Exclusive: Digix co-founder explains how to build secure Decentralized Autonomous Organizations (DAOs)

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Digix, the developers of the “first asset-backed digital gold token,” revealed earlier this week that they’ll be introducing the DigixDAO platform, which is notably one of the first Singapore-based Decentralized Autonomous Organizations (DAOs).

As of March 30th, 2019, DGD token holders have been able to vote on proposals related to the ongoing development of the Digix platform. In comments shared exclusively with Crypto Insider, Shaun Djie, Digix co-founder and COO, explained the importance of building highly secure DAOs.

Maintaining And Ensuring Security Via “Full Code Audits”

Djie, who attended the prestigious New York University, Stern School of Business, remarked: “Building secure and robust systems is an ongoing effort for all projects in the ecosystem. However, the developer environment has improved tremendously since 2016 with noteworthy projects moving from ideation to real-life application and meeting key milestones. For Digix, we conducted a full code audit with Switzerland-based ChainSecurity AG, one of the top code audit firms in the blockchain space. This enables us to keep the DAO secure and prioritize security above all.”  

Ideally, Stablecoins Should Interoperate Between Protocols And dApps

When asked to comment on the nascent stablecoin market, Djie told Crypto Insider: “Stablecoins are becoming the cornerstone for many use cases, especially in payments, treasury management, and remittances. DGX, our gold backed token which represents one gram of physical gold, is an example of an asset-backed token within the ecosystem of stablecoins. Stablecoins will only continue to increase in popularity. The real MVP lies in having a stablecoin that interoperates between protocols and dApps.”

Institutional Investors Will Continue To Make Substantial Investments In Crypto

In response to a question about what the crypto and blockchain space will look like, in terms of growth and adoption, ten years from now, Djie said: “Hopefully, we reach the phase of real-world adoption, where the technology is invisible to the front-end user. In addition, the overall ecosystem will continue to institutionalize and the crypto markets will continue to increase in efficiency.”  

An Asset-Backed Alternative To Industry-Standard Cryptocurrencies

When asked what the Digix ecosystem has to offer, what its main use cases are, and why people should care about the project, Djie noted: “Digix provides an asset-backed alternative to industry-standard cryptocurrencies and utility tokens, offering traders a store of real-world value which is impervious to the volatility of the cryptocurrency market. The Digix ecosystem offers individuals the opportunity to de-risk themselves away from the underlying fiat currency ecosystem. The 100% gold-backed nature of the DGX token ensures our product will always remain independent of the financial systems around currencies.”

Ensuring “Compliance And Traceability Of Transactions”

Elaborating on the main challenges the digital asset space is currently facing, Djie stated: “Compliance and traceability of transactions will always remain a primary focal point for regulators. While the collective industry works to increase the security of custody and accountability and help advance the sector, industry leaders will continue to raise the benchmark and self-regulation will naturally occur.”

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