Business Reporter: The gold-backed crypto that's the modern
LONDON, July 31, 2020 /PRNewswire/ -- Gold has been used as a currency, in one form or another, since man first dug it out of the ground. From the ancient Egyptians to the Romans and the Aztecs, its intrinsic value has never been up for debate.
Until not so long ago, countries used a gold standard to back paper money. But modern monetary theory is dominated by fiat money, the downfalls of which have been thrown into sharp relief in recent years. Fiat currencies are government controlled and prone to manipulation – imposed systems that cannot withstand economic uncertainties, and which penalise savers with a decrease in purchasing power.
Blockchain-powered cryptocurrencies have had a surge in popularity as a result, their attendant benefits of scalability, transparency and efficiency heralded as something of a solution. But they, too, come with their own problems, not least a low customer confidence as a result of their volatility and lack of inherent value.
So what is the answer to the current crisis? Fintech company Aurus is upgrading the gold market for the digital age with the digital security of blockchain, to make gold a viable currency for the 21st century. Its AurusGOLD (AWG) cryptocurrency has been created with stability and decentralisation in mind.
What makes Aurus's system unique is the fact that AWG tokens are independently produced and distributed by a network of reputable providers and traders from the gold market. These tokens are backed with actual, audited and vaulted gold – each token is a digital representation of one gram of gold. They can be redeemed at any time, and as they represent physical assets do not depend on Aurus's continuing existence as a company. To further drive uptake, Aurus has introduced its own blockchain-based debit card and POS devices, meaning that for the first time, it makes sense to buy a coffee with gold.
Aurus is positioning itself to become the cheapest, fastest and most stable globally viable currency – anyone with a smartphone can now seamlessly acquire and transfer gold with the convenience of blockchain. And with current financial systems no longer being fit for purpose, perhaps it's time for a new way of exchanging money.
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This press release has been provided by Business Reporter