Updates Regarding Governance and Rebase
To our holders and contributors,
Apologies for this lengthy update, but you don’t want to miss the details of the announcements below. Within the next week there will be a major release regarding one of AUSCM’s use cases (teaser: it involves actual gold ownership) and the cause of delay has been the team trying to find the right timing of release while the market has been at odds due to recent election activity.
We are asking our community to hold their AUSCMs and help this project reach its full potential. The initial staking rewards are still active for another week so the longer AUSCMs stay alive, the longer all of us can reap the rewards.
But, we’ve got a lot to cover, so let’s move on to the announcements:
Governance
Once on-chain governance for Auric Network launches, everything except our small developer pool will be transferred in ownership to our time-locked governance contracts. Please take advantage of our Discourse to start discussing new governance proposals.
As a reminder, anyone can publish a proposal, 1% of supply is required to carry the proposal forward, and another 1% of supply is required to pass the proposal. Voting will carry out over 72 hours before the majority vote moves a proposal forward. Afterwards there’s a 24 hour grace period and then voting for the next proposal begins.
Rebase
Due to a number of factors, we have struggled to find our place within the market. Since then, there have been some significant changes made to the roadmap. From our community feedback and the opinions of our decentralized team members, we have come to the following conclusions:
- Changing the rebase reference price from the oracle price of 10mg of gold to 1mg of gold (approx. $0.61 to $0.061).
- Pushing the activation of the rebaser till a community vote via our governance proposal.
At this level of traction we have determined that, activating the rebaser could create negative sentiment due to a negative rebase which may trigger a ‘death spiral’ as seen recently for YAM or prior in AMPL. This is not due to the economics of the rebaser, but due to the lack of understanding of the economic effects of the rebaser. But, we must inform the community that this rebaser is a necessary component of the protocol as a currency and would like to stress that it must one day be implemented for the future progression of the protocol.
We want to be as transparent as possible with our existing contributors and holders as we grow towards Phase 2 of the launch. We will leave it to a community vote to determine when the rebaser should be made active as our governance protocol should be going live shortly.
Use Case
Yes, it’s true. AUSCMs will be used to buy real gold below market price. In additional to gold, AUSCMs will allow the general public to purchase other natural commodities (think silver, tungsten, energy, etc.). By Monday, there will be a major announcement regarding this as we are partnering with several marketing companies globally to help get the word out (but you guys heard it first).
Again, we ask the community to help us by holding their AUSCMs and contributing towards our community marketing efforts. Help us take this forward and keep this project #AUSCM.
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.
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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.
