- What is AurusGOLD?
- What are the benefits of AurusGOLD?
- What are the risks of owning AurusGOLD?
- What are the fees associated with AurusGOLD?
- How does Aurus ensure AurusGOLD tokens are 100% backed by gold?
- How does AurusGOLD follow the spot gold price?
- What happens to my AurusGOLD tokens if Aurus Technologies defaults?
- What is AurusDeFi (AWX)?
- What are the fees associated with AurusDeFi?
- Where can I store my AurusGOLD?
- What is a cryptocurrency wallet?
- What is MetaMask?
- What is the AurusGOLD Card?
- What if I lose my AurusGOLD Card or somebody steals it?
- How can I send or receive AurusGOLD?
- Where can I sell my AurusGOLD?
- What is a cryptocurrency exchange?
- How can I redeem AurusGOLD for physical gold?
- THE BASICS -
What is tokenization?
Tokenization is the process of digitally representing assets on the blockchain. When tokenizing, the assets’ economic value and ownership rights are transferred and represented by digital tokens. Asset-backed tokens are essentially digital IOU-tokens that can be easily transferred between parties. In the case of AurusGOLD (AWG), each token represents ownership of 1 gram of gold.
Tokenization can greatly reduce frictions involved in trading of physical assets such as gold. When an asset is tokenized, it becomes highly divisible, portable and transferable, increasing its tradability and therefore its market liquidity. Tokenization allows fractional ownership of assets which, in turn, lowers barriers to investment and promotes more inclusive access to retail investors.
What is Aurus Technologies?
Aurus Technologies is a UK limited company that offers a Tokenization-as-a-Service solution to the traditional gold industry. Aurus’ blockchain platform enables esteemed gold market players (providers, vaults, distributors) to independently produce and distribute their own gold-backed token, AurusGOLD (AWG).
Aurus’ decentralized approach to tokenization ensures that the company can never “touch” or be able to influence the gold traded or vaulted. The company is compliant and strictly adheres to the KYC/AML regulatory guidelines set out by the UK’s Financial Conduct Authority (FCA).
What is the Aurus ecosystem?
The Aurus ecosystem is a highly scalable network made up of gold providers, vaults and distribution partners that interact with Aurus’ open
blockchain platform, working in synergy to mint and distribute a decentralized gold-backed token to the mass market; AurusGOLD (AWG).
The protocol's revenue-sharing mechanism allows the ecosystem to be completely self-sustaining. Gold providers and vaults are incentivized for storing and tokenizing gold, by receiving 30% (15% each) of the revenues generated from the usage of AurusGOLD. The remaining 70% of the revenues are distributed via a secondary token; AurusDeFi (AWX).
The ecosystem's foundations were designed to align the interests of its participants, encouraging the production, distribution and adoption of AurusGOLD. It is non-exclusive and equally fair to every participant, enabling the entire gold industry to benefit from it.
- PRODUCTS -
What is AurusGOLD (AWG)?
AurusGOLD (AWG) is a gold-backed token independently minted by various gold refineries and brokers that participate in the Aurus ecosystem. Each token represents full ownership and can be redeemed for 1 gram of 99.99% LBMA, sourced from LBMA-accredited refineries. The underlying gold is stored in fully insured and audited vaulting facilities around the world.
What are the benefits of AurusGOLD?
AurusGOLD (AWG) is a highly portable, transferable and liquid digital asset. It has the advantages of physically allocated gold, but does not have the drawbacks of limited transportability or high storage costs usually associated with it. Instead, it has the divisibility, fungibility and tradability of any digital asset like bitcoin. AurusGOLD is highly:
- Divisible: One gram is divisible up to 18 decimal places, enabling you to trade cents worth of gold.
- Transferable: Send gold to friends and relatives across the world, instantly.
- Affordable: Buy grams of gold near spot price with minimal fees.
- Storable: Carry any amount of gold safely in your pocket by using a digital wallet.
- Accessible: Buy and sell gold 24/7 from the comfort of your home.
As the most liquid form of gold, AurusGOLD can be used as the easiest way to accumulate and preserve wealth, as a hedge against volatile markets, and ultimately, and as a reliable alternative to unstable fiat currencies.
What are the risks of owning AurusGOLD?
The risks associated with owning AurusGOLD are similar to owning physical gold. The main risks are related to theft or loss of tokens. There are multiple security measures you can take to prevent this from occurring:
- Make sure to keep your wallet’s private key safe and extremely confidential.
- Diversify your token holdings, by storing tokens in both cold and digital wallets.
- Avoid keeping large amounts of tokens on exchanges, as they are more exposed to hacks.
What are the fees associated with AurusGOLD?
There are modest transaction and storage fees associated with the usage of AurusGOLD:
- Transactions: 0.15% per transaction to the initiator of each transaction. *Transactions require a small amount of Ethereum (ETH) gas upon token transfers.
- Storage: 0.4% per annum to KYC'd wallets and 2% to non-KYC'd wallets, calculated on a daily basis. To learn more about storage fees, please review Aurus’ WhitePaper here.
How does Aurus ensure AurusGOLD tokens are 100% backed by gold?
Aurus ensures that AurusGOLD (AWG) tokens are backed by gold throughout their entire lifecycle. The only gold capable of backing AurusGOLD tokens is 99.99% LBMA-accredited bullion. AurusGOLD tokens can only be issued once provenance and proof of ownership is validated and published by an external auditor.
Once AurusGOLD tokens are in circulation, the Aurus ecosystem involves a stringent audit process to ensure that the underlying gold reserves are consistent with the AurusGOLD token supply. Participating vaults are audited every quarter by an accredited external auditor. Wiew the auditing report here: Audit report.
If for any extraordinary reason, the auditing reports come to reveal that the gold reserves don’t match the token supply, there are severe penalties imposed to the provider and vault. In addition, all gold reserves are fully insured against loss or damage, as vaults operate under LBMA good delivery regulations.
How does AurusGOLD follow the spot gold price?
Arbitrage ensures that the price of AurusGOLD (AWG) remains near the price of gold bullion. Refineries and gold brokers can profit from the price discrepancies between the physical and digital gold markets, keeping AurusGOLD in line with the gold spot price: stable.
For example; whenever the price of AurusGOLD is sufficiently above the gold spot price, provider partners are incentivized to provide more gold to the platform. Increasing the AurusGOLD supply and to close the price gap. Vice versa – If the price of AurusGOLD falls below the gold spot price, gold brokers are incentivized to withdraw their gold from the platform to meet the equilibrium.
What happens to my AurusGOLD tokens if Aurus Technologies defaults?
The Aurus ecosystem was designed to be self-sustaining and therefore, independent of Aurus Technologies. If Aurus Technologies defaults your AurusGOLD (AWG) tokens will continue to exist as an asset, just as a gold bar would. In fact, the ecosystem will remain functional, meaning that you will still be able to buy, sell or redeem your AurusGOLD tokens via ecosystem participants.
What is AurusDeFi (AWX)?
AurusDeFi (AWX) is a revenue-sharing token limited to a total supply of 30,000,000 units that derives 70% of the revenue generated from the usage of AurusGOLD, paid to its holders in AurusGOLD.
What are the fees associated with AurusDeFi?
Aurus does not charge any fees for the usage of AurusDeFi (AWX). However, there are Ethereum related network fees that are associated with AurusDeFi transactions.
- BUYING -
Where can I buy AurusGOLD?
AurusGOLD (AWG) can be purchased from Aurus partnered distributors (visit them here). During the initial growth stage, Aurus will be offering AurusGOLD directly on its website. The AurusGOLD tokens that Aurus distributes on aurus.io were bought directly from partnered distributors. Due to the decentralized nature of AurusGOLD, the company will cease to distribute tokens via aurus.io on Q1-2021.
- STORING -
Where can I store my AurusGOLD tokens?
AurusGOLD tokens can be stored safely in the following (ERC-20 supported) cryptocurrency wallets:
- Hardware wallets: AurusGOLD Card [tutorial], Ledger [tutorial]
- Web / Mobile wallets: Metamask [tutorial], MyEtherWallet [tutorial]
- Exchange wallets: CEX, WhiteBIT, CBX, Uniswap [not recommend]
*WARNING - Tokens sent to unsupported wallets will be lost and cannot be recovered.
What is a cryptocurrency wallet?
A cryptocurrency wallet is a physical or virtual medium used for storing, sending, and receiving digital currencies. Every wallet contains three essential components:
- Public Keys: Public keys or public addresses are like cryptocurrency-specific account numbers, they are used for receiving a specific type of cryptocurrency and can be shared publicly.
- Private Keys: A private key is a secret code associated with a public address. When you own cryptocurrencies, what you really own is a “private key.” Your private key unlocks the right for its owner to spend the associated cryptocurrencies.
- Seed Phrase: A seed phrase, seed recovery phrase, or backup seed phrase is a list of words that store all the information needed to recover cryptocurrency funds. If your device gets broken or your wallet is damaged, you will be able to upload the same wallet and use the seed phrase to get your cryptocurrency funds back.
Basically, a wallet is like your online bank account platform, your public address is like your account number, the private key is like your PIN or password, and the blockchain is like the bank’s ledger.
What is MetaMask?
MetaMask is a web browser extension and mobile app that serves as an Ethereum wallet and an interface for Ethereum-based dApps. It allows users to store Ether and other ERC-20 tokens, such as AurusGOLD (AWG) and AurusDeFi (AWX). You can download MetaMask browser plugin and/or the mobile app here.
What is the AurusGOLD Card?
The AurusGOLD Card is a highly secure hardware cold wallet made to store AurusGOLD (AWG) tokens on blockchain technology.It is basically your own personal vault. With an NFC-enabled smartphone, you can verify your balance, receive, and transfer tokens.
What if I lose or damage my AurusGOLD Card?
The tokens are stored in the chip of the AurusGOLD card, meaning that If you lose or damage it, you will lose the assets. As with traditional banknotes, an AurusGOLD Card has to be kept physically secure at all times. Important: Assets cannot be accessed without the Card.
How can I send or receive AurusGOLD?
The process of sending and receiving AurusGOLD can differ slightly between wallets, but in general:
- Log into your wallet and select receive (or equivalent).
- Copy your public wallet address: (0x..) or QR code (if in person).
- Share your public wallet address with the sender.
- Log into your wallet and select send (or equivalent).
- Enter the public wallet address of the recipient and choose the amount to send.
- Double-check to verify the numbers are correct and press ‘send’. *WARNING - Tokens sent to unsupported wallets will be lost and cannot be recovered.
- SELLING -
Where can I sell my AurusGOLD?
You can sell your AurusGOLD (AWG) tokens at any Aurus partnered cryptocurrency exchange (see here).
Follow these steps to sell AurusGOLD:
- Create an account and login to any supported exchanges.
- Transfer the desired quantity AurusGOLD tokens from your personal wallet to your exchange wallet.
- Select the desired trading pair (crypto/fiat) that you wish to exchange AurusGOLD for. Put in your order adjusted to the desired quantity and price you want to sell AurusGOLD at.
- Place the “Sell Order” and wait until it’s fulfilled.
- Upon completion, withdraw the amount to your personal wallet (crypto) or bank account (fiat).
Important: Make sure to review trading pair compatibility before transferring tokens to an exchange.
What is a cryptocurrency exchange?
A cryptocurrency exchange is an online trading platform that allows you to trade cryptocurrencies for other assets, such as conventional fiat money or other digital currencies.
How can I redeem AurusGOLD for physical gold?
AurusGOLD can be redeemed for physical gold bullions at any provider partner offering this service. The gold redemption fee is 3% (excl. additional fees charged subject to the provider). How can I redeem AurusGOLD for physical gold?
- Send an email to firstname.lastname@example.org communicating your withdrawal request stating the amount of AurusGOLD tokens you would like to redeem.
- KYC verification will be requested regardless of the redemption amount.
- You will receive a list of available gold bars to choose from, and respective prices in AWG (a fee will be added: whichever is higher between 3% or EUR 500).
- Once the due requested amount in AurusGOLD is sent, you will be able to arrange delivery to your place.
Additionally, Aurus distributor partners can offer a swap service, which consists of exchanging your AurusGOLD tokens for any particular physical gold product (e.g. Krugerrand coin). This service includes a premium, defined by the distributor. To initiate a swap please directly contact a participating distributor party of choice. If you require assistance please contact us here.
If you have any further questions please feel free to email email@example.com