Digix Global, the decentralised gold tokenisation platform on Ethereum, has announced the commencement and duration of the DigixDAO crowdsale - 30th March 2016, GMT 00:00 to 28th April 2016, GMT 23:59.
Digix Gold tokens are gold backed Ethereum tokens on the blockchain that can be used by anyone to create lending platforms, payments processing, funding, or as collateral by virtual nations.
Kai Cheng Chng, co-founder and CEO of DigixGlobal, told IBTimes UK: "Everything that goes into our project gets voted upon by the Digix DAO token holders. And everything about that would be coded on the blockchain as a smart contract. We will tally the votes and once the votes are met the funds that we raised during the crowdsale will be released for that specific project.
He said it gives everyone a direct incentive to participate and see where the funds are going and as a reward for doing so they get to earn transactions fees. He added: "You know how like when you send ether on the Ethereum blockchain you are required to pay some transaction fees in terms of gas, so the miners will receive the gas. So in the case of Digix tokens whenever you send Digix tokens, the DAO itself will collect transaction fees, in terms of Digix tokens and that could be dispersed back to the token holders."
Digix announced key terms of the crowdsale as follows:
Start Date: 30th March 2016, GMT 00:00
End Date: 28th April 2016, GMT 23:59
Window 1: 30th March to 6th April with a multiplier of 1.30x
Window 2: 7th April to 14th April, Multiplier of 1.15x
Window 3: 15th April to 28th April, Multiplier of 1.00x
Crowdsale cap: Maximum amount of US$5,500,000
Digix will continue to host weekly webinars to address questions and to update you on the status of the crowdsale deployment, requesting people RSVP their preferred times: 6 April 2016, 2:00pm to 3:00pm GMT; 13 April 2016, 2:00pm to 3:00pm GMT; 20 April 2016, 2:00pm to 3:00pm GMT; 27 April 2016, 2:00pm to 3:00pm GMT.