Battle-hardened by 16 months of big challenges and now finally ready to launch its Testnet on 30th November, Digitex Futures is finally on track to realize the promise of an industry-changing idea. Read here some of the trials and challenges along the way and why I remain a firm believer that DGTX has huge upside potential for those willing to stay the course. Luke Green explains…
A Long, Eventful Road for DGTX
For those of you who have been around a while, you’ll know that getting to this point has been a very eventful journey for Digitex Futures. The twists and turns, and highs and lows have perhaps tested the patience and resolve of even the most ardent enthusiasts.
But should we be surprised? Some would argue not. Innovation is hard, it requires focus, agility and, in some cases, flying in the face of strong prevailing winds.
Digitex Futures is unique for a number of reasons–not least of all because it has been forged almost entirely in the public eye. It has created a strong demand in advance of its platform and, as a result, we have all been invited to take part in the initial stages of a tech company. Unlike we’d all like to imagine there isn’t a straight line to success and beyond. It’s often a very haphazard experience of trial and error that many rarely see or experience.
While it seems counter-intuitive, failure and specifically how a company reacts to it, is in many respects, what shapes and defines it. As Adam has mentioned, “what doesn’t kill you makes you stronger.” With two very public launch delays, Digitex has been tested with its fair share of setbacks. These have been tough for all involved but they have also defined the decisions that led to the news that the testnet will launch on 30th November.
A Mixed Reaction
While this news is extremely bullish long term for the project, there has been a very mixed reaction from the market reflected in the DGTX token price. For some holders, both the date and the fact that it’s only a Testnet release have been a disappointment. In part, this is perhaps due to some optimism that the Dublin codebase would provide more of a timeline advantage and, rather than a Testnet, we’d be gunning for a live platform.
However, via each of the methodical SmartDec updates, it has become clear that there have been some big engineering and mathematical challenges to solve with the original work. Understandably given the timing of their entry to the project, SmartDec has remained very cautious and clearly wants to improve on previous expectations management.
With that in mind, the fact the team has recently provided dates can be read as a very good sign. It suggests that the biggest engineering challenges are now behind them, allowing them to focus on build-out and beta-testing.
A Phase of Consolidation
When it comes to creating excitement around Digitex Futures, Adam has clearly delivered. Just a cursory glance back through the Digitex YouTube channel will reveal a CEO who is just as passionate as he is transparent about the project. However, through his own admission, this enthusiasm and transparency have led to mistakes.
As a result, the market quite rightly wants to see clear evidence of progress and Adam finds himself having to traverse a long period of development consolidation, with two launch delays hanging over him. As we move through this period (which is more about the technical details than exciting marketing tactics), we are seeing an understandably buttoned-down CEO having to bite his lip.
He naturally wants to rev up promotional plans or show us what SmartDec has been building. But he knows the project is under a great deal of scrutiny from both holders and the wider industry and it’s important to get this right.
Depending on your appetite for risk, this presents a number of scenarios. You could see it as the perfect time to sit on the sidelines or like many holders have concluded, a fantastic opportunity to accumulate more DGTX tokens. Whatever your position, you can be sure the moment Adam is given the green light by SmartDec with a product to promote, things are going to get pretty exciting very quickly!
The Next Key Moments
For both investors and long term holders, it’s clear that Digitex Futures has a few very key moments ahead of it. Especially given that there is much to prove due to the historical delays. As a result, here are a few aspects I’ll be keeping an eye out for that could rapidly and positively affect sentiment.
- SmartDec is due to write up the work they have been doing to date this week; expect this to add further evidence that shows the platform is finally on track.
- While we know the launch date of the Testnet, any evidence (screenshots/video demos) of the platform in the meantime could see a dramatic uptick in project interest.
- News of the first testers being let into the platform will also be a big indicator of platform development progress.
- The Testnet might occur earlier than expected – don’t bet on it – but if it does it will be a great sign for the market and DGTX price.
There’s no mistake, Digitex Futures has everything to prove right now especially while there remains uncertainty around some of the key features like the practicalities of the peg system. However, with effective and talented developers on board, it’s clear to see that Adam and his team have the opportunity to start providing consistent and realistic feature updates and continue to return confidence to the project.
As further evidence builds that the project is on course, it seems it’s only a matter of time that, yet again, DGTX will be building up a serious head of steam. When you factor in that a go-live date could be less than six months away, with perhaps some surprises along the way, there’s no way I’ll be doing anything but adding to my position.
Digitex Futures writers and/or guest authors may or may not have a vested interest in the Digitex Futures project and/or other businesses mentioned throughout the site. None of the content on Digitex Futures is investment advice nor is it a replacement for advice from a certified financial planner.