A company is developing an ecosystem where material assets such as Gold can be traded for virtual currencies in a digital environment.
A platform – Digital Gold Exchange, states that it has the aim of developing a place where users can safely store their assets and trade with others “quickly, safely, and without intermediary intervention.”
It is developing a blockchain-based ecosystem which will enable individuals and companies to join trading without borders from any place around the globe.
Despite the fact that the gold will be the core focus of the platform, DGE’s white paper states that the firm ultimately intends to expand to some other valuable metals like diamonds, platinum, and white gold. It targets to provide changing gold with tokens quickly, along with the conversation rates on the official market prices listed on gold exchanges in South Korea and around the world.
As per DGE, one important aspect is to design a trading system which is simple, contains proper design and is similar to the payment processing methods used on e-commerce sites. By doing this, the company wants to attract customers from different age groups.
Digital Gold Exchange states that it has developed collaborations with well-known brands. All these agreements will help to develop “stable and reliable ecosystem.”
In February, the firm has signed a contract with the Korea Gold Exchange 3M, which is the country’s biggest gold merchant.
Later in March, the firm made an agreement with Happy Money, a popular brand whose gift card can be used to make purchases on 500+ brands in Korea. On the basis of this agreement, users would be able to exchange coins for these vouchers, which are accepted on a number of places like restaurants, bars, coffee shops, etc. Also, the team is very much positive about collaborations and expects a surge in near future.
The main elements of the platform
DGE states three main elements of this project. Firstly, the utility token called TMTG, which is shorthand for The Midas Touch Gold. Despite the coin is not hooked to material assets like gold, it can be utilized for buying various cryptocurrencies on the Digital Gold Exchange.
The platform will also provide other token known as MDG. You can purchase this token on DGE using TMTG tokens and is only tradable on the platform. One can trade this token with real gold any time.
Ultimately, the ecosystem which joins the two tokens together is the Digital Gold Exchange, with a white paper mentioning it as consisting of a “pivotal role in the ecosystem.”
The company rolled out presale of tokens in May and June which was then followed by Initial Coin Offering held on July 10-25.
The firm is attempting for its tokens to be listed on various coin exchanges in near future. The token will be listed on IDCM on August 1 and on Coinsuper Exchange on August 16. From February 2019, the firm believes that Diamond Trading will begin as well.
DGE concludes that its offering remained successful from other forms of virtual money. The main reason behind this is that the tokens will bring more value to the everyday lives of many people as compared to other firms which have released cryptocurrency without considering where it can be used.