Xaurum is a cryptocurrency with a growing gold reserves commonwealth as its base of value. It strives to produce a better form of money regarding its storage of value, and the systemic functions of money such as distributive seigniorage, its elasticity of money supply and profitable inflation. Xaurum can always be melted – exchanged for their base value in gold and destroyed – regardless of the market price of xaurum and gold. It uses cooperative coinage (minting and mining) in creating new money supply, that benefits all users by increasing the commonwealth gold and profits the minters and miners at the same time.
First phase of Xaurum
In its first phase, Xaurum was started at 1g of gold at the base of one xaurum, in this time, it has increased its base value to 2.26 g of gold, the Xaurum commonwealth has increased from the initial 1 kg of gold to the current 17 kg. This 226% gain represents only the growth of its gold base value, its price has increased from 50 USD per xaurum to 530 USD per xaurum, and its market cap grew from 88 000 USD to 3 866 000 USD, placing Xaurum in the top 30 cryptocurrencies. Xaurum team had also secured a deal with NADIR gold refinery for gold purchases and with Loomis for its storage, to increase both profitability and security of Xaurum commonwealth.
Beginning of the second phase of Xaurum
After securing a few favourable deals (NADIR for gold purchase, Loomis for storage), Xaurum is ready to enter its second phase. Even growth, can have its downsides, the growth of price made it too expensive for traders and its low supply presented a problem for market demand. This community concerns will be acknowledged in Xaurum’s second phase, it will split the coins (1 XAU = 8000 XAUR), and organize an event during which minting (coinage of new xaurum) will be open to all, to increase the supply of xaurum in the market. The second phase will also include an upgrade of Xaurum’s technology, as it will transition from its BlackcoinPoS blockchain to the Ethereum platform.
During the RICO event, Xaurum will undergo a substantial transformation of its technological implementation. After a year and a half of continous operation, the old proof of stake blockchain seems antiquated for our use. Xaurum was created with the new crypto of smart-contracts in mind, however, because the technology was in its embrionic state, we have opted for the tested old technology in order to avoid the risks of the new. Whatever its current issues (the DAO incident), Ethereum has shown to be the most reliable of the smart-contract platforms, therefore, the time has come for Xaurum to transition to a more suitable technological grounds. This will be a first such case of a project migrating from one blockchain to another, however it is similar enough to the creation of Xaurum, an ICO, where coins were not sold for profit, but the coinage process was made open to all willing to participate. Similarly, now the minting process will be open to all for the duration of the transition.
The important points of this transition are:
1. Xaurum PoS blockchain will stop and a new Ethereum smart-contract will be created.
2. One old xaurum will be split into 8000 new xaurum, all the coinage formulas will be updated accordingly.
3. Xaurum’s ticker will be changed from XAU to XAUR.
4. All the old Xaurum will be exchangeable for new Xaurum, at the 1 XAU for 8000 XAUR rate.
5. RICO event will last for 12 days.
6. During RICO event, Xaurum minting will be open to all.
7. During RICO event the last price before the event will be used for minting during the event.
8. The testing phase of new Xaurum will last until the end of RICO, and will be extended in case of emergency.
9. The old blockchain will be abandoned at the launch of the new, however we provide users with a grace period of 6 months to exchange old XAU for the new XAUR.
Source: Old BitConnect website, was owned by another entity