Auric Network Using Chainlink to Securely Trigger Rebases of Its Gold-Price- Backed AUSCM Token
San Francisco, SF — 12 April, 2021 Auric Network, the rebasing cryptocurrency that references the market price of 1 mg of gold for utilization as base money, has announced a strategic integration of Chainlink, the industry’s leading decentralized oracle network. The integration involves Auric using a Chainlink XAU/USD Price Feed on the xDai blockchain as the decentralized price oracle mechanism used to rebase its AUSCM elastic supply token. Along with our initial integration, Auric Network is working to leverage a native Chainlink XAU/USD Price Feed on other layer-1 blockchains beyond xDai, including Ethereum, Binance Smart Chain (BSC), and Matic to name a few.
We selected Chainlink as our go-to oracle solution because it is the most time-tested oracle infrastructure in the market, already securing billions in value for leading decentralized finance (DeFi) projects. It’s also blockchain agnostic and already running on mainnet across the various other blockchains we aim to support. Additionally, Chainlink Price Feeds have broad market coverage, meaning their price data is robust and able to mitigate situations where exchanges or data provider APIs experience downtime, post inaccurate prices, or undergo data manipulation attacks (i.e., flash loans).
Securely Rebasing AUSCM Using Chainlink
Auric Network’s native token AUSCM is a rebasing token, which means that it has an elastic supply. The expansion and contraction of the supply (also known as a positive rebase and negative rebase) depend on two factors; the token price and the price of 1mg of gold. These prices are logged over a 24-hour period, with a running average used to determine which action is taken, depending on the difference in the two prices. If the AUSCM price increases by 5% or more above the price of 1mg of gold, a positive rebase will occur, expanding the total amount of AUSCM. A negative rebase will contract the total supply of AUSCM if the token price decreases below 5% of 1mg of gold.
With rebasing at the very core of how AUSCM functions, having accurate, tamper-proof, and highly reliable price reference data is very important. Since such data does not exist on the blockchain, it requires an oracle network to both source the data and deliver it on-chain so it can be called by our smart contracts — this is where Chainlink comes in.
Chainlink Price Feeds have a long track record of using decentralized oracle networks to supply price reference data on-chain for securing high-value DeFi projects. Some of the reasons we chose Chainlink include:
- High-Quality Data — Chainlink Price Feeds source data from numerous high-quality data aggregators like BraveNewCoin and Kaiko, which collect prices from hundreds of exchanges and weight it by volume to arrive at a global market price.
- Reliable Nodes — Chainlink Price Feeds are secured by an extensive collection of independent, security-reviewed, Sybil-resistant oracle nodes run by leading blockchain DevOps teams with a strong history of performance, even during periods of extreme network congestion.
- Decentralized Infrastructure — Chainlink Price Feeds are decentralized at the data source and oracle node level, removing any central point of failure in the sourcing and delivering of external data to our platform.
- Transparent Performance — Anyone can independently monitor Chainlink Price Feeds in real-time to verify node performance, allowing users to verify AUSCM is referencing an accurate exchange rate.
By integrating Chainlink’s XAU/USD Price Feed, our elastic supply token can precisely mint or burn the necessary amount of AUSCM, ultimately allowing it to maintain a consistent peg with the price of 1mg of gold. We plan to not only use Chainlink Price Feeds across other blockchains in the future, but also use them to price our AUSCM token.
“Upgrading to Chainlink as our oracle solution is a critical step in further decentralizing the Auric Network and making the rebasing mechanism more robust against various unexpected situations that may arise. Our integration of Chainlink Price Feeds will not only reflect the need to scale our security to match our increasing usage within the DeFi ecosystem, but is also indicative of our pursuit for financial inclusion. Inevitably, the blockchain trilemma — scalability, security, and decentralization — should become problems of a time long past, and Chainlink oracles provide key functionalities to make this future possible in ways that a blockchain platform alone cannot, bringing about a more fully-featured and sustainable decentralized future.” — Founder of Auric Network
Chainlink is the most widely used and secure way to power universally connected smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter.
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.
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.