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It is no news that the advent of cryptocurrencies heralded an era of digitization and the unity of the global economy by equipping the world with an independent, transparent, and alternative financial system.
However, the crypto market’s constant upheavals soon revealed that the digital economy’s bedrocks were not free from the global market’s constraints and dynamics.
As such, the viability of basing fiscal values on futuristic technological projects became a subject of debate in large circles, placing a limit on the utility of these alternative currencies as a mode of payment.
As a result, stablecoins were developed to deliver the promise of financial inclusion through the unity of traditional and digital financial systems. Here, we try to understand these digital assets’ feasibility in advancing digital systems’ full adoption for financial consensus.
Cryptocurrencies: Riding on the Waves of Inclusion
History has shown that technological advances are challenging prevailing payments and money systems, from e-banking to digital payment modes. For a while, the global financial scenes seemed to have been offered a lifeline with the emergence of cryptocurrencies.
Cryptocurrencies were arguably created as an asset class to combat frictions in the traditional financial systems, with its promise of independence through its elimination of the need for a centralized governing body with the distributed ledger technology.
Though perceived to be an asset to bring about the unit into account globally, the associated intense volatility and other vulnerabilities have become an impediment in its acceptance as a store of value and payment alternative.
Needless to say, stablecoins were developed to serve as a stabilizing factor to the constant chaos in the crypto market while advancing the strides taken by the financial world to foster general inclusion.
The uniqueness of the digital forms of money remains their association with real currencies and assets. This not only offers them stability without being subject to central governance but also ensures their availability globally.
Gold-Backed Cryptocurrencies: Advanced Move towards Inclusion
Reports from the World Bank Findex data show that more than one-third of the world’s population remains unbanked, with a certain percentage of this population being a breed of digital nomads, which seem dissatisfied with the level of payment systems.
Evidently, there is a call for redefining available digital products to accommodate the needs of advancements and foster further inclusion.
Gold-backed assets seem to satisfy this need. At the forefront of this new asset class is Digix (DGX), which empowers digital assets enthusiasts and users to purchase gold without holding on to it physically.
DGX is an asset that uses a process called minting to issue tokens backed up by 100% gold. As a testament to its foundational basis on the digital ledger technology, DGX bases its operation on the Proof of Asset (PoA) protocol.
This protocol ensures transparency in the records of gold involved in a transaction. This asset class manages to advance inclusion by placing one of the world’s most valuable assets at the beck and call of investors while providing them with a chance to explore the benefits of decentralized digital technology.
DGX tokens have the added advantage of being a cryptocurrency and can therefore be sent, received, or traded just like BTC and Ethereum. This, for investors, means that DGX can be exchanged for cryptocurrencies – a move that could bring much-needed stability to the crypto market.