3. Technology Overview
Last updated
Last updated
The Auroca DAO shall engage with partners capable of driving the growth of its ecosystem and fulfill the Auroca Vision, focusing primarily on three types of technology:
The Auroca DAO shall leverage widely available transparency tools facilitated by underlying blockchain technology, such as:
Proof of reserves: stands as a pillar of transparency and trust within the ecosystem. It acts as a mechanism to verify and authenticate the value of the assets backing the ARTs. This shall ensure that any ART introduced by the Auroca DAO is transparent and provides its holders with full confidence in the integrity of the ART.
Open source code: Transparency is at the core of the Auroca DAO, and one of the fundamental ways we uphold this principle is by publishing open-source code. The smart-contracts’ codebase of the AURC and the ARTs that the Auroca DAO aims to introduce, shall be openly available to the public, enabling thorough review by developers, auditors, and stakeholders.
Immutable records: serve as a cornerstone of credibility within the ecosystem. Each transaction and interaction within the blockchain is recorded in a tamper-proof and irreversible manner, establishing an indelible audit trail of activity.
The Auroca DAO Governance Interface for the Auroca Utility Token holders shall embody the decentralized governance, forming the foundation of the Auroca DAO. Through this Governance Interface, holders of AURC shall gain access to governance functionalities, empowering them to propose, debate, and vote on key initiatives, resource allocation, R&D, and more.
To ensure trust and transparency within the DAO, users cannot vote to allocate resources, monetary or otherwise, for their own benefit. However, users can propose their services to the DAO, and the community will collectively vote on whether to allocate resources accordingly.
By decentralizing governance, decision-making power is distributed equitably among stakeholders, promoting transparency, inclusivity, and resilience within the Auroca DAO ecosystem.
Aiming to align the evolution of the Auroca DAO decentralized governance protocol with industry standards and regulatory frameworks, the community shall leverage existing Progressive Decentralization models, as detailed in the table below. The Auroca DAO is conducting its research to identify a suitable Governance Interface and blockchain network that shall empower the Auroca DAO Interface, with extensive decision-making capabilities, taking into account factors such as EVM compatibility, low transaction fees, scalability, industry adoption standards, user-friendly UI, and more.
The Auroca DAO shall make the Governance interface available before the Pre-sale of its AURC utility tokens.
ARTs minting process: In its pursuit to introduce tokens that can be classified as ART under a regulatory framework, the Auroca DAO shall deliberate on engaging with partners who can promote growth within its ecosystem by offering the necessary technology alongside other expertise. The technology shall rely on a smart-contract to facilitate the unification of a basket of smart-contracts or a single smart-contract, seamlessly integrating them to form a single, unified ART, consolidating the collective value of the smart-contract utilized.
Safeguarding ARTs in the ecosystem:
End-User deposit of USDC into the ‘Minting smart-contract’, initiating the transactional process.
Upon receipt of the user's USDC, the ‘Minting Smart-Contract’ shall execute an order to the ‘Vault smart-contract’ to procure the underlying tokens.
Subsequently, the ‘Vault smart-contract’ distributes the USDC deposited into the ‘Minting smart-contract’ to the corresponding tokens according to the respective allocation ratio.
Utilizing the acquired tokens, the ‘Minting smart-contract’ initiates a unified ART generation process through a minting process, ensuring accuracy and reliability.
Finally, the ‘Minting smart-contract’ seamlessly transfers the newly minted ARTto the End-user's designated wallet, concluding the transaction cycle with swift and secure delivery.
Vault smart-contract
The ‘Vault smart-contract’ in the ecosystem acts as the cornerstone of trust, safeguarding the underlying assets (tokens) supporting the ART.
The Auroca DAO shall deliberate on the composition of the underlying tokens backing the ART aiming to establish dependable backing for the assets (tokens). Managed through a blockchain-based smart contract, the ‘Vault smart-contract’ shall remain transparent and auditable at all times. The ‘Minting smart-contract’ shall consistently deposit a proportional amount of tokens to the ‘Vault smart-contract’, which subsequently shall acquire the underlying assets (tokens) based on the composition pre-determined by the Auroca DAO, thereby maintaining equilibrium between the token circulation and the collateral assets backing the token as the token’s supply expands.
Minting smart-contract
The ‘Minting smart-contract’ in the ecosystem is set to oversee the issuance and circulation of the ART. It will enable users to receive newly minted ART in exchange for their cryptocurrency. The smart-contract shall calculate the appropriate amount of ART to be minted based on the value of the assets in the Vault smart-contract and the existing number of ARTs in circulation. Additionally, it shall be designed to ensure that new tokens are not created unless there is sufficient collateral in the Vault smart-contract. Utilizing data from blockchain oracles, the Minting smart-contract shall evaluate the combined asset value in the Vault smart-contract, allowing token minting to proceed only as long as the assets' value surpasses the current circulating volume of the ART. Minting shall be halted once equilibrium is reached or proceed with burning process should the assets value decrease, thus reflecting the correct Vault smart-contract assets value in respect to the circulating volume of the ART.
Blockchain oracles
Blockchain oracles shall play an integral part in the ecosystem, sourcing real-time prices for the underlying assets (tokens) within the ‘Vault smart-contract’ from a variety of sources. These oracles shall facilitate a seamless interaction between isolated blockchain networks and off-chain data sources. This capability may be critical for developing hybrid smart-contracts that merge on-chain protocols with off-chain data, enabling decentralized applications to adapt to real-world events and integrate efficiently with traditional systems when required.
