Auric is a gold-based synthetic commodity money.

Disclaimer: The information contained herein is subject to change

Updated: November, 9, 2020

Abstract

Using bleeding-edge technology to bring the world back a couple centuries…

Introduction

AURIC takes some of the most interesting aspects of tech innovation within the DeFi space to create an autonomous, adaptive, and decentralized digital asset/protocol.

Auric is a synthetic commodity money that is not dependent on the current world based currency as the goal price or value. Instead, Auric relies on the centuries old currency of all currencies, or store-of-value: gold.

Protocol Features

  1. Fully on-chain Governance from Day 1 (Ref:Compound)
  2. Fair distribution via yield mining (AKA yield-farming) for both LP tokens and base assets (Ref:Customized version of Synthetix staking contract.)
  3. A secondary rewards pool which incentivizes users to continue to provide liquidity, even after the initial farming supply runs out. A quick dump/exit means losing out on additional rewards.
  4. A separate treasury fully operated by community governance to support the stability and growth of the protocol.
  5. An elastic supply to seek price/supply equilibrium (Ref:Ampleforth)

Summary

AURIC traces its evolutionary line from protocols like AMPL and BASE as an elastic supply digital asset that expands/contracts in response to price/demand in the market. These types of assets are part of the Synthetic Commodity Money family. (Ref:George Selgin, 2018). Our protocol differs from previous elastic supply (rebasing) models in TWO major ways:

  1. The initial target price for the rebase/elastic supply is not USD or any stable asset that uses FIAT currency as a price reference. Instead, it is based on the market price of none other than good old GOLD (Oracle price of 1 mg of gold; Ref:Chainlink XAU Oracle).
  2. A small portion of the supply expansion is used to supply a secondary rewards pool which incentivizes holders of the AURIC to continue participating within the AURIC protocol ecosystem. (See the part below on the rewards distribution to get a better understanding and learn how this interacts with the governance model.)

AURIC was built for actual use as an experimental, self-governing, self-sustaining, decentralized currency that is completely dependent on the participants of the experiment to further discover and determine its value and use-cases, leading to more expansion and development.

From day one, ownership of the contracts within the protocol will be given to our time-locked governance protocol (Ref:Compound).

Rewards pool/Staking

Yield farming. Big whoop. We wanted to shake things up a bit. We support the spirit of YFI (no pre-mine, founder shares, or VCs), but we also think equal opportunity is the most important principle to follow. This is why we have decided to have a pre-mined supply to determine our initial starting supply, without founder/team/advisor shares or VC interests. We have no minting feature that would mint into any of these pools by the block or second. Instead, we start with an initial supply of 30 million tokens, 56% of which is used to reward farmers via our initial staking rewards pool (AKA Yield). Another 44% of the supply will be available for sale to the general public at around the same time of launch where we will be staking the asset into a UNISWAP V2 liquidity pool. After all this we will be locking our LP token liquidity via Unicrypt for 6 months (approx. 300ETH/13,200,000AUSCMs). This is meant to show the community that we are fully committed to the future growth of the project.

Initial mining rewards — via staking pool #1- of AURIC’s native token ‘AUSCM’ will be distributed across 21 staking pools for 14 days. Rewards will be distributed evenly across 20 pools (15 LP and 5 base assets), and with 3x the rewards for the AUSCM/ETH UNI V2 LP.

Out of all rewards given to miners (farmers), 20% of those rewards will be evenly distributed into 4 separate pools:

  1. Auric.fund (simply put, a DAO-fund run through community governance from day 1, dedicated to further implementation, adoption, and development of the protocol.
  2. A Governance Rewards Pool (a community governed pool for rewarding those who participate in community governance including, but not limited to, voting, proposals, etc..)
  3. Secondary Rewards Pool
  4. A dev pool for future audits, additional development, and creativity. This is the only pool that is not governed through community governance from day one. This pool is intended to pay for audits and reward other developers who build out dashboards or other extensions of tools for our community, and also to reward non-developers for creative ideas, use cases, implementations, memes, videos, etc. that will contribute to the growth of the ecosystem. But, if this pool grows past the 300ETH mark in value we may decide to either lock this liquidity as well after the first 20 days of launch, or add it to one of the other pools.

Audits

Our friends at Quantstamp have started on our audits and have told us that they will be making an announcement regarding their progress. They have reluctantly notified us that the audit will not be ready by our estimated launch date and that they expect the audit to be finished about a week after the launch date.

We also have had other smart contract developers look over our code on a personal basis in an effort to confirm the security of the contracts. But, like with all new-projects, audited or not, we urge anyone who chooses to interact with the protocol to approach with caution, and HIGHLY advise that you take a look under the hood before use if you can.

We are also currently offering a bounty of 20 ETH to the first 2 firms to provide us with full rigorous audits of the protocol and publish them.

Bounty

We also have an active creativity bounty for those who wish to contribute to the growth of the AURIC ecosystem. Stay tuned…

The Creator/s

I/we the person/team/s behind Auric, like the creator/s of Bitcoin and Grin, stand by building something and putting it out there for unbiased review and use. This is so that the focus can be on the concept, idea, and technology behind the project, not on the team or person that built it. But we think you’d like to know that Satoshi’s fingerprints are all over the project.

To be continued…

In theory, AURIC is designed to be autonomous in the sense that it is a completely decentralized cryptocurrency. This is to the extent that even if the protocol’s creators were to ever abandon the project (which we can’t at least for the next year due to the liquidity lock), or if a whale were to pump/dump the asset and drive away existing holders, the elastic supply would allow for anyone with enough interest to eventually come along and use the currency/protocol and carry it on themselves.

One thing to keep in mind is that, unlike most other farming assets, due to the initial liquidity lock from the founding team, AUSCMs will start with at least a minimal value and not start at ZERO. AURIC’s value will be further determined just like YAM or many other DeFi projects. Its value will be dependent on both the community that participates within the ecosystem, and how well it performs both as a governance token and as a functioning currency.

Official Sources:

Initial Protocol Parameters

Token Address: 0x1c7BBADc81E18F7177A95eb1593e5f5f35861B10

Ticker: AUSCM (Pronounced ‘awesome’)

AU=Period table of element code for Gold

+

SCM=Synthetic Commodity Money

Initial Supply: 30,000,000 AUSCMs

(Note: this and all other AUSCM figures are subject to change via rebase)

Rebase Period: Every 12 hours

Portion of Rebase Used for Secondary Rewards Pool: 10%

Portion of Rewards Used for Ecosystem Growth through community governance: 20%

Threshold to Submit Governance Proposal: 1% of Total Supply

Quorum for Governance Proposals: 1% of Total Supply

Proposal Voting Period: 72 hours

Queue After Successful Proposal: 24 hours

AUSCM/ETH UNI V2 LP (3X Rewards)

Base Assets

sUSD

USDT

USDC

yUSD

WBTC

sBTC

UNI V2 LP

PICKLE

UNI

ANT

LINK

UMA

CRV

AAVE

COMP

REN

YFI

YAM

AMPL

SNX

Distribution Amount: 16,800,000 AUSCMs

Distribution Period: 14 days

Pools: 1
AUSCM/ETH Uniswap v2 LP

On-chain governance controlled

Launch: Saturday, October 24

Disclaimer: The information contained herein is subject to change

About Auric Network

Auric Network (AUSCM) is a synthetic commodity money that is not dependent on the current world-based currency as the goal price or value. Instead, Auric relies on the centuries-old currency of all currencies, or store-of-value: gold.

Website | Whitepaper | Github |Telegram | Twitter |Discord

Disclaimer: AUSCM is not an investment product. It is not intended in its design or distribution to be utilized as a form of investment, speculation, or a financial product. No communications from Auric Network Limited to users constitute financial advice, a solicitation for investment, or a guarantee of a financial return. Please do your own research and investigation before participating in this project.

A Gold-Based Synthetic Commodity Money

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