What is the Aureus Nummus?

WHAT IS THE AUREUS NUMMUS?

The Aureus Nummus (symbol: ANG) is a digital currency and asset, which is backed by physical gold or gold equivalent and serves as a global payment and savings instrument. The gold backing provides the Aureus Nummus with significantly higher intrinsic value and stability than compared to other currencies and payment systems.

Our conversion rate for the Aureus Nummus always remains the same and is independent from any market price fluctuations on secondary markets: 100,000 ANG= 1 ounce of gold bullion. This goal is achieved by basing the Aureus Nummus 1:1 on directly allocated physical gold or gold equivalent. For each Aureus Nummus, that is sold to the public the equivalent amount of physical gold or gold equivalent is put into trust account.

The gold backing, the fixed exchange rate as well as software algorithms support and stabilize the price of the Aureus Nummus Gold.

The holders of Aureus Nummus collectively own the gold or gold equivalent, which is held in reserve in a trust account in order to back the value of the Aureus Nummus. The holders of Aureus Nummus can request that their Aureus Nummus coins be converted back into gold or gold equivalent, subject to our Terms and Conditions. 

The Aureus Nummus is designed to complement traditional fiat currencies and banking services by providing an independent  tamper-proof payment and savings instrument with intrinsic value that resolves the trust problem, and many of the other issues and challenges associated today with fiat currencies and banking. The ability to  track and to directly assign value to any imaginable object in the next development phase will take the Aureus Nummus to a new era of currencies.

The purpose of the Aureus Nummus also is to serve the unbanked population of this world by providing them much needed access to payment and savings solutions, and to provide alternatives to those wishing to complement their existing banking services and fiat currency holdings.

The value of one Aureus Nummus coin has been set on purpose at the US-Dollar cent level in order to assist consumers and enterprises with payment and settlement of small invoices and transactions.

NO BANK ACCOUNT REQUIRED

The  Aureus Nummus does not require users to have a bank account or a line of credit such as a credit card in order to own any of the  Aureus Nummus cryptocurrency — they simply have to convert money, other cryptocurrencies or precious metals into or out of  the  Aureus Nummus to use it.

AUREUS NUMMUS KEY FEATURES

  • Independent.
  • Decentralized.
  • Open source.
  • Fixed supply – forever unchangeable.
  • Inflation free.
  • Not mineable.
  • Based on blockchain.
  • Transactions are anonymous.
  • Backed by gold. The ANG’s minimum price is pegged to gold bullion, however the ANG has no maximum price.
  • The gold backing makes the Aureus Nummus value stable and greatly reduces any price volatility, while keeping its upward price potential.
  • The ANG is not created out of nothing like fiat and crypto currencies. The ANG’s revolutionary technological innovation combines the advantages of a standard legal tender fiat currency with those of cryptocurrencies, while at the same time providing real verifiable value through its backing by physical gold.
  • The Aureus Nummus has a fixed and limited supply that can never be changed again.
  • The Aureus Nummus is built for everyday enterprise, consumer and retail use, and is a fast, cost-efficient cryptocurrency for domestic and cross-border payments, settlements and savings.
  • Trust is no issue. Unlike traditional currencies you don’t need a trusted third party like a bank due to the Aureus Nummus’ transparent intrinsic value and decentralized organization. There is no single authority, who would be able to change or influence the value or the setup of the Aureus Nummus, as it is completely de-centralized, and functions based on community consensus of the Ethereum community. The Aureus Nummus runs completely autonomous based on its program without any possibility of downtime, censorship, fraud, and third-party interference.

THE NEED FOR CHANGE – ADVANTAGES OF AUREUS NUMMUS BASED BUSINESS TRANSACTIONS

Trust

One of the major challenges that has impeded advancement of the global marketplaces is how to manage deal contracts between two people who do not know each other. The Aureus Nummus  resolves that problem by encrypting its smart contract and deal transaction information on a shared ledger. Therefore there is no way one party can say that they did not see it. Furthermore, the smart contract, which executes the business transaction, is executed through distributed nodes with not one single point of failure, therefore, making them completely tamper proof and completely immune against information loss.

Autonomy

The Aureus Nummus is completely autonomous. Its underlying smart contract has no need to rely on brokers, lawyers as well as other intermediaries in order to enter into a sale agreement. Furthermore, execution is managed in the network through a decentralized system and the incidences of error are virtually zero.

Security

​The security of the Aureus Nummus is based on the blockchain technology and thus 100% safe and secure, as everything is stored in a distributed network. Therefore, as explained earlier, there is not one single point of failure. Cryptography ensures that the documents are completely safe and incidences are virtually zero as the distributed ledger technology does not grant access to hackers.  In order to succeed hackers would have to hack many 1000 computers simultaneously at the same time in different geographical locations – a task that is not possible to accomplish.

Speed

Smart contracts based on the Aureus Nummus are faster to implement than traditional contracts. The paperwork required in order to enter into a sale agreement in a traditional marketplace is not used in the blockchain based Aureus Nummus marketplace. Through the use of software, the Aureus Nummus smart contracts rely on secure software code in order to automate tasks and speedily execute business transactions in fully automated mode. The transaction is instantaneous, fully automated, fraud proof, tamper proof, loss proof and completely secure.

Fake Goods

The underlying smart contract, on which the  Aureus Nummus is based, eliminates the  sale of fake goods. Through the underlying decentralized  cryptographic code, it is possible to track and verify products easily, which on a traditional centralized business platform is not possible. Furthermore, the execution of the smart contract is based on the agreement of parties. It is not possible to collude with various parties around the world to tamper with the Aureus Nummus based contracts.

No Chargeback Fraud

One of the main challenges for sellers in the traditional marketplaces is that a buyer can buy a product, pay via services such as PayPal and then call the company to reverse the payment afterward. There are many businesses that have been affected negatively by this method. The buyer can make claims that the product was never delivered or was delivered in the form of quality that they did not want. However, with Aureus Nummus based smart contracts, it is very difficult or next to impossible to alter the transactions after they have been agreed upon. Both buyer and seller will have an option of agreeing on the terms of the intended sale or transaction, but after execution the deal  it cannot be reversed. This simple intrinsic feature of Aureus Nummus based contracts results in a much higher degree of confidence into transactions.

​Finally, it is evident that smart contracts are set to revolutionize the way business is conducted and marketplaces are managed – the underlying  blockchain technology guarantees  efficiency, low cost, more variety and more increased certainty of sale, and total certainty of business contract execution.

WORDS FROM FAMOUS ECONOMISTS ABOUT FIAT CURRENCIES:

In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value.

— Alan Greenspan, Chairman of the US Federal Reserve, 1987–2006

The problem with fiat money is that it rewards the minority that can handle money but fools the generation that has worked and saved money.

— Adam Smith (Scottish Economist, known as the “Father of Economics”, author of the famous book “Wealth of Nations”)

THE NEED FOR TRUST

The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust banks with our privacy, trust them not to let identity thieves drain our accounts, and we have to trust them that we in fact will get our money back when we need it.

— Satoshi Nakamoto (creator of bitcoin)

Advantages and disadvantages of the traditional banking systems have been widely discussed in the public. The goal of Bitcoin is to replace traditional banks and fiat currencies. The objective of the Aureus Nummus, however, is not to replace banks or fiat currencies but to act as a hi-tech complement, that strives to resolve most of the well known shortcomings of fiat currencies and the banking systems.

An example: traditional fiat currencies and banking systems simply are not designed for IoT and M2M environments, or tracking objects while assigning value to them. The Aureus Nummus is.  And while the Aureus Nummus is backed by gold, it is reasonable to assume that none of the traditional fiat currencies or banking systems will ever return to the gold standard again.

KEY RELATIONS BETWEEN GOLD, US-DOLLAR AND AUREUS NUMMUS

  • 1 ounce of gold bullion = approx. 1,500 US-Dollars (fluctuates with daily price of gold)
  • 100,000 Aureus Nummus digital coins are equal to 1 ounce of gold bullion
  • 1 Aureus Nummus coin is equal to approximately 1.5 Dollar cents or 0.015 US-Dollars.

HOW DOES THE AUREUS NUMMUS MAINTAIN ITS INTRINSIC VALUE?

The Aureus Nummus administration puts for each 100,000 ANG coins that are sold to the public one ounce of gold bullion or gold equivalent into a trust account. The Aureus Nummus is based 1:1 on directly allocated physical gold or gold equivalent.

The holders of Aureus Nummus collectively own the gold or gold equivalent, which is held in reserve in a trust account in order to back the value of the Aureus Nummus. The holders of Aureus Nummus can request that their Aureus Nummus coins be converted back into gold or gold equivalent, subject to our Terms and Conditions. The conversion rate always remains the same and is independent from any market price fluctuations on secondary markets: 100,000 ANG= 1 ounce of gold bullion.

Questions? Please contact us !

The Aureus Nummus administration’s job is the technological development and the transfer of gold or gold equivalent into a trust account in order to maintain the intrinsic value of the Aureus Nummus coin.

The rest is left to the decentralized public and the community. 

INDEPENDENT FROM CENTRAL BANKS AND GOVERNMENT INTERFERENCE

The Aureus Nummus is based on AI technology and runs on an Ethereum smart contract. As a result, the Aureus Nummus runs exactly as programmed without any possibility of downtime, censorship, fraud, and third-party interference. Its consensus protocol eliminates completely the need to trust intermediaries, as every transaction is verified and confirmed by the public community with complete transparency.

Sending and receiving payments anywhere in the world is easy, fast and cheap with the Aureus Nummus.

Compare that to regular bank transactions, which not only are much more expensive compared to the Aureus Nummus, but also are vulnerable to theft and fraud – contrary to the completely secure Aureus Nummus transactions. Hackers can steal your bank payment information from merchants, but in the case of the Aureus Nummus, stealing Aureus Nummus addresses is completely useless because for a transaction to be valid, it must be signed with its associated private key, which the user doesn’t need to share with anyone to make a payment.

Some of the advantages:

  1. Consumers and enterprises using the Aureus Nummus don’t need to trust a middleman for executing buy and sell orders. The Ethereum ERC20 technology, provided by the Swiss Ethereum foundation, the technological basis of the Aureus Nummus, doesn’t require buyers and sellers to trust anyone. If you put your money into a traditional bank, you need to trust that bank.  But with the Aureus Nummus and its technology you don’t need to trust anyone – not us, not any intermediary, and not any bank, because the public community verifies and checks your transactions in full transparency and confirms them while maintaining your anonymity. The decentralized nature and the underlying blockchain technology make fraud or the non-fulfillment of transactions impossible.
  2. The transaction rules are the same for everyone, no single authority can alter those rules or gain an advantage as all transactions are verified by the community and are public.
  3. All Aureus Nummus coins are pre-mined and stored in a safe wallet. The Aureus Nummus coins are released from the Aureus Nummus safe wallet only if the then current price purchase will have been paid in full and if the equivalent amount of gold had been deposited into the trust account. This is a fully automated process that doesn’t not require any human input or interference. There is no single authority, who would be able to change or influence the value or the setup of the Aureus Nummus, as it is completely de-centralized, and functions based on community consensus of the Ethereum community. The Aureus Nummus runs completely autonomous based on its program without any possibility of downtime, censorship, fraud, and third-party interference.

HISTORY, CONCEPT AND TECHNOLOGY

The Aureus (pl. aurei — “golden”) was the most valuable and most important gold coin of ancient Rome, introduced by Julius Cesar, the ruler of the Roman Empire, around 60 BC with many important features of a standardized modern currency system, and kept its dominating status for more than 1000 years.

The  Nummus (Greek: νοῦμμος, noummos), plural nummi (νοῦμμοι) is a Latin term meaning “coin“.   The Aureus also was referred to as Aureus Nummus.

There hardly is anyone, who is not enthusiastic about the huge potential of the blockchain technology and cryptocurrencies in particular. However, cryptocurrencies have had some shortcomings, which the Aureus Nummus strives to resolve.

The shortcomings of cryptocurrencies have been:

  • Large price swings.
  • The confirmation of a bitcoin transaction taking 43 minutes, with many other cryptocurrencies suffering from similar delays. However, any transaction that is not instantaneous, simply cannot serve as payment and savings instrument. If you check the next time into your favorite coffee shop, surely the barrista will not want to wait 43 minutes for payment. A practical solution was needed.
  • Lastly many cryptocurrency founders are decrying the absence of value in the traditional fiat currencies. They are right, but what about the cryptocurrencies themselves? What is the value of Bitcoin based on, for example? You can take a dollar bill into your hands, but in the case of Bitcoin there isn’t even a Bitcoin that you can point your finger to, not even a single code snippet that would represent one Bitcoin. A Bitcoin like most other cryptocurrencies simply exists because of a transaction, so it has a transactional fiat value and NOT an intrinsic value, which explains the large price swings.

As a result, the Aureus Nummus was conceived, with the vision to provide a value based, stable and instantaneous payment and savings instrument independent  from (but as a complement to) the traditional international banking and payment systems.

NEXT DEVELOPMENT STAGE OF THE AUREUS NUMMUS

The next development stages of the Aureus Nummus digital currency will implement  M2M and IoT ecosystems in order to enhance its use.

  • Next development stage – M2M (machine-to-machine) transactions. It  will render an ecosystem built on the blockchain technology to provide lightweight, secure, efficient, feeless micro-transactions in real-time.
  • Next development stage –  Internet of Things (IoT). It  will render a scalable ecosystem that aims to improve the mechanics of the IoT and business transaction, with the goal to track and assign value to any imaginable object.

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