04.11.2019Read Time: 2 min

Why Aurus Is the Most Sustainable Gold-Backed Cryptocurrency

At Aurus, we believe tokenized gold is a solution for global economic stability.

Share article:

  • telegram icon
  • twitter icon
  • reddit icon
  • linkedin icon

Gold was money until the gold standard ended 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.

At Aurus, we believe that a gold-backed cryptocurrency is a solution for global economic stability. The concept is relatively simple; a cryptocurrency backed by gold and silver. Many digital gold projects have emerged over the last few years, including 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 Gold Crypto Ecosystem

Aurus is taking a different approach to democratizing gold properly. We’re essentially digitally replicating the traditional gold industry to create a gold standard crypto 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 reward-sharing token, AurusDeFi (AWX). AurusDeFi distributes a portion of AurusGOLD’s generated transaction fees amongst Aurus minting partners (gold providers & vaults) as an incentive.

AurusGOLD and AurusDeFi together allow a self-sustaining digital gold currency ecosystem to exist 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.

The First Tokenized Gold by Direct Bullion

We’re excited to say that our Smart Contracts have recently been successfully deployed onto the Ethereum blockchain since developments began from scratch over a year ago. See here: AurusGOLD (AWG) and AurusDeFi (AWX).

Aurus has established a partnership with Direct Bullion, a reputable London-based precious metal dealer who was the first to use the Aurus protocol. 

Direct Bullion has made an initial gold allocation of 5kgs to create tokenized gold. The first allotment of gold was minted into 5,000 AWG and made available for immediate sale on their website.

The Gold Crypto Market Scaling Out

The goal is to have as many of these partnerships as possible to create a network of gold-based cryptocurrencies. The idea is to eventually establish a widespread, semi-decentralized structure consisting of multiple providers, vaults and distribution channels across the globe, making it simple for anyone to buy gold with crypto

An open system structure like ours is much more reliable and makes sense to the user as they aren’t dependent on a single source, which ultimately sets us apart from other gold standard tokens.

Aurus links: WebsiteTwitterTelegramNewsletterYoutubeEmail


Recommended articles