One of the first things that people ask HelloGold when we talk about our ICO is, “How are you different to Digix?”. It’s an obvious comparison to make as, at a glance, HelloGold’s business appears similar to Digix: we are both gold backed businesses based in Singapore which use Ethereum and have run/are running an ICO/Crowdsale.
So let’s do a quick rundown on what HelloGold’s business actually is, and then list down the differences it has between Digix.
(Note: We’re not claiming to be better than Digix. We’re simply stating the differences)
HelloGold has built an app that allows low to medium income people from emerging countries to save in gold from as low as $0.25USD onwards, without unreasonably high mark-up prices. On top of this, it is now working on integrating blockchain tech and Ethereum smart contracts into its app, and saw the opportunity to created a gold-backed token based off it’s live, revenue generating business.
Ultimately, HelloGold would:
- Provide underserved people from emerging countries an affordable means of savings in gold
- Get millions of (non-crypto) people running blockchain tech, eventually providing them soft entry into the crypto space by allowing them to convert their gold into Gold Backed Tokens
- Create a gold-backed token that is backed by a real-world gold business
Taken directly from dgx.io,
“Digix tokenizes gold on Ethereum. We leverage the Distributed Ledger for its immutability, transparency and auditability by applying it to precious physical assets.
Digix has created a range of technologies including The Proof of Asset Protocol (POA) and Digix Gold Tokens (DGX) on Ethereum”
Digix provides a use case for the tokenisation and documentation of physical assets. This allows for the open and public verification of an asset’s existence without a centralised database. Digix also offers an API allowing other applications to be built on top of their asset tokenisation service.
Apart from that, DigixDAO is planning to be a pioneer as a fully decentralized DAO.
From what we’ve learnt/gathered/researched so far, here’s a list of some of the similarities and differences between HelloGold and Digix:
The opportunity for digitizing gold on the blockchain is large. It’s clear that because both businesses’ core product have separate target audiences, the business and product structure between them vastly differ.
While they do share an overlapping target audience (crypto-users because both businesses are creating gold backed tokens), this article makes it clear that they are simply taking a different route to the same goal — allowing anyone to save and trade in gold.
