Listen to this article:
A new platform was introduced to us a short while ago which caught my interest. The project presents an interesting spin on the idea of ERC20 Tokens that you would see on the Ethereum platform.
What is Aura?
Aura is a new blockchain and smart contract ledger based on the ethereum protocol. Being derived from Ethereum , It shares nearly all the same properties, including a built in turing complete scripting language that allows users and developers to create decentralized applications easily without having to worry about all the headache involved with creating and launching an entirely new blockchain.
Aura is a mineable cryptocurrency, not an ERC20 token . It was created to be the foundation for the YouStock platform. It is a standalone decentralized blockchain and as such, can be used for any purpose that users or developers see fit. Nobody owns the Aura blockchain and anybody can use it create dApps or smart contracts or send aura or anything else.
What is YouStock?
YouStock is a new platform that will allow people to easily and effortlessly create a new “stock” or digital token that represents themself. We refer to this concept as “tokenized selfhood” or “people stocks”. Stock creators can choose the total supply, and how many decimal places they can be divisible by (up to 18 decimal places). Users will be able to trade their stock/token with others without needing permission from anyone. This is possible due to the decentralized nature of blockchain technology.
YouStock is being built on top of Aura in order to provide this service, and aims to hide the complexities of cryptocurrency and blockchains from the end user. People will be able to easily and securely create, send, receive, and trade tokens and aura without necessarily knowing they’re using a blockchain. By providing this platform, we hope users will find new and interesting ways to utilize their own stocks.
Example Use Cases of YouStock:
Prominent and upcoming athletes can create a stock for their fans to trade. The value of the stock may fluctuate based on the athlete’s performance or their stardom, market forces will ultimately determine that. Buying stock in a young promising rookie could be very lucrative for fans and traders alike.
On top of that, funds raised from an initial self offering (ISO) would help offset the notoriously low pay college athletes receive, while simultaneously giving fans a new way to interact with their favorite players.
Every athlete in every sport- organized, extreme, eSports, you name it- could benefit from this technology. It could also be integrated into fantasy sports and add another layer of engagement to that activity.
YouStock can also be used as a personal fundraising platform similar to go-fund-me, patreon, kickstarter, and others. This method comes with the additional benefit of giving the donors a digital uniquely identified token that could retain value on it’s own. Donors could keep it as a badge of honor that they donated such and such amount to a person or cause, and prove it on the blockchain.
These are just a few ideas on ways people might want to use the platform. We’ll leave it up to the users to decide how they want to use it, and we’ll do our best to make sure it’s 100% permissionless, trustless, and free to use for all time. The anti-fragile nature of cryptocurrency makes this kind of thing possible long term.
How could I offer stocks of myself?
This would be called an Initial Self Offering or ISO. Essentially a user would launch a new ERC 20 token on the Aura blockchain. The smart contract that is the brain behind all ERC20 tokens would allow you to decide how many shares of stock there are total and other functions that will allow your stock to be traded among your shareholders. Once your stock has been created you are the sole owner of all of your stock. You can then start selling it off to investors.
What I think about Aura:
Aura as a concept is intriguing to say the least. The idea of being able to buy and sell in people stock presents a fantastic idea to help people raise funding for personal development which is one of the most cause worthy use cases I could think of. I wholeheartedly enjoy the idea of being able to buy into someone “people” stock to assist them with furthering their education.
One of the flaws or obstacles if you will with YouStock in itself is adoption. This is one major hurdle that any coin can attest to. With the alt-coin industry a wild west of legitimate projects, scam coins, and half finished projects; time will tell for this one. I would like to see Aura and the YouStock platform succeed because I believe it has the possibility to do good things for those looking for creative ways to fund themselves and/or their projects.
Currently this project is fairly infantile in it’s development with the only real meat and potato’s being the blockchain itself. The YouStock platform itself is due to launch in Q4 of 2018. I would predict the initial launch being very slow for user growth. With some well played marketing strategies this could be thwarted.
Overall, should you mine it:
My answer, if you’re looking for another coin to #HODL and are fairly comfortable with speculative mining, throw some hash power at it for a while. With Masternodes predicted at 1000 $ARA it’s well within reason to mine some up and wait for those to release.
If you’re late on your electricity bill and need some fast cash, this isn’t the right option for you.
Suggested Pool: CoMining.io
Whitepaper: ARA Whitepaper
Lead Developer: Ben Burnett
Ben is a well-rounded full-stack software architect with a decade of professional experience working on various projects and delivering technical solutions. He holds a Masters Degree in Computing from the University of Utah.