complete, users can leverage providers (and vice versa) by delaying release of the escrowed funds.
Escrowing cryptocurrencies exposes both users and providers to currency volatility, which is a very poor user experience. CanYa will be the first to innovate in this space with a hedged escrow, which essentially means that $100 in, is $100 out.
The hedged contract holds a store of value which has low volatility, and protects the escrow. The store-of-value is a portfolio of stable coins, such as Gold, USD or other tethers. Digix provides an audited gold-backed token with zero fractional reserves, which is perfect for use in the store-of-value asset base.
Additionally, CanYa will provide Digix as one of its native CanYa wallet token options, allowing providers to be paid in a token backed by gold when the escrow is released. This is extremely exciting – a $100 graphic design job can be paid out in a digital representation of gold, which can actually be redeemed as physical bullion. This is game-changing innovation, made only possible by crypto.
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