DigixDAO vs. GoldMint

03/19/2018

Review by the team kript.io
Projects: platforms for gold tokenization.

DigixDAO and GoldMint create and develop platforms providing a quick and efficient way of buying and storing gold. Tokens of the projects give the right to own physical gold. They can be either redeemed to gold or sold on exchanges.

Websites:
DigixDAO: digix.global
GoldMint: goldmint.io
What's in common
Token functions: each project has two types of tokens that complement each other. One of these two tokens is traded on exchanges and allows its holders to get part of the commission on transactions; the other one proves the right for owning physical gold and can be applied only on the platform.
Gold backed assets: both platforms have digital assets that are 100% backed by physical gold. Tokens can be sold or redeemed to physical gold.
Online apps: online applications for making and tracking transactions are about be launched soon.
What's different
Buying gold for fiat money: GoldMint allows purchase GOLD tokens for fiat money, while in DigixDAO DGX tokens can be bought with ETH only. Transaction fees for fiat-gold-fiat on GoldMint platform vary with a maximum of 4%; the commission is taken in GOLD.
Transaction fees for operations with tokens: transaction fees in DigixDAO are 0,13% of balance sent. Minimum transaction fees in GoldMint are 0,0025 GOLD, maximum is 0,3%.
Value of tokens in gold: each DGX token on the DigixDAO platform represents 1 gram of gold. Each GOLD on the GoldMint platform equals one troy ounce of gold (31,1 gram).
Storage: GoldMint uses innovative storage unit called Custody Bot which is programmed to automatically identify and store gold jewelry, small ingots, and coins without human intervention. DigixDAO physical gold bars are held in a custodian vault The Safe House Singapore.
Voting: DGD holders have the right to vote on proposals submitted for the growth of the Digix ecosystem. MNT holders do not have such power.
ICO
DigixDAO reached the hard cap of $5,5 million within 12 hours of ICO, while the hard cap of GoldMint was higher ($7.3 million), and they didn't manage to collect it.
Tokens
DigixDAO reached the hard cap of $5,5 million within 12 hours of ICO, while the hard cap of GoldMint was higher ($7.3 million), and they didn't manage to collect it.

GoldMint: MNT is traded, GOLD is an internal currency and is the proof of owning physical gold. The ticker for tokens sold during ICO was MNTP, which later migrated to MNT (GoldMint Blockchain). These tokens are needed to verify transactions in GOLD. The more MNT tokens users have, the more transactions they can verify.
To sum up
DigixDAO and GoldMint are not the only projects that implement tokenization of gold. The main advantage of these projects is that they offer an easy way to make investments in such a trusted asset as gold which makes much economic sense. The main factors of success for these platforms are convenience and safety. Both projects are doing quite well at the moment reaching the milestones in due time.


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