The company is creating an ecosystem in which traditional physical assets (gold, platinum, etc.) will be traded for virtual currencies in the digital environment.
The platform, known as the Digital Gold Exchange (DGE), aims to create a safe place to store assets and trade with others “fast, secure, without intermediaries.” This platform is an ecosystem on the blockchain, in which anyone anywhere in the world can become a participant. While the primary focus will be on gold, the DGE white paper indicates that the company eventually plans to expand its activities to other precious metals like platinum and white gold.
According to DGE, the development team has created a trading system with an intuitive interface, but which is not much different from the traditional payment systems typically used on commercial Internet sites.
Representatives of the platform claim that they have entered into cooperation agreements with many well-known brands - and this partnership will help create a “stable and reliable ecosystem” as a result. The first agreement was concluded in February with Korea Gold Exchange 3M, the country's largest gold trader.
In March, the company reached an agreement with Happy Money, an organization whose gift cards are used to purchase more than 500 brands in Korea. According to the signed agreement, users will be able to exchange coins for these cards, which are accepted at bookstores, restaurants, movie theaters, music stores, and so on.
Ecosystem Elements
According to DGE employees, there are three main elements of the ecosystem. The first is a token called TMTG, which stands for The Midas Touch Gold. Although this token is not tied to a tangible asset like gold, it can be used to purchase other cryptocurrencies on the Digital Gold Exchange.
Another token called MDG will also be introduced on this platform. It can be purchased on DGE using the TMGT token and can only be traded on that platform. Tied to 1 gram of gold, it can be exchanged for a tangible asset at any time.
Finally, the platform linking these two tokens is described in the white paper as “playing a key role in the ecosystem.”
The pre-sale of tokens was held in three stages from May to June, and the initial placement of coins took place from July 10 to 25.
The company wants to ensure that these tokens are placed on other exchangers in the future.. Starting on August 1st, its tokens will be traded on IDCM and from August 16th on Coinsuper Exchange. Management hopes that by February 2019 it will also be able to launch diamond trading.
According to cointelegraph.com
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