The DigixDao crypto community members voted to approve the return the funds that were raised in the 2016 ICO to the DGD holders as we are reading further in the blockchain latest news.
The investors will be sent 0.19 Ether per DGD despite the project had its initial coin offering in 2016 raising 450,000 ETH and the treasury now has about 380,000 ETH and all of it will be transferred to the DigiXDao Refund contract. The developers decided after the community feedback to create a ‘’ mechanism for dissatisfied DGD token holders to make a clear break from DigixDAO.’’
Known as the Ragnarok project, this vote will happen every DigiXDao quarter. The members that were not satisfied with the project’s progress will be free to leave. Everyone that wants to remain can also do that. The vote was conducted once the developers of the project responded to the requests of the community and ended up forming the Ragnarok Project which allows the users to get a refund. Everyone that wants to keep on investing in the DAO can do that without a problem. Digix was not in favor of the proposal at first and abstained from voting and doesn’t plan on shutting down either. The platform issued two tokens, the DGX token which is backed by one gram of gold and the DGD token which is used to govern the DigixDAO.
The ICO was one of the few that raised millions during 2016 and 2017 and saw many of the investors taking advantage of the tokens which had the potential to skyrocket. One ICO scammer was even sentenced to 18 months in prison for his actions in the meantime. With a vote of 56 PRO change, the result ended up in a 95 percent approval rate which also triggered the first return of the funds for the DGD dissatisfied holders. The token is now trading up over 8 percent over the past day.
DigixDAO is a decentralized autonomous organization and its token is backed by one gram of gold. The network, however, plans to add other precious metals over time. the platform was launched in 2019 and had its voting mechanism proposed in 2018, facing a lot of governance hurdles before.
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