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Host (H): Hi everybody! Good evening, thank you for your support. I am the host for tonight’s AMA.
H: Ok, we shall start the AMA now!
H: Today we are honored to invite Ichiro Nakamoto, Founder of Auric Network, to our community to share about the project.
H: So to kickstart our AMA, let’s welcome our guest! Ichiro Nakamoto pleasure to have you with us. Kindly introduce yourself.
H: For the Guest, please type “OK” after answering each question. Thank you~~
H: Please introduce yourself, Ichiron.
Ichiron Nakamato (I): The Auric Network core team seeks to achieve uncompromising anonymity, which we have maintained since inception, for a fair evaluation of our innovative technological capabilities and not based on any preconceived biases that may arise from the background of the founding team. As such, we have decided not to disclose any information pertaining to the founding members and operate under the alias, Ichiro Nakamoto.
H: Please introduce your project “AUSCM”.
I: Auric Network Token (AUSCM) is a rebasing cryptocurrency for utilization as base money with four distinct functions — medium of exchange, unit of account, store of value, and standard of deferred payment.
AUSCM is not dependent on the current world-based fiat currency as the target price or value. Instead, relies on the millennia old currency or store-of-value: gold.
It references the market price of 1mg of gold and fulfills the base money functions by using smart contracts to feature rebasing and fair distribution.
H: What are your stellar achievements? (e.g. investments, team members, public interest, celebrity endorsement or anything significant)
I: Some of our achievements are:
- $40 million + Market Cap
- Market-cap growth from less than $500k at launch to $40 million + in about 5 months
- $1.1 million in Market-cap to ATH of $17.7 million in less than 15 days. Currently have great support globally even without mass exposure
- Partnership w/ a publicly listed company on the LSE. Bluebird Merchant Ventures
- Strategic Integration of Chainlink
- Listing on a fully regulated and licensed centralized exchange w/ a FIAT onramp in South Korea, Flybit
- Listing on XT on 4/24/2021
- Full Quantstamp Security Audit
H: What problems do AUSCM solve?
I: AUSCM traces its evolutionary line from protocols like YAM, 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. Our protocol differs from previous elastic supply (rebasing) models in several major ways:
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)
A small portion (10%) of the supply expansion(rebase) is used to supply a secondary rewards pool which incentivizes holders of the AUSCM to continue participating within the Auric protocol ecosystem
We aim to maximize liquidity across multiple blockchain infrastructures and bridge liquidity using our non-dilutive elastic supply token, AUSCM. This will make us the FIRST rebasing token that is hyper-liquid across multiple blockchains.
And, we have been lucky enough to work on co-development of multichain oracles with Chainlink for out liquidity bridges
H: What makes AUSCM different? Why would the users choose AUSCM?
I: 3 key differences:
1) No Inherent Value in Fiat Currencies:
Four functionality requirements that define a good currency include the following: That it works as a unit of account, a medium of exchange, a store of value, and a standard of deferred payment.
Yet as ubiquitous as currencies are today, there is still not a form of currency that is invulnerable to manipulation by a centralized institution that functions better than the USD.
Fiat money, not being subject to intrinsic scarcity, has its value tied to decisions made by closed governing bodies that can determine to print and distribute currency at will. This is most pronounced when fiat money is the world reserve currency (i.e. it is used as a unit of account across global financial markets), like the USD.
Bitcoin as the original digital currency has recently started to be accepted as a store of value, or a unit of account globally.
Regulators like the U.S. OCC have recently allowed for banks to use cryptocurrencies for remittance services. Yet, there is still not a single crypto-currency out of the 1000s in existence that carries the functionality and features of a currency both digital or physical that solve these very inherent issues.
2) Debt-based Economics
The current structure of the global financial markets follows the standardization of a debt-based economic structure due to the USD being the world’s reserve currency. This is also due to the fact that most Fiat currencies are dilutive in nature. A debt-based economic system may hinder economic growth and face severe repercussions in the case of increasing interest spending and defaults on debt. This can be observed by looking at the crashes of the financial markets that have happened since changing the USD from gold-backed to a debt-based system, in 1971.
3) Institutionalized Fiscal Policy:
In a traditional and centralized economy, the velocity and size of money flow is managed by the fiscal policy of a government or the monetary policy of that country’s central bank, a centralized system where the governing entity is incentivized in line with organizational or individual agendas, thus resulting in uneven distribution of power.
But, all the long explanations aside…
Three inherently different parts:
1: We have kept all of our promises to the public. Including a token burn of $2.5 million AUSCMs conducted on the 24th
2: We are the ONLY Layer 2 protocol that is crosschain
3: Our entire protocol is run on community governance
H: Why choose to list on BiKi? What is going to change and improve from this partnership?
I: A listing on BiKi, a centralized exchange will garner the next steps for the mass adoption of Auric Network, which references the market price of 1mg of gold, among individuals, SMBs, and Enterprises for utilization as base money; which as mentioned earlier, can be utilised in the four functions for store of value, unit of account, medium of exchange, and standard of deferred payment. This is a milestone that gives exposure for AUSCMs to more international audiences.
H: Last question: What can we expect from AUSCM in the near future?
I: Auric Network demonstrates a robust technical architecture and strong community presence as one of the fastest-growing DeFi projects with more than $8.1 million in liquidity on Uniswap.
During our launch, we had to manually deploy and test more than 82 smart-contracts for the different functions involved in our logic. As an asset that is using Chainlink’s oracle data price-feeds and wants to continue to bridge across other ETH-based side-chains as well as multiple main-nets that support IBC, we will continue to build innovative liquidity bridging solutions on-chain.
Unlike other layer-2 protocols, we are the first to claim that we are blockchain-agnostic. We are not claiming to have created a first-to-market technology that the world has not seen yet. Instead, we are building across multiple blockchains by supporting added liquidity growth across multiple ecosystems. As they grow, so will we. We will use all of the technologies across multiple infrastructures and support the growth of these economies by contributing to solving the liquidity issue that still has yet to be resolved within the industry. We won’t build something completely new but contribute to improving it and making the user experience better.
Auric Network offers innovations in the application of elastic supply functionality, a game-theory based incentive mechanism for the consistent growth of the network, something that has yet to be attempted by any of the other rebasing projects.
We have received a smart contract security audit from Quantstamp before launch and will continue to focus on the security and usability aspects of the new implementations and changes to the original code.
H: We have ended our AMA segment, now we shall move onto the Q&A segment!
H: We can start to ask questions now.
H: Due to time constrain, we will answer 3 questions during this session. The rest of the questions can be found on our Post-AMA recap and highlight on BiKi’s blog.
🔔 Community Q&A 🔔
Q: Will it use other public chain Ethereum, and the service charge is too high?
A: Yes, our liquidity bridges will be bridging to XDAI, BSC, MATIC initially. Then on to polkadot, cosmos, solana and other chains respectively.
Q: Does AUSCM have a Chinese community?
I: Yes we do and it is currently 391people and growing.
Q: Compared with other projects of the same type, what are the unique advantages of the AUSCM project?
A: There are none that are the same. Aside from the rebasing factor the economics and functionality of the project are inherently different from others.
Q: How safe is the auscm project?
I: AUSCM received a smart contract security audit from Quantstamp before launch. Safety is a key pillar of development in our protocol.
🔔 End of Community Q&A 🔔
H: Our Q&A segment has come to an end!
I: Hey guys, thank you for inviting me and am excited to see the support on BIKI from your community.
Also, our Chainlink AMA is tomorrow so check that our as well.
H: Thank you for your support. Bye~~
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📌 Trade $AUSCM / $USDT on BiKi exchange
📌 Token Introduction:
Name/Ticker： Auric Network ($AUSCM)
Total Supply： 30,000,000
Circulation Supply: 336,085,292
Official Website: https://auric.network/
Block Explorer: 0x1c7bbadc81e18f7177a95eb1593e5f5f35861b10
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Reasons to trade $AUSCM on BiKi Exchange
- No Deposit fees
BiKi will accept deposits only from the following cryptocurrencies (BTC and USDT) and will not charge any deposit fees.
- Below than average trading fees
For each cryptocurrency coin, the BiKi platform uses a flat charge of 0.15 percent, which is very attractively competitive on the market and below the level of industry for similar cryptocurrency trading exchanges.
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