SUMMARY OF THE XAU PROTOCOL
XAU Digital is a decentralized, unbiased, collateral-backed cryptocurrency soft-pegged to one troy fine ounce of gold on a good delivery gold bar. (A DAI Stablecoin Fork)
The XAU Protocol employs a three-token system i.e
Gold Grain (GRAIN)
Gold Gram (GRAM)
XAU Digital (XAU)
Gold Grain (GRAIN) — The governance token of the XAU Protocol — allows those who hold it to vote for changes to the XAU Protocol.
Gold Gram (GRAM) is a stablecoin soft-pegged to one gram of gold on a good delivery gold bar.
Users who own GRAIN and GRAM tokens can add to the GRAIN-ETH and GRAM-ETH Liquidity Trading Pool on Uniswap, and in return use their GRAIN-ETH and GRAM-ETH LP tokens from Uniswap to mine GRAIN tokens from a sub-protocol of XAU: GRAIN.FINANCE
The smart contracts have been programmed to mine 10 GRAIN on every new block on the Ethereum Blockchain (15 Seconds), commencing from Block Number — 11197297. We have scheduled an initial offering for liquidity mining from November 15, 2020, to November 20, 2020. The following two weeks i.e November 20, 2020 — December 4, 2020, have been scheduled for liquidity mining Bonus phase (i.e from Block Number 11283697 to 11370097 and will only mine for GRAIN holders), hence, the early miners in the first 2 weeks, will make good earnings from the 100 GRAIN mined per block on the Ethereum Blockchain after which GRAM Stablecoin holders can join the mining from Block Number — 11370097. Endeavour to be an early miner not to miss out having plenty of GRAINS.
Users can withdraw their GRAIN tokens mined together with the GRAIN-ETH and GRAM-ETH LP Tokens staked on GRAIN.FINANCE at any time.
We have planned to end the liquidity mining of GRAIN tokens in the next one year, but anyone can submit a proposal for a vote to when the mining of GRAIN tokens should end.
XAU Digital will be launched when the mining of GRAIN stops, currently scheduled for October 31, 2021 (Ethereum Block Number 13270897). Any GRAM token holder with up to 1,000 GRAM or any GRAIN token holder with up to 10,000 GRAIN will be able to mine XAU Digital, in the first 120,960 blocks from the XAU Digital smart-contract launch ( i.e 3 weeks), and after this time, the XAU Digital smart contract will only mint new tokens based on collaterals provided, just like the popular Dai Stablecoin.
The GRAIN token will continue to be used for governance of the XAU Protocol allowing holders to vote on various parameters such as the stability fee, debt ceiling, types of collateral to be used, XAU Savings Rate and more for the XAU Protocol. GRAIN will also be used to purchase excess XAU Digital from collateral auctions and stability fee payments in the Surplus Auction. Once the auction is ended, the XAU Protocol will automatically burn GRAIN tokens leading to a decrease in supply and increase in the value of GRAIN tokens.
Join the XAU Protocol Presale: https://docs.xau.digital/xau-tokens/grain
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