The current economic systems have facilitated accelerated economic development and changed the lives of billions globally. But, the primary design of the system has driven to an irrational focus of wealth and power in the hands of those who control it. Several of these concerns arise from the point that currency issuance is by and large acquired by national governments, entities that are intrinsically biased towards resolutions that maintain the health of their economy. These decisions have the impact of choosing winners and losers in the financial markets, and because of it leaving the regulatory bodies open for corruption and political influence. Most importantly this outrage conclusively threatens the security of the national currency, supplementing those in power at the cost of currency holders.

Aurora believes that the answer to fixing modern banking is to strengthen transparency and eliminate the inequity that enables individuals and organizations to operate heedlessly and without recourse. They aspire to provide consumers clarity into the health of the bank and an opportunity to vote with their wallet.

An Autonomous Banking And Finance Platform

Aurora is a series of dapps and protocols that collectively constitute a fully decentralized and autonomous banking and finance network. The boreal as its stablecoin, Aurora strives to recreate and advance the current financial ecosystem in a decentralized manner. Aurora allows a permanent, private, and opens the financial system to everybody in the world despite the geographic location, social status, or privacy preferences. The main components of Aurora are cryptocurrency bank, a Decentralized Capital and a financial asset exchange (IDEX) which work together to extend the same financial services of the modern world. All of Aurora works on a shared computing network and uses an EVM compatible child chain for transaction processing, decentralizing the whole system and enabling it to operate autonomously.

The Decentralized Bank

Decentralized Capital is a decentralized bank that grants loans to customers in the form of a new stablecoin called boreals. Demand for boreals is produced due to its steady value and utilize in the loan payment. Decentralized Capital will employ in some other different activities comparable to open market transactions with the ultimate aim of boreal price stability, and a secondary goal of profit increase. Decentralized Capital will grow the supply of boreals gradually over time. In the beginning, boreals will be supported 100% by the ether that is managed to obtain them.

Boreals (BRL) Stablecoin

Boreals (BRL) is a price-stable decentralized cryptocurrency developed on the Ethereum blockchain. BRL supply is mainly directed by Decentralized Capital to equate it with demand and keep price stability, initially assessed by maintaining equivalence with USD, and over time transitioning to a basket of 10 goods and assets. Boreals are upheld by a combination of debt and stocks in ether. Decentralized Capital will initially intend for full 100% reserves in ether with the ultimate goal to advance to sustainable fractional reserve banking.

International Distributed Ethereum Exchange

A decentralized bank is innovative because it’s the first model of a financial system that exists outside of the conventional market and loan system. Still, this same power also raises the warning of loan delinquencies from customers. Aurora expects that at first, it will be challenging to precise measure who is deserving of loans, but as the system develops and on chain identification tools advance, Decentralized Capital will heed a constant drop in the default rate. To retain the bank definitely decentralized and will be open to customers from anywhere globally, it is critical that the bank has additional revenue sources to counteract and overcome any unforeseen chain of loan defaults. IDEX will produce this additional revenue source.

International Distributed Ethereum Exchange (IDEX) is a decentralized high throughput trade network which is developed into the Aurora client. IDEX is comprised of a combination of Ethereum contracts and a distributed database that pairs trades and controls the order transaction line. Revenue from this exchange network is shared evenly between the bank and network members operating the Aurora client. Charges on IDEX may be paid on boreals at a sparse discount, giving boreals with an instant utility case and supporting organize them as a prominent stablecoin.

The AURA Token

IDEX will be the first exchange to run on the Snowglobe network, transitioning from a semi-decentralized to a completely decentralized exchange. All charges from IDEX are paid to the Aurora reserves.

As the reserves rise Aurora can extend the value of outstanding loans, producing additional income for the Aurora network. Payments from the Aurora banking system will then move back to those who stake the AURA token and give the economic foundation that continues Aurora and Snowglobe together.

Comparable to other blockchain networks, Snowglobe needs a well-designed incentive arrangement to guarantee that the integrity of the order book and transaction flow are not endangered. Aurora has its native system token, AURA, that regulates the interests of Aurora and the Snowglobe operatives. All of the revenue from Aurora is applied to pay those who stake their AURA and implement security for the Snowglobe network. AURA staking aligns the economic importance of the operators with the health of the network and makes it notably expensive for any would-be intruder to obstruct operations.

The Team Behind Aurora

The Aurora team was founded by a group who passioned cryptocurrency and strive to see cryptocurrency grow as a real currency. They consider the principal issue hindering adoption is a lack of price balance and have been attempting to address this concern for some time, initially using a centralized procedure, and now hitting the same problem with decentralization as a central tenet. The elements that make-up Aurora are built and managed by Aurora Labs S.A., a company stationed in the Republic of Panama.

Alex Wearn

CEO

Alex has driven software and product development teams at Amazon, Adobe, IBM and other leading technology organizations.

Phil Wearn

COO

Previously Co-founder of EtherEx, Phil has been developing blockchain based companies since Ethereum was little more than a white paper.

Raymond Pulver

CTO

Ray is an enthusiastic mathematician, cryptographer, and software developer with a decade’s excellence of development background.

Brian Fernalld

HEAD OF PRODUCT

Brian is a multidisciplined serial entrepreneur with over ten years of expertise in executing product, development, and marketing strategies at startups.

Forrest Whaling

MARKETING

Forrest develops and accomplishes award-winning marketing approaches for companies of almost all size and vertical.

Sonia Siok

BUSINESS DEVELOPMENT

Sonia has directed a diversity of Fortune 100 clients in the research, development, and deployment of enterprise software technologies.