Interesting concept -- Looking forward to Auric.
I had a doubt :: When you say that it is backed by Gold, what does it actually mean?
Will its price always be that of the price of Gold?
Firstly, thank you for your time and your query. We believe your question is fully answered in detail in our white paper, but briefly it means that each Auric issued has an intrinsic value of 0.001oz of gold. In other words, it has a tradeable value at that level. That would vary only as the gold price itself varied. The way that is structured is explained in the white paper under the sections
'Gold Backing - Functionality and Usage' and
'Auric Gold Store And The Auric Market'It ensures that Auric launches with value behind it, it ensures it is protected against potential falls in the short and medium term, and additionally it gives another method of trading out of crypto should the holder so wish (please see
'Utilising The Auric ICO For Asset Class Switching' in the white paper for more on that)
We hope this addresses your query, and thank you for your early interest.
Kindest Regards
Auric CommunicationsThanks for such explanation, i am looking forward some basic, will you stock Gold against each token you sell. how the economics of token will really function?