UPDATE: Here’s all I know about $DIG — a cryptocurrency backed by gold that could change everything…
$UNY ($DIG from today) is a mysterious coin, that caught my attention because it grew 1350% in a short amount of time. I used most of my time this weeks to do some research. Here’s what I found out.
UPDATE 4th May 2018: Thanks a lot for all the attention and the feedback to my post here. By today I can confirm that everything I researched about $DIG is true and I’m super bullish for the future. I met some of the players in the background and this whole thing is bigger then I imagined. On May 11th Arbitrade, the mother company of DIG and the other tokens, will publish some big news. I expect big things to happen. This could also explain why a lot of money is coming in and the price jumped from 11 cents up to 30 cents and down again to 23 cents in a couple of days. I expect a jump to 50 cents in the upcoming days. Cheers!Note : I often preach to my follow people that they really should do their own research BEFORE investing in a coin. This article shows how I deep dive and I can only recommend that you should be able to explain a coin to your friends like I do it in the following paragraphs before you throw money at it.
At the moment there are more then 1.300 different cryptocurrencies that you can buy, trade or hodl. They have different names, functions, sometimes a real product behind it and sometimes not — what they all have in common is that they are all volatile, because there’s no physical or “real” value combined. It only exist and works because we “believe” in it.
A coin aligned to… GOLD?!
But what would happen, if you combine one coin / token with a physical store of value, like gold or silver? That would limit the market fluctuations dramatically, because no matter how much worth the coin is — $1 in gold is still $1 in gold (aligned to the gold price at the moment you sell it.)
To make it short — that’s what $DIG is all about. Right now Dignity ($DIG) is called Unity Ingot ($UNY), but it will be rebranded today. Plus: They will burn 7 of the 10 billion total coins to increase the value. Also today. If you heard anything from $UNY before, forget it. Yes, the project is 1 year old but the original company behind it (T.J.L. Holdings Inc.) was acquired by one, that includes high level executives and directors that blew me away.
The company behind this project is Cryptobontix. You won’t find a lot info on there website because they can’t say a lot right now because:
This website is awaiting legal approval from our council and council of our newly developed partners before we can release details of our operations and partnerships.
The connection of Cryptobontix and Arbitrade
Aligned to Cryptobontix there’s Arbitrade, an new exchange. If you look closely you see that both websites use the same template. Right now you can sign up on both sites for news & whitepapers.
In the Arbitrade whitepaper you can find some of the board members like Len Schutzman or Dr. Timothy McGarvey, who’s also the CIO auf AXenS.io, a blockchain company that will do an ICO in April on Stellar.
Those guys in the director board have all a high exec background and to be honest — if someone can archive the things they want to archive — those guys can make it.
Are they real?
Because I don’t invest blindly in new fresh coins I wanted to make sure that those guys are real and involved on the project. So I wrote both of them on LinkedIn and… suprise… Tim replied to me pretty fast, that the whole project is real and that Arbitrade is really the exchange platform and Cryptobontix is the tokens.
Arbitrade has some cool things on their roadmap:
Public Decentralized Cryptocurrency Trading Platform and coin.
- Arbitrade Pro
Investment bank level cryptocurrency arbitrage trading platform
Arbitrade’s very own proprietary payment gateway for business and individuals.
A major cryptocurrency prepaid debit card.
- Cryptosync Gift Cards
The world’s only cryptocurrency gift card redemption program.
- Dynocrypt that is…
A decentralized way to transfer protected information through the internet and stored on Arbitrade’s Blockchain for future reference.
a decentralized way to share confirmed “Know Your Customer” details through Arbitrade’s Blockchain protocol.
Assets Backed by Insurance and 100% Reserve Guarantee
That are the most important things for Arbitrade. Sound’s super solid. What I also like is the fact that all the assets are backed by insurance and 100% reserve guarantee because they’ll
use the services of Lloyds of London to insure all assets held on account with the company to protect users from hackers (government or otherwise) shutdowns and acts of god.
Thats all about Arbitrade for now. Let’s have a look at the token family of Cryptobontix.
Why Cryptobontix tokens could become a new kind of cryptocurrency
I know that I cover a lot of info so just a reminder: Arbitrade will be a new exchange platform and Cryptobontix will cover four different tokens that are hard backed by metals.
Besides $DIG (backed on gold) there are three other coins that will be launched at the 21th February and they are also aligned to other bullions:
- 1 Gold Dignity Ingot Token (DIG) is equal to 0.02445 grams of gold bullion.
- 1 Silver Namaste Ingot (NAM) is equal to 3.659 grams silver bullion.
- 1 Platinum Life Ingot (LIF) is equal to 0.101grams platinum bullion.
- 1 Palladium Honor Ingot (HNR) is equal to 0.125 grams palladium bullion.
How do they get the gold
Just imagine one thing — there will be 3 billion $DIG token after the rebranding & coin burn from $UNY. If 1 token is equal to 0.02445 grams of a gold bullion, then we’re talking about a huge pot of gold, that is super expensive. So how do they pay for it?
Cryptobontix will commence mining operations with 55,000 mining rigs that are dedicated to the tokens. With the rigs they will mine Bitcoin, Ethereum, Dash and Monero. And what will they do with those mined cryptos?
- 50% Used to buy physical bullion from partnering bullion suppliers on a weekly basis.
- 20% Used to buy more mining rigs to create exponential growth in earnings and physical bullion holdings.
- 15% To support and buy back tokens from the trade exchange marketplaces.
- 15% Used for the cost of operations for the mining endeavors.
Because of the fact that you can redeem your bullions after 2 years minimum only, they have enough of time to mine a lot of the established coins to secure the project operations.
How do I get the gold
After 2 years you can swap your DIG (or another one of the 4) 1 to 1 to a coupon that grants you your amount of gold on the bullion. If I read the whitepaper correctly then it works like this:
You can swap your Cryptobontix tokens to special utility coupon tokens which are redeemable during specific periods each year for physical bullion. Every year, until the expiration date of the coupons, 1/15th of the token float becomes available in November for the month. The redemption of the token coupons will be able to trade for the physical bullion held against the token.
Once the order forms are filled out, token holders can redeem their coupon tokens by placing their bullion order at the Cryptobontix website at any point throughout the year by sending in their coupons to the prescribed address. Then the shipping department will process the transaction when the November redemption window opens and will ship the physical bullion to the token holders.
Like I said at the beginning their are some events in front of us starting with the swap and the coinburn. According to board member Dr. Timothy McGarvey the swap has commenced and closes Tuesday at midnight EST.
The will provide more details to the etherscan address, the new white paper documents and the news after the token swap is completed.
If you want to get your $UNY converted 1 to 1 into DIG you need to hold your coins in your Livecoin wallet and do nothing.
Regarding the latest news the other 3 tokens will be published around the 21th February but there are no infos about the exchange.
Chances are good that IF they come up with proper PR, News and more infos about their team that DIG and the other Cryptobontix token could spike in the near future. When people hear that a token will grant you $1 USD and that token only costs 12 Cents… what do you think are they going to do? Right, they will buy it until $1. That’s my whish after jumping in around 0.56 Cents with around 5ETH, to be fully transparent.
You may ask why their PR is so shitty at the moment? Answer is easy: This attention they are receiving was very unexpected for them. That’s why they don’t have Twitter or Telegram yet. Every account you can find there is fake.
In the end $UNY / $DIG is a gamble because they have pretty ambitious goals… if they can’t deliver the price might drop pretty hard.
That why I keep telling everyone — THIS could be the biggest scam in the world OR my personal moonshot 2018 because I threw 5 ETH on it when the price was around 5 Cents.
Some more detailed questions to the board member were answered also in this medium post. I can confirm the correctness of it, because Dr. Timothy McGarvey send them over to me as well.
My ressources are all linked below and I hope I could help you with all the information above. If you want to support me, feel free to hit the clap button. Thanks!
Update 1 February 21th: The token swap from UNY to DIG was successful. Trading DIG is halted at the moment at Livecoin and I really hope that the Management will publish some information soon about the roadmap.
Update 2 February 21th: Dr. Timothy McGarvey was falsely quoted as the CEO by me. He is the CIO of axens.io, the CEO is Samson Assefa from Swaye Capital.
- Arbitrade.io Whitepaper
- Cryptobontix Whitepaper
- Personal Q&A with Dr. Timothy McGarvey via Mail
- Livecoin News #1
- Livecoin News #2