Topic: 🔵 [ANN][ICO] SOLD OUT! Aurora 🔥 Decentralized Finance and Banking + Exchange 🔵 - page 19. (Read 6466 times)

Great question, couple of clarifications first. Aurora is the name of the entire project. It means "dawn" in Latin, which we thought was fitting as we are at the beginning of a new form of economic systems. The currency users borrow from decentralized capital is the stablecoin known as the boreal. This system is not yet available and is further down our roadmap.

In terms of documentation/proof that is something we are very keenly paying attention to as there is a lot of development in the space.  There are ID providers such as uPort and RepSys, as well as new entrants such as Bloom working to bring decentralized credit scores. We believe that there will be a host of other services we can use to understand an individual’s economic activity and trustworthiness in addition to the data we have regarding trade activity on IDEX. In our whitepaper we reference an example of a First Blood player who is winning a lot of games and making money from the platform. This is a fun example that illustrates how there will be many new ways to see if someone is worthy of or has the income to repay a loan.

Thanks for your questions!.

The main components are a decentralized exchange (idex.market) and a decentralized bank (Decentralized Capital - DC). The bank centers around it's own stablecoin, the boreal, and will provide loans to individuals in the currency. See my answer above for more detail about the boreal.

Hi everyone, lots of great questions here, let's start knocking them off!


Our end vision is an autonomous system that manages the monetary policy (supply, issuance rate, etc.) of a stablecoin called the boreal. The simple version of this is as demand increases and the price rises above the target value, boreal supply will increase. If demand decreases, and the price starts to fall below target, the supply will decrease. Increasing the supply is easy. The challenge with a stablecoin is dealing with a drop in price/decrease in demand, as you don't want everyone rushing for the exits at the same time. This is where we have a unique solution by backing the boreal with multiple assets.

1. Boreals can always be redeemed on IDEX at their target value in lieu of trade fees, regardless of the price at which they are currently trading. If the price drops below the target value, traders can lower their overall trading costs by first buying boreals and using that to pay their fees. When the exchange gets paid in boreals that currency is now out of circulation. We plan to create a tool that will allow users to do this automatically, making it even easier for traders to take advantage of this opportunity.
2. Demand for boreals due to loan repayment, both principal and interest. Individuals who take out loans in boreals will be able to spend them/sell them/etc. Once the loan comes due, they will have to repurchase those boreals for repayment of the loan principal, including some extra boreals to cover the interest. This will serve as another source of demand and upward pressure on the price.

The model is inspired by free banking (https://en.wikipedia.org/wiki/Free_banking), a period in which private entities issued their own currency and were responsible for managing the supply prudently. The blockchain brings a new element of transparency to this where individuals can see how much is in circulation, how quickly they are being pulled out of circulation due to IDEX fees/loan repayment, etc. Our system will be able to use all of this information to design and determine a safe monetary policy with the ultimate goal of currency price stability.

Perhaps corrected the link. Everything is working.

I was actually asking myself the same question, its very unusual that the bounty ends before the ICO can officially end.

However, the idea behind this project seems to be solid and interesting, it might possibly make it in the future, I will consider investing once I have finished reading the white paper. Its also interesting that two tokens are being offered during this ICO, which is DVIP and Aurora. Do both these tokens use the same algorithm? since it was already specified that Aura uses proof of stake. Is there a specific meaning for DVIP? I like the fact that only 1600 tokens will be sold during this ICO, this might quickly accelerate the value of tokens. Good luck with the project.

Hi everybody. In your opinion, in which exact way will the decentralized capital control the BRL coins? Why is it necessary? I’ve never seen anything like that in other projects.

How comes the bounty campaign is over halfway during the ICO? Never seen something like that. It doesn't speak for the capacity of the team of organizing things, even something as easy as a bounty campaign. Perhaps they could explain why.

I do not understand Aurora what AuroraDao name is it affecting your project? or you have 2 Aurora projects & AuroraDao

Excuse me, are you sure this is the right link to the bounty thread? Cuz the bounty manager said it is over. I was about to follow this awesome project campaign.

As far as I understand, if I need to borrow money in Aurora, I’ll need to send an application in the system of decentralized capital. Which documents should be attached?

Hello. The hard cap is 80 million of AURA coins sold.

Does the project have a hard cap for a sale?

As far as I know, it will end on 11th January, 2018.

Hi everybody! Up to what date will Token Sale last?

 Good afternoon. You’ve written in your description that DdoS attacks are impossible in Aurora service. Why? Do you use any unique mechanism in order to protect the platform from them?

Can anybody explain me for what purpose will the platform use Golem, IEX and Maidsafe?

And what financial services will the project provide, if it isn’t a secret?

There won’t be any! Residents of any countries and districts can use it.

Will there be any geographical restrictions for users?

This project is inspired by free banking servicing. It will provide the users with modern, open and stable financial network available to everybody in the world.