Progress Update 17 April 2016
Weekly Webinars to Resume with potential collaborators in May:
Digix will restart webinars in May. We will be hosting regular webinars with DApp projects that could work together with DigixDAO to increase DGX transactions on Ethereum. We will give these DApps an opportunity to present more about their project, and allow time for Q and A so that everyone can have a chance of getting familiar with what they are working on. We have a list of Dapp Developments lined up that would benefit the DGX ecosystem. Namely: A p2p lending platform, a decentralised exchange, smart contracts as a service, virtual nations, and many more to be announced in the coming weeks.
Audit By Quickleft on the DAO — Token Contract:
We are currently working with Quickleft who is performing a secondary audit of our DAO token contract. A preliminary draft report result has already been published, and we will release the report to the public once the issues are addressed and resolved on both ends. Tokens will be claimable on April 28.
We will release instructions for users who have used MyEtherWallet to participate in the crowdsale to claim their tokens directly from MyEtherWallet a week before April 28.
Recently, there were a few articles where various jurisdictions spoke up regarding the need to stay their hands on regulation so as not to stifle innovation, specifically, by the USA, the UK, and Singapore. We believe that these clarifications add on to the positivity of our business endeavours at Digix. We are confident in building a world class and sustainable product on Ethereum.
Listing on Exchanges:
DGDs is listed on OpenLedger, and very likely Yunbi (barring any technical difficulties) by April 28.
DigixDAO’s use of funds:
We would like to take the opportunity to clarify that DigixDAO’s main purpose and vision is to build a digital gold payments system on Ethereum, not a feeder income / feeder fund for DigixGlobal.
DigixGlobal, the default service provider, does not expect to make an ‘income’ or remain sustainable through the use of DigixDAO’s ETH funds.
We are seeking to do away with a Service Provider ‘management fee’ in project proposals (if resources permit) to enforce and make clear this stance.
DigixDAO’s ETH is planned to fund / spur developments of peripheral DApps that could increase the volume of DGX transactions on Ethereum.
In return for being funded by DigixDAO, we hope that the DApps that we help can have DGD token holders participate in their reward structure.
How DAO Governance will work:
There are Proposal Badge holders / DGD token holders.
Badge holders are allowed to submit Project Proposals for Vetting by other badge holders. Vetting is done similar to how our crowdsale was ran: Send your badges to a specific proxy address to show your Approval / Rejection of the project. A minimum number of badges will need to be met in order for the project proposal to be valid. Badges that are sent will be locked up for the duration of the Vetting process before they are returned.
Approved and vetted Project Proposals go to all DGD token holders for pledging. DGD token holders would then send their DGD tokens to a specific proxy addresses to show their Approval / Rejection of the project.
A minimum number of DGD tokens will need to be met in order for the project proposal to be valid. DGD tokens that are sent will be locked up for the duration of the approval / rejection process to prevent double spending, before being returned to the sender.
The Governance Contract is still currently being refined and improved upon for security. DigixDAO’s governance is much more limited in scope and has a direct, 1:1 relationship between DigixDAO token holders and DigixGlobal. DigixGlobal is the default service provider, and if DAO token holders decide that DigixGlobal is not capable, DigixDAO will dissolve and all ETH kept with DigixDAO will be returned to DGD token holders.
Quickleft will be auditing these set of contracts for DigixGlobal. We want to be extra prudent with it comes to our governance contract, because once ETH is sent to it, there is no ‘turning back’. We expect to complete this in the month of May barring no major bugs. You can keep current with our DAO contracts here.
New Client UI
We are working on a new client to replace our Beta client. More information about our progress can be seen at dgx.hitchcott.com. We welcome any feedback on our slack chat.