DIGITAL GOLD — CRITICAL REVIEW, PLATFORM COMPARISON, AND IMPROVEMENT SUGGESTIONS
Introduction
Digital Gold as a platform has been of great interest to me as it serves as one of the gateways to introduce cryptocurrencies to mainstream investors. I have written reviews on how to utilize the platform, its benefits, and problems it solves.
As a strong believer in its inherent potential as a sustainable means of investing in gold while serving as a hedge for cryptocurrency investors, I researched new ways in which I could add value to the Digital Gold community.
As a first step, I conducted a basic SEO test and a google search to determine the project’s online visibility.
My Discovery — A great project deserves to be seen!
One of the things that caught my attention was the fact that the online presence of the platform was not very impressive, to say the least. I came across a platform with a similar name but quite different in various aspects which will be discussed.
The statistics of followers on the various social media channels of Digital Gold is shown below:
Medium: 13 followers
Twitter: 26 followers
Facebook: Not available
Telegram: 149 members
Reddit: 3 members
In a bid to ascertain the platform which offers better services to investors, I decided to research and compare both platforms.
Similar services yet so different
Both platforms employ blockchain technology and are used to purchase real gold which is stored in physical vaults. The Digital Gold vault is in Singapore while the vault of the other project is in the United States. I guess that’s as similar as they got because from there on I noticed significant differences.
Value system
Digital Gold employs a clearly defined value system with each GOLD token being equivalent in price to one gram of 99% fine gold. This makes it easy to clearly define investment and holdings based on the number of tokens purchased. The other project, however, did not provide a clearly defined value system in terms of unit token value.
Compatibility
One of the major differences I noticed was that the project had its wallet- a plus I must say until I realized it didn’t say anything about the nature of the project’s token. Digital Gold, however, issues an ERC20 compliant token with the ticker GOLD and is compatible with numerous ERC20 compliant wallets like Metamask, Imtoken, and Trezor just to mention a few with its own wallet for android and iOs in development.
Transparency
In one of my previous articles, I pointed out some major issues associated with transparency and how Digital Gold tackles those problems.
It is without a doubt that any investor seeking to utilize the services of Digital Gold or any similar service will need to verify whether or not the gold purchased is physically committed to the vault. Digital Gold employs the services of its partner BullionStar in verifying the vault’s content through regular audits which are published online. The other project, however, does not have any transparency/audit measure in place, creating room for doubt as to whether or not the purchased gold is vaulted.
Partnerships — How your network translates to your net worth
Within the corporate world and blockchain space, it is without a doubt that partnerships are very relevant in building healthy business networks which expose projects to new customers/users which facilitates further growth. While Digital Gold has the reputable BullionStar — a leading brand within the rare metal market as a partner, I was unable to find any partnerships for the other project.
More about Digital Gold
Digital Gold also serves as an anonymous and more efficient means of purchasing and investing gold without losing the monetary features of your investment unlike conventional methods of investing in gold.
Digital Gold also has a native marketplace to facilitate seamless purchases and exchanging and charges no transfer fees. It employs secure technology in ensuring investment security by ensuring that all interactions are processed on the Ethereum infrastructure via smart-contracts.
Conclusion
The part of quality and quantity
To to be able to reach a larger market — both cryptocurrency and gold investors, it is necessary for Digital Gold as a platform to employ the services of expert digital marketers and influencers to drive traffic to their social media channels while creating an engaging online community.
Featuring the platform in top media publications like Forbes, Yahoo Finance, CCN, CoinTelegraph, Investing.com, and Hackernoon which have a large reader-base could prove invaluable in bringing Digital Gold to the attention of potential investors.
Also, the inclusion of more incentivized community activities directed towards increasing the online presence of Digital Gold would serve to further increase the project’s online visibility.
Realizing that all great things take time, I believe that in the nearest future, Digital Gold will become one of the most preferred means of investing in the highly liquid and profitable gold markets.
As an investor, I would always seek to use more transparent platforms that are dedicated to improving their brand through partnerships, security audits, and regular community updates.
I had to take my time to outline the differences to inform individuals interested in investing in gold via cryptocurrency realize that although platforms similar to Digital Gold exist, Digital Gold offers numerous advantages over existing alternatives.
Why not find out more on Digital Gold by reading the Whitepaper or help grow the online community by following the project on social media platforms like Telegram, Twitter, or Facebook.
This article was written and published by KRB91 with 92.4% uniqueness.
