Launched February of 2015, gold backed cryptocurrency XAURUM has announced it’s “Rebirth” Initial Coinage Offering as it begins to move into the 2nd phase of operation. In the 1st phase, XAURUM, according to developers and community members, has established itself among the leaders in digital currency along with Bitcoin, Ethereum, Dash etc., and in review of history and market cap is one of the very few cryptocurrencies in existence that has proved to be successful in combining precious metals like gold with cryptocurrency.
In the course of the last year, XAURUM has steadily moved ahead with its vision and this vision has proved to function in practice and according to developers has undergone tweaks in details and implementation that have resulted in increased market cap. Developers further state that XAURUM differs from most other cryptocurrencies on the market due to the fact that a portion of the value of XAURUM is stored as gold reserves of XAURUM Commonweatlth representing a lasting achievement regardless of it’s future.
The transparency and the security of the XAURUM Commonwealth gold reserves are provided by NADIR Gold Refinery and Loomis Financial Storage.
XAURUM is considered to be a unit of value on what is referred to as the ‘golden blockchain’, each XAURUM in exchange is backed by 1 gram certified gold of 999.9 purity and can be melted and exchanged using Auresco Institute Online or globally. At the time of this publication, current value of 1 unit of XAURUM is hovering around $493 USD and is by all indications looking to move well beyond those numbers moving ahead into the 2nd phase or as developers have described as the ‘rebirth’ of Xaurum.
Acknowledging the will of the XAURUM community the rebirth will begin to split each original XAURUM into 8000 separate fragmented units ( 1 XAU = 8000 XAUR ) increasing the supply available on the market and enabling coinage open to all at a significant discount during the ‘RICO’ event.
Minting will be open and available to all of those who would like to participate and funds collected during the event will be used to purchase additional gold as defined by the XAURUM coinage formula. Profits in the creation of new XAURUM units will be distributed among ‘RICO’ minters and investors.
The XAURUM ‘Rebirth’ also brings a much needed upgrade in its technology, transitioning from the Blackcoin PoS blockchain to the Ethereum platform. During the transition the standard rules of operation will be slightly altered in order to benefit potential new users, during this time limitations will be removed and all new users will have the ability to mint XAURUM. Transition will last a period of 12 days and although the event appears to be a run of the mill ICO or initial coin offering it differs greatly as funds will be used as per XAURUM coinage formula with ‘stated modification’. Collected funds will then be invested in gold, increasing the amount of gold owned by every coined XAURUM in existence.
Although the event represents a very exciting time for the Xaurum community there are many that argue that the concept behind most cryptocurrencies is the idea of having a distributed electronic method of value transfer without the need to be tied to a physical location, further arguing that the addition of gold eliminates the advantages of cryptocurrency due to the fact that the asset it is attached to is stored centrally and exposed to negative effects of government regulation.
Whatever your stance is on gold backed cryptocurrency, Xaurum by all appearances seems to have found the right balance and to this point has been very successful at mixing the two components. Only time will tell if the union will continue to flourish and if by chance it does XAURUM is offering a ground floor opportunity to be a ‘cryptogold’ pioneer.