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Digital Gold Exchange (DGE), a blockchain-based, online/offline electronic gold exchange based in South Korea, listed its cryptocurrency, TMTG (The Midas Gold Touch), on the IDCM Exchange in Hong Kong on Aug 2. As of Aug. 10, it surpassed XRP in coin market value.
DGE, whose slogan is “convergence of virtual and real values,” has entered the cryptocurrency market with a coin that will be tied directly to the value of gold and allow users to exchange cryptocurrency for real gold.
Where gold transactions have historically been available through cumbersome, offline, person-to-person transactions that entail risks such as gold quality, the purchase of gold through a digital token minimizes these risks and provides safety and convenience. TMTG can be used to buy MDG (Midas Digital Gold), which can be exchanged with actual gold bars.
The direct correlation of the value of a coin to real gold creates a new ecosystem that can also be used for reliable and stable asset distribution and withdrawal.
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A Secure Platform
The platform uses the CC Exchange protocol built on the Decentralized Exchange (DEX) platform for improved transparency and security. In addition, a Circuit Breaker system automatically shuts down exchanges when a large number of abnormal transactions are occurring, which protects coin owners and market stability.
According to a DGE official, many coin developers last year were focusing on their coin technology, without contemplating on adding stability to their ecosystem by adding exchange or use mechanisms.
While various global chains such as McDonald’s and Starbucks are entering the cryptocurrency market through various new coins, their use will be limited in scope and practicality mainly as payment systems for their customers. Coins with weak or unprepared ecosystems will have to start actively creating their own ecosystem or find a suitable one.
A Strong Ecosystem
DGE, before launching TMTG, focused on creating a stable and strong ecosystem.
DGE has partnered with Korea Gold Exchange, the Vau Diamond Exchange, and is in the process of securing partnerships with additional global gold exchanges. DGE is also developing partnerships with global service providers and is also in the process of developing its own crypto game.
In addition to its successful listing on IDCM, TMTG is anticipating its second listing on the CoinSuper cryptocurrency exchange on Aug. 16.
New Payback System
DGE also recently announced plans to introduce a payback system on its platform. The payback system aims to return a portion of the transaction fee to the user. DGE decided to implement this system to ensure the ecosystem benefits both the developer and the users.
“Because the current platform is still being developed, the actual payback rate cannot be disclosed at this point,” the company announced. “However, the payback will be shared from the net profit.”
After the user is charged the transaction fee, the payback rate will be determined by the conditions set by DGE, and based on the balance in the individual’s account. The payback will be paid to the user’s account in TMTG.
Seventy percent of the payback will be made in installments to users who hold TMTG in their accounts. The remaining 30% will be made in installments based on a referral scheme, the details of which will soon be announced.
“Not all referrals will be eligible for payback,” DGE’s policy developer stated. “We will set minimum requirements, such as at least one or more transactions made by the referred.”
“Our payback system is more than just a promotional event; it will be set as one of our permanent company policies,” a company spokesperson said. “We will continue to develop policies that benefit us and the users.”
The DGE platform will become available before the end of the year.
