$AUSCM Setting The Gold Standard For Digital Assets
1. Opening time for deposit: 4/29, 15:00
2. Opening time for trading: 4/29, 18:00
3. Opening time for withdrawal: 4/30, 18:00
“A listing on Biki, a centralized exchange will garner the mass adoption of $AUSCM as BiKi has a big presence globally and strong community in Southeast Asia. We hope to reach out to users and share with them on how to enjoy the benefits of utilizing $AUSCM as base money for the four functions of: value storing, unit of account, medium of exchange, and standard of deferred payment,” said its founders of Auric Network.
$AUSCM is a stable, elastic supply cryptocurrency referencing the market price of gold. It works on the system of rebasing, automatically correcting itself towards equilibrium so that the holding value will remain the same.
It is designed to be an autonomous and completely decentralized, self-governing and self-sustaining currency, independent of centralized power structures and fully dependent on the contributions of the network participants.
In return, $AUSCM hodlers will be able to enjoy lucrative incentives for liquidity provision as well as physical redeem-ability of gold.
A better synthetic commodity
$AUSCM is part of the Synthetic Commodity Money family stamps, evolved from the protocols like YAM, AMPL and BASE.
Its protocol differs from previous rebasing models in several ways:
- The initial target price for the rebase/elastic supply is not USD or any stable asset that uses Fiat currency as a price reference.
- The value is based on the market price of gold (Oracle price of 1 mg of gold)
- A small portion (10%) of the supply expansion(rebase) is used to supply a secondary rewards pool which incentivizes holders of $AUSCM to continue participating within the Auric protocol ecosystem.
- Maximizing liquidity across multiple blockchain infrastructures and bridge liquidity using $AUSCM. This will make us
- The first rebasing token that is hyper-liquid across multiple blockchains maximizing liquidity.
$AUCSM works in two main ways
Rebasing is a feature that automatically changes the supply of the token using a systematic algorithm based on the market’s supply/demand and the market price of gold.
It will move in 2 ways, positively or negatively rebasing when the token price goes above the threshold of +5% or -5% of the market price of gold, and the supply automatically adjusts proportionally based on the parameters of the system.
Rebasing promotes buying and selling through the profit-making opportunities (arbitrage opportunities) presented as prices adjust.
- Fair Distribution
Everyone has equal access to acquiring Auric Network Tokens (AUSCM). Since inception, $AUSCM is available via yield farming staking pools. Its initial supply of 30 million tokens, has been allocated with a 56% to reward farmers via its staking rewards pool and 44% staked to a UNISWAP V2 liquidity pool and available for a token swap to the general public at launch.
Auric Network Network has also locked its LP token liquidity via Unicrypt for 6 months with no separate allocation for the founding team, advisors, foundation etc.
Current challenge with the monetary market
Fiat money is not naturally scarce, and we have seen centralised institutions printing excessively, which in turn impacts its value. On the other hand, many digital currencies that profess decentralization but yet pegged or somehow coupled with the value of a fiat currency.
The Gold Standard In Real World and Digital World
Since gold has been discovered by mankind, it has been used by governing bodies as a currency until Fiat money was introduced. Gold is the only commodity that has continuously maintain its timeless value, despite economic cycles and it is the key precious commodities to hedge for a store of value to endure seasons of economic instability.
Bitcoin and gold share many similarities. Both markets trade 24 hours a day, through independent, highly liquid global markets, and although still vulnerable to market manipulation, they are not controlled by one centralized entity.
Bitcoin therefore earned the title of “digital gold” that will democratize finance. However, most Bitcoin inspired projects are still dependent on the value of government-issued fiat currencies and are therefore susceptible to the same vulnerabilities.
This is where $AUSCM holds sweet spot of intersection between the physical and digital world of gold, with the functions of both by being a synthetic commodity money that is not dependent on the current world-based currency but on store-value of gold as its goal price.
Exciting development to give better gold access to public
- Received a smart contract security audit from Quantstamp before launch
- Innovative ways such as a game-theory based incentive mechanism to achieve consistent growth of the network
- Partnership with Bluebird Merchant Ventures Limited (“LSE: BMV”), the Korea-focused gold development group that is public listed, which aims to give public access to gold ownership at 15% below market price. According to the Korean government, the mines contain nearly 800,000 ounces (or over $1.5 billion USD) of ready-to-mine gold, with a geological upside defined in the millions of ounces.
- Partnership jointly work with South Korea Mine Foundation, a commodities investment platform focused on financial inclusion, to commence with on site safety works ahead of construction in Geochang (Kochang) county. $AUSCM issued will be directly linked to the delivery of gold from the South Korean mines.
- Strategic integration with Chainlink, the industry’s leading decentralized oracle network, where Auric will use a Chainlink XAU/USD Price Feed on the xDai blockchain as the decentralized price oracle mechanism for rebasing $AUSCM. This will enable an elastic supply token which can be precisely mint or burn the necessary amount of AUSCM, while pegging to the value of 1mg of gold.
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Reasons to trade $AUSCM on BiKi Exchange
- No Deposit fees
BiKi will accept deposits only from the following cryptocurrencies (BTC and USDT) and will not charge any deposit fees.
- Below than average trading fees
For each cryptocurrency coin, the BiKi platform uses a flat charge of 0.15 percent, which is very attractively competitive on the market and below the level of industry for similar cryptocurrency trading exchanges.
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