On March 2, the DAU digital gold trading system of Dubai Bank on the chain was officially launched globally at the Dubai press conference, and the new exploration process has begun. It is the first digital gold trading ecosystem based on blockchain in the world: Dubai Bank on the chain+Abu Dhabi First Gulf Bank took another important step in the implementation of blockchain-based applications.
DAU Digital Gold of Dubai Bank on the chain directly anchors London Gold, and uses blockchain technology to digitize the real world London Gold. It is the digital version of London Gold, representing the top quality London standard delivery gold bar. With the power of blockchain technology, DAU makes gold trading decentralized, fair, transparent, efficient and convenient, which is of milestone significance for the entire gold trading market.
In order to ensure rapid liquidity and accurate responsiveness, digital gold DAU has built a CC exchange (cryptocrypto crypto) on the platform based on DEX (decentralized transaction) with full confidentiality and transparency. The traditional DB model is usually used to build FC exchange (fiat-crypto), but the digital gold trading ecosystem uses DEX to build FC exchange.
In order to convert digital gold into real gold on the offline gold exchange (the First Gulf Bank of Abu Dhabi), the holder of digital gold needs to prove that he is the only holder of digital gold. DAU helps the holder to prove his ownership through smart phone by embodying mnemonic (auxiliary memory) signature in DAPP.
The digital gold DAU of Dubai Bankon the chain is based on the digital gold trading ecosystem of the blockchain, providing unlimited possibilities for the development of Dubai’s gold. It is based on the above ideas that Dubai Bank on the chain, the First Gulf Bank of Abu Dhabi (FGB), the Dubai Financial Services Authority (DFSA), the Dubai Commodity Trading Center (DMCC) and the Gold Standards Foundation jointly created the DAU digital gold trading blockchain project. According to Tommy, Asia-Pacific Director at the conference, the DAU digital gold trading blockchain project is the world’s first digital gold ecosystem based on blockchain. It combines the decentralized blockchain technology with the oldest gold, uses the blockchain technology to carry out virtual segmentation of gold, completes the digitalization and certification of gold assets, and trades freely on the decentralized platform, and cooperates with many over-the-counter gold trading acceptors, So as to open up online and offline gold transactions.
In order to encourage more users to participate in the digital gold transaction, Dubai Bank on the chain initially gave 200g of digital gold after registering to participate in the financial management of the platform, and was released through the financial management transaction. This method also provides unlimited possibilities for applying DBC platform currency to the digital gold payment channel. DBC currency is the only ecological token used in the circulation process on the decentralized trading platform of the digital gold exchange. DBC will save electronic digital gold of gold value through gold tokenization in the future. In the digital currency market, the value of DBC tokens can be recognized, and the value of tokens will also rise indefinitely, so DBC tokens will be the future digital gold. It will be a revolutionary initiative, which will certainly provide unlimited possibilities for the development of the digital gold exchange.
