Auoz
Auoz (Au-oz), a fully Bitcoin backed stablecoin linked to the price of one ounce (oz) of gold (Au)
Created on 9th April 2024
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Auoz
Auoz (Au-oz), a fully Bitcoin backed stablecoin linked to the price of one ounce (oz) of gold (Au)
The problem Auoz solves
Auoz is a BSV-20 v2 (BSV-21) token that represents the value of 1 ounce of gold, actually backed by the Bitcoin locked within the contract(s), it's similar to LTM but the unlock condition is reached only when current Oracle BSV/XAU rate >= 1.
- Collateral can be audited with certainity because it's Bitcoin (unlinke FIAT backed coins, USDT, USDC, etc..),
- Fair mint, every user locking BSVs gets the amount of tokens based on BSV/XAU rate at locking time
- To unlock your BSVs you need to send back to the contract the same amount of tokens you got when locking, that will be "burned"
Challenges I ran into
The project is outlined in its main logic but still needs to be implemented fully. Some difficult steps to be completed are:
- Multicontract call to issue AuozFT tokens based on Auoz locked amount (Error: signature check failed, to be checked with sCrypt team)
- Enable Auoz lockStep2 only a predefined amount of time after lockStep1
- Manage referral payments on transactions
- Fully integrate with mobile/desktop wallets
Technologies used
Discussion
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