About Aurum Coin

AurumCoin Review: Mining Guide, Price & Analysis of the AurumCoin Cryptocurrency

AurumCoin uses SHA-256, a consensus method of Proof of work. The main idea herein is a challenge and proof. The challenge is a transaction in form of a cryptographic puzzle. The proof is the cracking of the puzzle by the miner. When the puzzle is solved, the transaction is progressed and the miner provides their hardware for transaction validation. The more the hash power a miner possesses, the greater the reward earned.

The mining hardware required for mining Aurum coin is Application Specific Integrated circuits (ASIC).

Aurum coin Price & AMP

At the start, the value of 1 Aurum Coin was equated to 1 gram of gold. The value was later calibrated equating 1 AU to 1 ounce of gold. 1 AU value is targeted to be higher than that of a Bitcoin. Eventually, the value of 1AU should be equivalent to 1KG of gold. AurumCoin market capitalization is currently at $544,875,169.

The current price of AU is 9.987 USD. Due to low market capping, AU's price is exposed to manipulation.

Analysis of Aurum coin

AurumCoin is an open-source digital cryptocurrency. It was started on September 23 in the year 2014. The developers of the coin include technocrats and economists. The identity of particular individuals however remains undisclosed. The goal of this coin was to speed-up payments across borders, bring the gold standard back as well as stabilizing the coin. Aurum Coin ticker symbol is AU. The coin has a maximum supply of 300,000 AU. Its block reward is 0.007813AU with a block time of one minute. The available supply of AU is currently at 298,423(AU).

AurumCoin is the first distributed open-source crypto that is gold-backed in accordance with the gold standard monetary system. The gold standard is the initial monetary system where currencies were staked in gold by a given proportion by a state. Users can buy the coin and convert it to another currency of choice.

From its time of inception, the coin has combined innovative technology, global marketability of the dollar, and the lasting consistency in gold value.

The coin as well offers legitimacy and the unaffiliated option to available currencies. This way, AurumCoin has been able to offer stability in the monetary system.

The creators of the currency intended that Aurum Coin, being an international currency would allow seamless transactions from any device across the globe.

The most unique feature about this coin is that it is not geared to making money but is purposed to replace the money.

AurumCoin can be stored in special wallets for security purposes. The different types of wallets include mobile wallets, paper wallets, and desktop wallets. These wallets have private keys that ensure there is privacy, security as well as discretion when disposing of the cryptocurrency

AurumCoin started with an initial investment of 10,000 AU coins, 10,000 ounces of gold, and $5,000,000 for a technological upgrade. The goal was to reach 150,000 AU and a gold weight of 150 tons. Aurum Coin technology ventures in wallets, banking systems, code development, and trading sites.

Aurum Coin is staked on the gold standard and has built-in systems for economic and market stability. The company has so far achieved its first target of having its value of 1 AU equivalent to 1 gram of gold. By staking its value to gold, the coin is immune to inflation that occurs due to fluctuations in other currencies. This is the closest that a cryptocurrency has come to achieving stability.

The platform enables virtual selling of currencies in the unregulated market at a given price attached to gold.

Although AurumCoin is built on Bitcoins technology, it is different from Bitcoin in many respects;

Its value is equated to a natural element, unlike Bitcoin which is created through mining.

Aurum Coin has an inherent value as it is gold-backed. It is stable and not a speculative currency as compared to Bitcoin.

Aurum Coin value is clear and known by all users as it is not determined by the interplay of demand and supply.

Since AurumCoin is unaffiliated, the coin is globally acceptable and tradeable by any miner without compromising State standards or interests. However, security vaults for the gold are located in London, Zurich, Singapore, Dubai, New York, and Hong Kong.

Aurum Coin has limited and relatively cheaper conversion fees which makes it preferable to modern public banking facilities.

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The coin can be purchased from exchanges such as poloniex, Listex.io, and Crypto Hub.

AurumCoin prides itself in unique features such as; stability and immunity from fluctuation, global acceptability, compatibility with contemporary standard payment applications, coin duality as a digital and physical currency, free exchange fees, and promotion of equality through stripping powers off one-percenters.

Plans are underway for Aurum Coin to integrate its payment system with those of Google Wallet, credit card, PayPal, among others.

The performance of AU is not badly off and there is optimism that the platform will deliver on the upgrades and improvements they are working on.

However, the use of ASIC in mining AurumCoin is a limiting factor. This is because the hardware is cost and energy-consuming. As such, this coin could be a preserve for the elite only. AurumCoin should look for other mining alternatives that can make crypto mining more decentralized for ordinary users. The SHA-256 is not as technologically robust and is exposed to security breaches.

Our take

AurumCoin has developed its niche in the crypto market by creating a gold-backed currency. They have greatly incorporated the aspect of stability in the monetary system.

For investors interested in long-term investment, this platform is worth consideration. The fact that gold is a natural element and thus stable makes the coin even more alluring. This is an ideal venture for investors looking for crypto platforms that offer long-term profit and stability.

By using a gold standard, there is no information asymmetry as all miners know what is in for them for a given value of coins. This platform has transparency which we all know is integral in making crypto space-efficient.

The use of wallets essential for security and privacy purposes for Aurum Coin is an assurance to investors on the safety of their digital assets.

Investors in this platform can be assured of benefits such as holding liquefied gold whose value is not prone to inflationary tendencies.

The fact that AurumCoin is not attached to any country makes it a neutral and globally acceptable cryptocurrency. Users from across the globe can optimize this opportunity as the platform does not serve or undermine the interests of any state.

The uptake of the coins is an indicator that this coin is the next big thing in the crypto space. There are also several improvements and modification that the company is planning to make which could further enhance user experience.

However, investors should be cautious and alert even as they transact in this platform. The fact that AurumCoin is backed by a natural and finite element does not mean that the crypto is entirely exempted from security breaches. The SHA-256 algorithm used here is susceptible to attacks such as the 51% attack.

Since Aurum Coin is based on a gold standard that has an earlier history, users could use available information and history of experience to make predictions and decisions on how they want to transact in this platform.