A UK based
startup, Aurus, recently began a
phased rollout of a crypto token that ultimately aims to restore a genuine gold
backed currency standard, some 50 years after this was discontinued. Working
with players in the gold industry, Aurus made the initial move when some 5 000
grams of the precious metal was on boarded in early November.
Direct Bullion, a reputable London based precious metal dealer is Aurusâ first partner to make use of its AWG Gold smart contract protocol. Aurus distinguishes itself from other gold-backed tokens through their unique approach of avoiding centralization. Aurus offers a tokenization-as-a-service (TaaS) solution to the gold market. The Aurus protocol interacts with an ecosystem of gold providers, vaults, and distribution channels that work in synergy to produce a decentralized gold-backed, AurusGOLD (AWG).
Gold possession made easier
Aurus says its objective is to make gold available to everyone, particularly those in economies ravaged by hyperinflation like Zimbabwe and Venezuela.
Often, countries have laws and regulations that curtail the purchase or possession of gold by ordinary people. However, through use of the blockchain technology, it is now possible for anyone to possess a fraction of the precious metal without being subjected to the unfair regulations.
In fact, it is now possible to possess gold worth a few cents via the AWG token and this means anyone (including those in countries like Zimbabwe or Venezuela) has chance of owning gold as long as they have an Aurus wallet.
Currency competition key
Posted from my blog with SteemPress : https://africablockchainmedia.com/news/a-gold-token-that-aims-to-restore-confidence-in-currency/2019/12/18/