Aurora

Ethereum as many people now know, is an all new “decentralized platform” that has been designed to help execute ‘smart contracts’. These contracts consist of apps that are designed to run without any issues related to: downtime, censorship, fraud or third party interference. In addition to this, the apps that are released on the blockchain share a global infrastructure that has the potential to change the way business dealings are conducted throughout the globe.

What Is Aurora?

Aurora can be pictured as an application suite that includes “DAPPs and protocols” that allow for a fully decentralized banking application. The core components of this platform have been made support a cryptocurrency called Boreal. According to information available on the company’s official webpage, they plan to use the collected revenue from the ICO to increase the “asset reserves backing the boreal”. Not only that, Aurora will also gradually expand its banking initiatives and other economic ventures.

What Is Boreal?

Boreal (BRL) is a ‘decentralized cryptocurrency’ that has been built on the Ethereum blockchain. In terms of its market value, the currency has been designed carefully so as to prevent value destabilization.This is basically done by controlling the supply of Boreal so as to match market demand and ensure price stability. Also, according to the official company website, this currency is protected through a backing of cryptocurrency reserves and debt.

Aurora Services

Decentralized Capital DC:

This is a ‘decentralized bank’ that has been designed to help deliver loans to customers in the form of an all new stable cryptocurrency (boreal). As mentioned earlier, the demand for boreals is created due to its stable value rate and the fact that it can be used for loan repayments as well as other transactional activities. Other key aspects of DC include:

  • Stable: Decentralized Capital aims to gradually start engaging in a variety of deals similar to those of an open market, so as to help stabilize the price of boreal.
  • Risk Assessed: in order to maintain full stability of boreal, DC aims to use identity tools such as Uport and Civic so as to ‘identify and gauge loan risk for those who wish to borrow in boreals’.
  • Mobile App: there is also a companion DC mobile app that helps customers analyse their credit risk.

IDEX:

This is the world's first “Ethereum based decentralized smart contract exchange” that will support unique features like live trading, large volume transactional access. Other aspects of this service include the ability to limit market orders, gas-free cancels etc. In terms of the IDEX’s functionality, we can see that it uses smart contracts as well as a trading engine and a transaction processing arbiter. All transactions are highly secure and made via the use of private keys.

At this point, it should also be mentioned that IDEX smart contracts have been designed in a way that only the “exchange is authorized to submit signed trades to Ethereum”. As a .3result of this, IDEX is able to control the way transactions are processed. As users keep on trading, their exchange balances are updated in real-time.

Lastly, in order to support Boral stability, IDEX provides its customers with a 5% trade fee discount when they pay their fees via the use of a stable currency. This discount will create an incentive based platform that not only helps stabilize currency value, but also helps reduce overall trading costs.

Snowglobe:

This service aims to be a ‘fully decentralized exchange protocol’. Snowglobe has been made to work on the POS chain which has further been linked to the central ethereum blockchain. In terms of it usability, Snowglobe is open for any exchange and has the potential to deliver high throughput evm-compatible asset exchanges.

In addition to this, Snowglobe will also make use of a shared distributed off-chain orderbook, and a local and global transaction dispatch arbiter.

Aurora Token Details

Aurora has been designed to make use of its very own network token called Aura. According to the official company website:

  • 20% of the total AURA token supply will be dedicated to this Market Maker rewards program. AURA in the program will be granted at a rate of 1% of the total remaining Market Maker rewards AURA per month, i.e. 0.2% of the total AURA supply, or 2 million AURA, will be distributed in the first month.
  • With each additional month, the absolute number of AURA rewards will be slightly reduced, providing an incentive for market makers to join early and ensuring that the rewards program can continue indefinitely.
  • Traders receive AURA proportional to the fees they spend on their limit orders.

The token sale is scheduled to start on the 4th of December at 4PM UTC. It will last for approximately a month.

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