Building The First Smart Asset company on Ethereum (DigixGlobal)

kcchngkcchng Singapore / NYCMember Posts: 4
Hello Folks. I am Kc Chng, Co-Founder and Executive Director of DigixGlobal (www.dgx.io). DigixGlobal is a smart asset company built solely on the Ethereum Blockchain.

We are a newly incorporated Gold bullion dealer allowing you to purchase and store gold with our custodian, where you can then create divisible digital redemption vouchers secured on the Ethereum blockchain. These vouchers are essentially digital ownership assets that can be sent and received over the Ethereum Blockchain, and can also be redeemed for physical gold bars from our vaults.

For instance, your 100g bars could be divided into 100 * 1g vouchers to be sent and received by anyone in the world with an internet connection and Ethereum Wallet.

We believe we can make gold a more spendable product in future. Right now gold is used mainly as a store of wealth, but liquidation charges are high. One needs to find a shop that accepts gold, get there safely and sell the gold at a significant discount to fiat before unlocking its value. We are trying to shorten that entire process by allowing you to digitize your gold ownership on the Ethereum blockchain, using vouchers to barter for goods or to transfer ownership with ease. Anyone thus receiving these vouchers can eventually redeem them for physical gold bars from us.

This concept is not new and has been around for ages. “Its roots were in merchant receipts of deposit during the Tang Dynasty (618–907), as merchants and wholesalers desired to avoid the heavy bulk of copper coinage in large commercial transactions” (as per wikipedia). With Ethereum, these receipts, or redemption vouchers, can now be safely transmitted online without the fear of duplication or double spending in the 21st century.

What has prevented this from flourishing in the present day are the several negative factors such as: bureaucratic permission gateways ie banks and financial institutions, significant intermediation fees, privacy issues, Seizures of gold (from various past DGCs without a decentralized system, and mainly occurring in the west), scams and the need for several points of trust.

We have considered several of these factors thoroughly and decided to set up our operations in Singapore, choosing renowned gold suppliers and custodians ( (publicly listed on the stock exchange and audited) for our gold. We will elaborate on all these factors further in our subsequent postings, but for now, we just want to give you a little background of the founders of this company.

TH Chng, our chairman, (who is also my dad), was a former chairman / CEO of Fujitsu Asia Pte Ltd, focusing on telecommunications sector.

Anthony, our CTO, has been an active contributor to software development on Ethereum for the past year. He has over 15 years of experience in network securities, programming, and building tech companies. He can readily help with any technical questions about DigixGlobal. He is also my future brother in law. ;).

Dawei is our COO who will be helping us with marketing and operations. He has launched several small businesses and his expertise in the field of marketing could help us grow.

Myself I left my wall street career as a currency trader to start DigixGlobal. After reading the Ethereum white paper I was convinced that blockchain 2.0 will change the world of financial intermediation. That conviction was so strong I took a week off from work to decide if I should resign and be an entrepreneur, came back to work and handed in my resignation letter. I walked away from a counteroffer as well that could have paid the bills pretty well. So, I have given myself fully to building this company as I believe in Ethereum, and what it can offer to the public.

We hope this thread would generate some interest in what we hope to achieve, and we are more than happy to field any questions that could arise.

First of all, no question is a dumb question, and we will do our best to answer everyone as accurately and promptly as we can. You can ask us questions ranging from why we chose the name Digixglobal, or any security / custodial / fee questions, to why two co-founders are missing a vowel in their last name.

We apologize if we do not get back to you in time, because we are committed to being fully self funded for the time being and private. So each one of us is busy running around doing everything from printing newsletters, setting up bank accounts, contacting news media, networking, paying our own way to be at conferences, hiring our own employees, designing content for launch and much more which I would not bore you with.

We have already attracted some VCs’ attention, but staying self funded is intentional, and is done so that our company can grow the way we envision it to, move organically as well without any pressures or hindrances from external parties who do not see our long term vision or have different incentives compared to ours. We believe the co founders have the relevant business experience to do this right. Having said that, all of us are not wealthy by any standards, but are able to make do with what we have to built this company exactly the way we want, and will strive to keep this a family owned/styled company as long as we can.

We are primed to launch our site for beta clients on Feb 15th.

Thanks for reading our post and we look forward to engaging with you.

Comments

  • kcchngkcchng Singapore / NYCMember Posts: 4
    Hello all,

    We have updated our website with FAQs, please drop by to find out more about what we do, or post any questions you have here as well, thank you!

    dgx.io
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