AgAu
AgAu : “The Peer-to-Peer, Electronic Money System” is a Swiss based company founded in 2018 by Thierry Arys Ruiz. AgAu’s name is derived from the merger of the two atomic symbols “Ag” (for Silver) and “Au” (for Gold). AgAu has built an advanced technology on the Ethereum Blockchain to issue stable ERC20 compatible tokens. Each of the AgAu tokens are backed 1 to 1 and represent the direct property of 1 gram of allocated good delivery standard LBMA (London Bullion Market Association) quality (99.99%) gold or silver; redeemable against physical gold and silver bars. AgAu uses blockchain and smart contract technology to obtain both: transparency and Immutability of decentralised data proving the integrity of assets (quality, quantity and direct property). In the White Paper [1], AgAu is defined as peer-to-peer electronic money in reference to Bitcoin, a peer-to-peer, electronic, cash system.
The AgAu Monetary System (AMS)[edit]
The AgAu Monetary System or AMS set itself apart from previous forms of gold standard by using blockchain and smart contract distributed ledger systems to allow 1:1 decentralised property of proven and inspected precious metals where the property resides directly with the user (as opposed to a centralised banking system) through a mix of decentralised protocols and swiss legal contracts. The AMS is said to be an alternative to monetary transmission mechanism using central banks, fractional reserve banking as well as policy to influence asset prices.
AMS is diametrically opposed to MMT or UBI technically and ideologically.
The AgAu Money System[edit]
The AgAu Monetary Standard (AMS) is a peer to peer electronic money system parallel to the traditional financial system based on the direct digital ownership of physical LBMA Good Delivery Standard gold and silver. AgAu has the ambition to create a parallel financial system based on decentralised protocols also called DeFi (Decentralised Finance). AgAu’s founder argues “Gold being neutral money (as it is not controlled by any government in particular) allows for global trade on the basis of a universal price (as opposed to a multitude of Foreign exchange rates) and a barter system that is ought to be tax efficient and more transparent in terms of international price competitivity. AgAu is more inclusive and can result in a smoothing of trade tensions, currency manipulations and increased efficiency in cross border trade”.
Free Market Renaissance Ideology[edit]
Thierry Arys Ruiz, AgAu’s founder, is a proponent of a “Free Market Renaissance”. In his blog, he explains how modern day capitalism is a “controlled” capitalism where asset prices are mainly controlled by the government and central banks: by the state through regulation, taxation and tariffs and increasingly evident by central banks conducting “artificially low interest rates” policies (manipulation of the main money market rate) as well as other outright market purchases via Quantitative Easing (QE) measures expanded by and large to the financial markets. “With the COVID-19 crisis we have seen more evidently the trend of Government takeover of the Economy by the self inflicted destruction of the private sector and a Central Banking takeover of the Financial Markets via obvious interventions in the price discovery of many assets. There is a moral hazard and we are not in a free market anymore, sadly it is not clear to everyone yet.”[2]
AgAu Cryptomoney[edit]
AgAu’s name is derived from the merger of the two atomic symbols “Ag” (for Silver) and “Au” (for Gold). AgAu has built an advanced technology on the Ethereum Blockchain to issue stable ERC20 compatible tokens. Each AgAu token is backed 1 to 1 and represents 1 gram of allocated Good Delivery standard LBMA quality (99.99%) gold or silver; redeemable against standard gold and silver bars.
The new global currency ironically includes the symbol of the defunct currency Austral (Unicode U+20B3) followed by “g” for Silver and “u” for gold with the convention: 1 ₳g (for AgAu Silver) = 1 gram of Silver. Otherwise found with the ticker ASLV. 1 ₳u (for AgAu Gold) = 1 gram of Gold. Otherwise found with the ticker AGLD.
AgAu Units and Rounding[edit]
AgAu tokens are divisible. As a unit of account, AgAu tokens are precise up to a 10-18. When calculating the fees on transaction AgAu rounds up to the nearest the elementary AgAu unit called the atto gold for AgAu gold (a₳u) and atto silver for AgAu silver (a₳g) following this table:
| Unit | Acronym | AGLD (₳u) / ASLV (₳g) |
|---|---|---|
| Gold / Silver | ₳u / ₳g | 1 |
| deci gold / silver | d₳u /d₳g | 0.1 |
| centi gold / silver | c₳u / c₳g | 0.01 |
| milli gold / silver | m₳u / m₳g | 10-3 |
| micro gold / silver | μ₳u / μ₳g | 10-6 |
| nano gold / silver | n₳u / n₳g | 10-9 |
| pico gold / silver | p₳u / p₳g | 10-12 |
| femto gold / silver | f₳u / f₳g | 10-15 |
| atto gold / silver | a₳u / a₳g | 10-18 |
References[edit]
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