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Gold has long since been considered a safe asset. Therefore, it is no surprise that experts are always looking for ways to come up with gold-backed digital assets.
However, the search for gold-backed digital assets intensified after Bitcoin’s price reached parity with gold in 2017. Blockchain technology has long established itself as a secure accounting method and has brought about a new approach to searching for these assets.
There have been several gold-backed cryptocurrencies, and the newest player in the field is Aurus Technologies. The company has been around for about three years now and seeks to build an ecosystem that will work seamlessly with the traditional gold market. The ecosystem comprises a decentralized network of key entities in the traditional gold markets, including gold providers, vaults, and brokers/distributors.
Keep reading to find out more about the platform.
What is Aurus?
Aurus is one of the companies looking to bring the traditional gold market into the digital space. It is the premier decentralized gold-backed token project that ushers the traditional gold market into the digital space. Through the platform, you get to invest and transact in the safety and security of gold made possible using blockchain technology.
Aurus offers tokenization as a service (TaaS), enabling the tokenization of gold into AurusGOLD (AWG), the platform’s native token. The software provides an open system, and anyone from the traditional gold market can participate and autonomously tokenize their gold into AWG tokens. Each AWG token is collateralized and redeemable for one gram of LBMA physical gold. You can redeem your AWG tokens at any time and from any place.
Aurus Technologies has its headquarters in London, UK, and has been in existence since 2017. The fintech company has been looking to provide a gold-backed digital currency to the mass market. Guido Van Stijin heads the developers’ team as Aurus’ Managing Director with Mark Gesterkamp as the business director. Aurus has several partners, most notably, Direct Bullion, KeyRock, and GoldDirect, among others.
One of the partners, DirectBullion, has already used the Aurus protocol to tokenize 5,000 grams worth of gold. Aurus is looking to bring on board a total of 15 gold providers and AWG distributors, hopefully across different geographical regions, which will, in turn, increase the platform’s scope of reach.
The Aurus platform aims to provide four products. However, there are only two of them that are currently available. These two are AurusGOLD (AWG) and AurusCOIN (AWX). Aurus also plans to release a gold card and a mobile wallet soon.
Let’s have an in-depth look at the platform’s products.
- AurusGOLD (AWG)
AurusGOLD combines all the best features of cryptocurrencies and gold. It imitates the attributes of gold as a store of value and a unit of account. AWG also includes the security and features of cryptocurrencies as a medium of exchange. This combination of the best features of both gold and cryptocurrencies makes AWG the perfect currency.
One of the most lucrative features of AWG is its price stability. Esteemed gold traders mint AWG and can provide arbitrage between the token and the gold markets, making the price stable. AWG allows users to efficiently buy, sell, and transfer cents worth of gold from all around the world. The token will enable users to divide one gram of gold to up to 18 decimal places. Therefore, the gold-backed tokens ensure there is unprecedented liquidity in the gold market.
Aurus uses fully audited and insured vaults all around the globe to store AWG. The platform employs a smart contract to audit the supply of gold. Further, Aurus uses ERC-721 to track the gold bars. Each AWG token is traceable to a single gold bar that has a unique code on it.
AWG tokens will be listed on the CBX. one trading platform. In the meantime, crypto enthusiasts can purchase the tokens from traditional gold distributors like GoldDirect and DirectBullion, some of Aurus’s key partners.
- AurusCOIN (AWX)
AWX is a revenue-sharing token that allows traders to invest in the Aurus ecosystem. The token has a limited total supply of 30,000,000 AWX. 70% of the fees that result from trading AWG are distributed across the AWX holders and are paid in AWG. The gold providers and the vault partners then get an equal share of the remaining 30%.
The platform has already closed the first and second distribution phases of the AWX. The two phases, early investors and gaining traction, closed at €0.30 and €0.45, respectively. Each of the stages had a limit of 150,000 AWX.
The project is currently in its third phase of distribution, the protocol growth. Like the previous phases, this one has a limit of 150,000 AWX. Currently, 16,000 are already sold. If you are looking to invest in the ecosystem, you can buy the tokens at €0.55 for AWX or €0.50 if you pay with AWG.
The fourth and final distribution phase will finalize soon after and will target a sale of 250,000 AWX. The end listing for the AWX will then begin soon after in May 2020. Aurus and CBX.one have already signed the AWX end listing agreement, which will be on CBX.one and will target 5,000,000 AWX.
When users of the ecosystem trade AWG, AWX distributes the transaction fees. This results in AWX being a hedge against the volatility of gold.
- Aurus Mobile Wallet
This is one of the products that the platform plans to launch soon. Through the wallet, users on the ecosystem will be able to buy, trade, and store AWG tokens, as well as any other on the platform.
Further, you can also use any ERC20-compatible wallet to store the AWG tokens. Merchants can accept gold as payment for their services by integrating APIs into their platforms. Integrating APIs also allows users to trade AWG tokens for BTC, ETH, and other fiat currencies.
An Aurus mobile app is also in the works and will be available for both Android and iOS devices. The wallet app will allow you to order your Aurus debit card, manage funds on your AWG account, manage your card, and view your transaction history.
- Aurus Debit Card and PoS System
The Aurus debit card will allow users to pay for products and services at compatible merchant stores. The debit card will act both as a crypto wallet and a debit card and will enable accurate peer-to-peer payments on the platform.
To make the debit card a reality, Aurus partnered with Tangem, a blockchain startup that aims to provide rock-solid security in the blockchain space. Tangem achieves this by manufacturing trusted chip-to-chain technology. The two companies will launch the debit card in the third quarter of this year.
You can pre-order your debit card, which will allow you to spend the gold as quickly as you do with money. The card will link directly to your AWG account, which you will be able to manage from the Aurus wallet mobile app.
The PoS system, on the other hand, will cater to both fiat and crypto payments. Merchants will acquire and distribute stablecoins on the network and handle direct settlements without the need for intermediaries. Aurus will provide a distributed system of supported PoS devices on the ecosystem. These devices will come packed with various features that will make it easier for merchants to cater to OTC crypto transactions.
Cyclebit is in charge of the PoS system, which it plans to launch in the third quarter of 2020. The PoS roll-out will start in Dubai before proceeding with further launches in Europe and Taiwan.
The Aurus Ecosystem
The ecosystem is the driving force behind the entire project. The system brings together key players who all work seamlessly to ensure the success of the AWG tokens. The ecosystem consists of critical layers in the traditional gold market and includes gold providers, distributors, auditors, and vaults.
The ecosystem sustains itself, thanks to the 30% revenue it receives from the fees generated from the usage of AWG tokens. The system is independent of Aurus. Therefore, the system’s fundamental entities get to mint and distribute AWG tokens to the gold market investors, without Aurus having access to the gold reserves.
Why Should You Choose to Join the Aurus Ecosystem?
Every blockchain startup offers a wallet, a token, and plans for expansion. So, why should you go for Aurus, and what makes it different?
Of course, the most lucrative feature is price stability. For over 5,000 years, gold has been known as a reliable store of value. Aurus pegs the AWG tokens’ price to that of gold, thereby offering a more stable cryptocurrency. Better stability comes with better growth opportunities. As such, we can expect AurusGOLD to play a crucial role in the mass adoption of digital currencies by global merchants.
So, what makes Aurus different from other gold-backed cryptocurrencies?
Aurus provides a decentralized network of key entities in the traditional gold market and allows them to mint and distribute the AWG tokens. Because the platform’s system is open, anyone in the traditional gold industry can participate in and benefit from the Aurus ecosystem.
The decentralized network will consist of minters, vaults, and distributors from different parts of the globe. Therefore, participants of the ecosystem will be able to tokenize their gold in different locations and trade on several exchanges and platforms. This will allow for more convenient price competition and arbitrage opportunities, allowing traders to obtain the best prices. AWG tokens will, therefore, have a better correlation to the price of gold, a feature that other gold-backed tokens don’t have.
AurusGOLD plans to become a cryptocurrency by starting with the gold market. There is already a demand for gold-backed cryptocurrencies, and the Aurus ecosystem is looking to tap into this potential. The project also has plans to include mobile and web payments that will further drive the distribution and adoption of AurusGOLD. As an ERC-20 token, users on the Ethereum blockchain can convert AWG to other cryptocurrencies in major exchanges.
Aurus plans to offer tokenization of Silver once AurusGOLD takes off smoothly. However, the company is also looking to move beyond currencies and tokenize commodities and other physical objects.
Gold-backed crypto tokens come with several benefits, and AurusGOLD is no exception. These tokens are looking to revolutionize the gold market as well as the crypto world altogether. All participants in the ecosystem have something to gain from the widespread adoption of AWG tokens.
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