Aurus, the blockchain platform specializing in precious metals tokenization, has undergone a major network upgrade, launching a revamped ecosystem, along with the recent creation of the Aurus Foundation.
This network upgrade includes the rebranding and migration of Aurus tokens to a much more sophisticated token structure that significantly improves the overall scalability and sustainability of the Aurus ecosystem. Aurus tokens will be migrated to smart contracts that can be upgraded, allowing seamless implementation of features such as proof of reserves, governance and fees that are customizable.
The new upgradeable smart contract tokens have been verified by NonceBlox and will be deployed on both the Ethereum and Polygon blockchains. A snapshot of all token balances will be taken when the smart contracts are deployed. The new tokens will then be airdropped to all existing token holders who have previously purchased bullion tokens and the AurusDeFi (AWX) tokens.
Table of contents
Rebranding tokens: tGOLD, tSILVER, tPLATINUM, AurusX
With the network upgrade, Aurus has taken the opportunity to rename its suite of tokens in line with 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.
Precious metal-based tokens entail no storage or management fees. This offers investors of all sizes 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 tokens for precious metals
Previously known as AurusGOLD, AurusSILVER, AurusPLATINUM, the new token names tGOLD, tSILVER and tPLATINUM resonate with the decentralized nature of Aurus. It emphasizes that the precious metal reserves supporting the tokens are completely independent of Aurus Technologies Ltd and the Aurus Foundation. Aurus does not supply precious metals to the ecosystem or sell tokens to end users. Aurus facilitates the tokenization of precious metals on behalf of our partners by providing high-quality technology solutions.
Defining the Tokenization standard
The new token names were chosen to align with traditional financial market standards. To clarify, the global currency standard (ISO 4217) for precious metals such as 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 according to ISO 3166, the ISO international standard for "no country dependence."
As this represents a complete relaunch of the Aurus ecosystem, the AurusDeFi (AWX) token has also been renamed AurusX (AX), as AurusX will extend far beyond just DeFi. It will also include governance and utility in GameFi.
About Aurus Technologies
Aurus Technologies is the decentralized global software platform facilitating the tokenization of precious metals on the blockchain. Together with its network of partners, Aurus is extending the precious metals market into the digital economy, adding new innovative features and advanced technologies that enhance the usability of gold, silver and platinum.
Join the Bitcoin/Cryptocurrency Facebook group to not miss a single news item and join the Telegram to join the discussion.