Digix Gold Token
Crypto Overview
Overview
Digix Gold Token (DGX) was designed as a cryptocurrency backed by physical gold, where 1 DGX represents 1 gram of gold stored in secure vaults. The project aimed to create a stable digital asset by tokenizing physical gold on the Ethereum blockchain.
Purpose and Utility
The intended purpose of DGX was to provide a digital representation of physical gold ownership, allowing users to trade gold-backed tokens without dealing with physical storage and transfer complications. Each token was meant to be redeemable for physical gold stored in Singapore-based vaults.
Current Status
As of the most recent available information, the Digix Gold Token project appears to be inactive. The official website is no longer operational, and trading volumes have dropped to negligible levels. The project seems to have been discontinued, with no recent updates or developments.
Business Model Assessment
The original business model was based on legitimate asset tokenization, where each token represented actual ownership of physical gold. This model aligned with Islamic principles as it involved the exchange of real assets. The project included regular audits of gold reserves and transparent tracking of gold ownership.
Platform Activity
Currently, there is no meaningful development activity or ecosystem engagement. The project's social media channels and community forums are inactive, suggesting the project has been abandoned.
Crypto Impact
To assign a comfort level investing in Digix Gold Token from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Digix Gold Token.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.