AURORA IDEX

What is Aurora?

Aurora is a collection of Ethereum applications and protocols that together create a decentralized banking and finance platform. Aurora provides customers with an advanced, open, and stable financial network available to anyone in the world regardless of geographic location or class status. Aurora’s own stable currency, the boreal, is backed by a combination of cryptocurrency reserves and debt, and is available to customers via loans based on their digital economic reputation. Traders on IDEX, the network’s decentralized smart contract exchange, can utilize the boreal as payment for trading fees or as a stable base currency.

• Decentralized Capital
  Decentralized Capital is a decentralized bank that provides loans to customers in the form of a new stablecoin, boreals. Demand for boreals is generated due to its stable value and use in loan repayment. Decentralized Capital will engage in a number of other different activities analogous to open market operations with the ultimate goal of boreal price stability, and a secondary goal of profit maximization. Decentralized Capital will expand the supply of boreals slowly over time. In the beginning boreals will be backed 100% by the ether that is used to buy them. The components required to run the bank are computationally heavy and as such are not suited for operating on a blockchain. The majority of the infrastructure for Decentralized Capital's crypto-banking will therefore reside off chain on a distributed computing network. The end state is dependent on a decentralized infrastructure and Aurora will utilize one of the many options such as Golem, IEX, Maidsafe, or even its own separate network, to meet this demand. Operating Aurora as a decentralized network ensures that it is as robust as possible and free from DDOS attacks.

IDEX

IDEX is a hybrid decentralized exchange that combines real-time trading with the security of blockchain based settlement.

International Distributed Ethereum Exchange (IDEX) is a decentralized high throughput exchange network which is built into the Aurora client. IDEX is composed of a combination of Ethereum contracts and a shared database that matches trades and manages the order transaction queue. Revenue from this exchange network is shared equally between the bank and network participants running the Aurora client. Fees on IDEX may be paid on boreals at a slight discount, providing boreals with an immediate use case and helping establish them as a reputable stablecoin.

IDEX - Decentralized Exchange

IDEX has expanded upon existing exchange technology and created the most advanced Ethereum based decentralized exchange on the market. By separating the trading process from final settlement, IDEX enables traders to buy and sell continuously without waiting for previous trades to mine. IDEX combines the speed and user experience of a centralized exchange with the security and auditability of a decentralized exchange.

IDEX is the first of many dapps to accept boreals as payment. Traders who pay fees in boreals will receive a 5% trade fee discount. Boreals used for fees are valued at 1 USD per unit, regardless of the current open market trading price. This incentivises traders to purchase boreals and acts as a natural price floor for the currency. Traders can use the boreal as a stable base currency for trading or as a hedge against market volatility.

1. The maker and taker deposit their tokens into the IDEX contract.
2. The IDEX database is updated to include the customer addresses and token balances.
3. Maker creates and submits a signed order that includes the relevant trade data.
4. IDEX confirms that the maker’s account has sufficient funds and that the signed transaction matches
   what was submitted to IDEX.
5. If all checks in part 4 pass, the order is added to the orderbook.
6. The taker submits a matching order, signing a transaction with the same price as the target order and
   an amount less than or equal to it.
7. IDEX confirms that the maker’s account has sufficient funds and that the signed transaction matches
   what was submitted to IDEX.
8. If all checks in part 7 pass, the trade is marked as matched and the orderbook is updated.
9. The IDEX database is updated to reflect the new balances, and both traders can continue to make new
   trades based these updates. Simultaneously, the signed order is added to the queue to be broadcast to
   the Ethereum network for processing.
10. After all dependent trades have mined, the transaction is dispatched to the blockchain.
11. The transaction is mined and the contract balances update to reflect the trade.
12. Once the transaction has mined, the maker and taker are able to withdraw their funds.

The fully decentralized version of IDEX will be incorporated into the Aurora client. Traders can use the
client for transactions without requiring any further effort to support the network.

Snowglobe
Snowglobe is a protocol for high-performance, EVM-compatible, decentralized childchain exchanges. Snowglobe allows for all exchanges on the network to share liquidity in one orderbook while maintaining their high-performance characteristics.

Distributed Computing
Aurora will transition from a semi-decentralized to a fully decentralized architecture beginning with Snowglobe, a protocol that enables advanced decentralized exchanges to operate on a shared orderbook. Snowglobe will serve as the backbone of the Aurora network, using distributed computing to decentralize other components such as the AI banker, responsible for managing Decentralized Capital, or the autonomous market maker that helps maintain boreal price stability. Over time Aurora will evolve to achieve the vision of a robust and transparent financial system that is available to everyone.

For more information visit the links below:
website: https://auroradao.com/
Whitepaper: https://auroradao.com/whitepaper
Telegram: https://t.me/joinchat/FT1IVA8AWHiyUkU3adehxA
Twitter: https://twitter.com/aurora_dao

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