Aurora: The Decentralized Financial institution that we need
Introduction
Money is one of the biggest sources of comfort for most of us in the world. We toil hard in our life to earn good enough to live a life of our choice. The current financial system has become the source of financial corruption, organized loot and monopoly of the few individuals. The central bank of a country plays a major part in the economic expansion of the country. It regulates entire banking system of a country. There is an important role of the government in the functioning of the central bank. In the USA, the Federal Reserve is a central regulatory bank which monitors entire banking sector of the USA.
Today's banks are regulated and controlled in a way that benefits only a selected groups of people. Despite having enormous success in economic growth, banks have failed to include each and every citizen of the world. The bank has led to many financial breakdowns over the years, the economic recession of 2008 being the recent one. The revival of the banks is always done through taxpayers' money. The bad debts occurred by banks never gets questioned, only to benefit a few top wealthy individuals. There is a need for an open banking with decentralized regulation, where everyone from everywhere can be included in the network without favor or fear. A decentralized bank which is robust and secure without the involvement of third parties.
Solution Offered
Aurora has conceptualized an open banking system based on the work done by F A Hayek and George selgin on free banking theory. They are presenting an ecosystem of a decentralized bank without the intervention of the government. To make it free from corruption, biases and favoritism, it is one of the critical feature of their product. Cryptocurrency is the perfect solution for this kind of scenario and Aurora has its own digital coin named boreal. Their aim is to create an alternative system which is based on decentralization. A decentralized capital market will be created based on Blockchain technology which utilizes boreal coin as their standard operating currency for transactions and loans.
International distributed Ethereum exchange (IDEX) provides trading between takers and makers utilizing the Blockchain technology and smart contracts. It logs every transaction into its records and executes contracts through smart contract. It enables a real-time monitoring service for the users. It has definite steps defined to complete a contract. The initiation of the procedure starts when a trader places an order. The maker and taker have to submit their token to initiate the IDEX contract. The database gets updated when relevant details are submitted. Next, IDEX confirms the availability of balance in the maker's account and order is recorded.
The takers receive the order with the signed transaction. Again, IDEX confirms the balance availability. If everything proceeds as designed, the trade is matched and the IDEX database is updated to reflect the necessary changes. The fully decentralized app of Aurora will partner with other Dapps to facilitate a smooth user experience. It is aiming to create an alternate and viable banking solution where everyone has equal choices.
ICO Information
Aurora is planning token sale under the ticker name AURA. They will sell 1,000,000,000 tokens and utilize the funds to create a better product. A part of the fund will be used for membership reward program and bonus purposes. 70% of funds will be utilized for development and 15% for operational expenses of the platform. To create such a mammoth platform which will replace the traditional banking method needs huge investment and this ICO is the first step in that direction.
Team
The team comprises of expert players from multiple domains such as Fintech, banking, law etc. They are motivated to complete this huge task in very short span of time to leverage the advantage of latest technology. A diverse team of individuals who have decided to design a system of future with the latest technology. They are motivated to achieve the next revolution in the banking sector. The team has required experiences and clear intentions to achieve their goal.
Why Should You Invest?
The modern financial system has become biased. An alternative solution based on Blockchain technology is the answer. We are experiencing a shift towards decentralized economy as many international banks have already started experimenting with this idea. This is the right time to enter the market and buy crypto assets which will be the standard asset of tomorrow. They are on their way forward into the next revolution in the banking sector and we must choose to be a meaningful partner in this endeavor.
Website : https://auroradao.com
Download Whitepaper : https://auroradao.com/assets/Aurora-Labs-Whitepaper-V0.9.3.pdf
Authored by : Etheran (Btalk name)