For a long time, gold was money. Right up until the gold standard was abandoned for a fiat monetary system just 50 years ago. It didn’t take long for the flaws of intrinsically valueless money to become apparent. History has demonstrated time and time again that a currency subject to inflation isn’t sustainable. A reliable currency is essential, especially in nations such as Venezuela and Zimbabwe where entire societies continue to bleed out because of this.
We at Aurus believe a gold-backed cryptocurrency is the solution for global economic stability. The concept is relatively simple; a digital token backed by physical gold. Many digital gold projects have emerged over the last few years, the mentionable ones being Digix, Paxos, KaratGold and G-coin. While functional, these projects aren’t sustainable. A centralized minting process automatically leaves the door open for internal exploitation, leaving users vulnerable.
A Self-Sustaining Ecosystem
Aurus is taking a different approach to democratise gold properly. We’re essentially replicating the traditional gold industry in a digital way, to create a system that everyone can benefit from. Aurus provides a technological infrastructure that interacts with an ecosystem of gold providers, vaults, and distribution channels. The protocol enables the gold market to autonomously tokenize gold into AurusGOLD (AWG).
Aurus also circulates a second, revenue sharing token AurusCOIN (AWX). AWX distributes a portion of AWG’s generated transaction fees amongst Aurus minting partners (gold providers & vaults) as incentive.
AWG and AWX together allow a self-sustaining ecosystem to exist, one that produces a gold-backed cryptocurrency through a decentralized minting process. At no point will Aurus hold any of the gold. In fact, the Aurus company doesn’t need to exist at all for the ecosystem to remain functional.
First AWG Tokenization
Aurus has established a partnership with Direct Bullion, a reputable London based precious metal dealer who was the first to make use of the protocol. Direct Bullion has made an initial gold allocation of 10kgs for tokenization. The first allotment of gold was minted into 10,000 AWG and made available for direct sale on their website.
The goal is to have as many of these partnerships in place as possible. To eventually establish a widespread, semi-decentralized structure consisting of multiple providers, vaults and distribution channels across the globe. An open system structure such as ours is much more reliable and actually makes sense to the user as they aren’t dependent on a single source, and this is what ultimately sets us apart from other gold-backed tokens.