The founder of Ethereum; Vitalik Buterin addressed a Devcon audience by explaining that cryptocurrency and eased payments are the two key utilities of blockchain technology.
Since the introduction of blockchain, tokenization became the most popular usage of the technology. While tokenisation is an amazing concept, it has forced many project developers to forget about properly executing the currency-factor of tokens. There are a number of active projects aiming to tokenize gold, silver, palladium, metals, and so on. However, tokenization alone isn't enough as it's already possible to access NYSE-listed ETFS backed by metals. The tokenized form of these precious metals offers utility within exchanges, and Crypto direly needs to move beyond the utility of only trading.
Aureus Nummus, is a new project that is creating a gold-backed stablecoin called ANG on the Ethereum blockchain. The project will demonstrate how tokenization can be used to create a revolutionary shift in day-to-day currencies. Currently, the world is adjusted to the usage of fiat currencies — which, since their inception, have constantly experienced devaluation due to the constant surplus printing of cash required to sustain inflation. Sadly, holding cash is actually a guaranteed way to lose wealth and this factor has had the greatest negative impact on the world’s poor-population, who are often ignorant about financial knowledge.
A New Monetary System
Aureus Nummus aims to build a new monetary system that substantiate the trust people have in gold.
Gold has been for a long time, the key means with which the masses have beaten inflation. In fact, gold has only appreciated over the decades, and unlike other assets, it faces strong appreciation during times of financial crisis. However, despite the benefits that gold provides as a store of value, its physical state raises many burdens in its utility as an effective means of value exchange (a currency)
Gold is heavy and difficult to transport; it also cannot be used for small purchases.The challenges associated with gold forced the world to adopt paper currencies that were backed by gold. However, before long, the gold-backing was removed and thus began the deflationary nature of fiat money.
Imagine if gold can be used to easily do transactions?
Tokenizing Gold as a Currency
A number of blockchain projects have already tried to tokenize precious metals in the hopes of making it easy to store value in them. However, while such efforts are innovative and commendable, they lacked the most important purpose of blockchain technology which is facilitating transactions via cryptocurrencies.
Unlike the previous attempts to tokenize gold, Aureus Nummus aims to create a new form of money, one that is backed by gold and can be utilised to facilitate transactions. Blockchain makes it possible to usher an era where gold-backed currencies can be an important part of the digital era. As a vast portion of transactions, today, happen on a digital platforms, Aureus Nummus Gold (ANG) can fuel the usage of gold-backed, fractional, and low-cost transaction.
WEBSITE | TELEGRAM | WHITEPAPER
