About 6000 years ago, mankind discovered gold as a reliable and safe way to store value such as workforce. Later, the so-called alchemists tried to reproduce gold but failed, proving its unique property as a store of value. This fact persisted till today, making gold to the main reserve of central banks and to a valuable commodity for collectors around the globe. In 1996 the first gold backed payment service named e-gold.com was launched and it seemed that gold could made it’s way into the digital world. Unfortunately this story ended in 2011 when e-gold was partially shutdown and the idea of gold backed payments fell into oblivion.
The increasing digitization of the past 30 years has spawned several online banks and electronic money institutes. Some of them are limited to certain markets, some other are more global but tend to be more expensive. When we look at user behavior, they like using payment services they know and feel save with. Unfortunately these experiences differ significantly from person to person as many electronic money institutes and online banks tend to shutdown accounts for no reason, destroying trust and acceptance of their own services. This pushes users to the competition, which limits their ability to send/receive payments to family, friends or merchants while the core problem of unreliability remains.
About 10 years ago the cryptos came up to to remove the banks/electronic money institutes in the middle and bringing more power to their users. However it was still necessary to create services to exchange cryptos in fiat currencies and vice versa, which again opened the door to fraud and random account suspensions. Another downside was (and still is) its high volatility which turned its use from a currency to a speculative asset.
A few years later the so called corona pandemic emerged, which took the governments as an excuse to shutdown the global economy and oppress their tax payers. Many people lost their jobs, others had to accept severe wage cuts. In addition, the government controlled central banks decided to enrich the rich and make the working class pay by devaluing the major currencies. As a result, real estate and stock prices rose, while working-class savings lost up to 10% annually in purchasing power.
Faced by these global challenges its time to bring gold back into the economy. To archive this goal Aurupay is connected to countless payment systems and cryptos to make the conversion of digital and even physical cash as easy as possible. Which gives also the opportunity to connect users of different payment systems, currencies or countries. This includes also the crypto community, who has now a way to hedge their cryptos with gold.
From a technical perspective, Aurupay is using only open source technologies in a redundant and decentralized server-topology. While technologies and services by monopolists are not being used due to our policy of political and religious neutrality. Which is reflected by our minimalist ux-design as well, while increase handling, performance and transparency on client-side.