Aurus Undergoes Major Network Upgrade, Setting the Standard for Tokenized Precious Metals and Beyond
LONDON, Oct. 14, 2022 /PRNewswire/ -- Aurus, the blockchain platform specializing in tokenizing precious metals, has undergone a major network upgrade, launching a revamped ecosystem, along with the recent establishment of the Aurus Foundation.
This network upgrade entails the rebranding and migrating of Aurus tokens to a much more advanced token structure, which significantly enhances the overall scalability and sustainability of the Aurus ecosystem. Aurus tokens will be migrated to upgradeable smart contracts, enabling the seamless implementation of features such as proof-of-reserves, governance, and adjustable fees.
The new upgradable token smart contracts have been audited by NonceBlox and will be deployed on both the Ethereum and Polygon blockchains. A snapshot of all token balances will be taken upon deployment of the smart contracts. The new tokens will then be airdropped to all existing token holders who previously purchased precious metals tokens and the AurusDeFi (AWX) tokens.
Token Rebranding: tGOLD, tSILVER, tPLATINUM, AurusX
With the network upgrade, Aurus has taken the opportunity to rebrand its array of tokens in further alignment with the traditional financial market standards and its global vision. The new token names and tickers are as follows:
- tGOLD (tXAU) – 1:1 backed by 1 gram of 99.99% LBMA-accredited gold
- tSILVER (tXAG) – 1:1 backed by 1 gram of 99.9% LBMA-accredited silver
- tPLATINUM (tXPT) – 1:1 backed by 1 gram of 99.95% LPPM-accredited platinum
- AurusX (AX) – Earn rewards in tGOLD, tSILVER, tPLATINUM tokens
The precious metal-backed tokens carry zero storage or management fees. This offers investors of any size a convenient and cost-effective alternative to traditional bullion products. These tokens can be traded 7 days a week, are highly secure and settle instantly.
Decentralized Tokenized Precious Metals
Formerly known as AurusGOLD, AurusSILVER, AurusPLATINUM, the new token names tGOLD, tSILVER, and tPLATINUM resonate with the decentralized nature of Aurus. It emphasizes that the bullion reserves backing the tokens are completely independent of Aurus Technologies Ltd and the Aurus Foundation. Aurus does not supply precious metals to the ecosystem nor sell tokens to end consumers. Aurus facilitates the tokenization of precious metals on behalf of our partners by providing high-grade technology solutions.
Setting the Tokenization standard
The new token names were selected to align with the traditional financial market standards. To clarify, the global currency standard (ISO 4217) for precious metals like gold (XAU), silver (XAG), and platinum (XPT), are the same ticker symbols traded on global commodity markets. Aurus sets the standard for tokenized assets, where the 't' stands for 'tokenized': tXAU, tXAG, tXPT.
The 'X' symbolizes independence under ISO 3166, the international ISO standard for 'no country dependence'.
As this constitutes a complete relaunch of the Aurus ecosystem, the AurusDeFi (AWX) token has also been rebranded to AurusX (AX), as AurusX will reach far further than just DeFi alone. It will also encompass governance and utility in GameFi too.
Aurus Technologies is the decentralized global software platform that facilitates the tokenization of precious metals on the blockchain. Aurus, together with its network of partners are expanding the precious metals market to the digital economy, adding new innovative features and cutting-edge technologies that enhance the usability of gold, silver and platinum.
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