What is Aura Network? Aura Network is a Layer 1 Blockchain on Cosmos built to accelerate NFT adoption for mainstream users. So what’s special about this project? Let’s find out with Weakhand in this article.
Before jumping into the article, you can refer to some of the following projects to better understand Aura Network.
- What is Cosmos (ATOM)? Overview of the Cosmos cryptocurrency
- What is Inter Blockchain Communication (IBC)? Cosmos’s core strength
- What are Hubs and Zones? Hub & Zone operating mechanism on Cosmos
What is Aura Network?
Overview of Aura Network
Aura Network is a Layer 1 Blockchain built on Cosmos to provide infrastructure for NFTs to meet the growing needs of users in the market. Aura Network aims to become one Internet of NFTs on Cosmos, supports all NFT-related applications such as: Creating NFTs, trading NFTs, collecting data,…
According to reviews by Cosmos Ecosystem As of July 25, 2023, Aura Network is currently the second most active Layer 1 of Developers after Cosmos Hub. Since launching Mainnet in March 2022, Aura Network has had an average of 617 Commits per month on Github with a total Commit of 9,867 in the past 16 months. Additionally, Aura Network has attracted more than 10M daily active users and has more than 100M monthly active users.
Aura Network’s operating mechanism
Aura Network is oriented as one Modular Blockchain allowing applications that require specific infrastructure to be built with flexibility and a high degree of customization in the form of Smart Contracts.
The fundamentals of Aura Network include:
- Delegated Blockchain: Because Aura Network is a foundational Blockchain that does not rely on Layer 1 of another blockchain, the Aura Network community can freely determine the direction of the project. In addition, Aura Network also solves the problem of slow transactions to help projects built on the ecosystem bring the smoothest and best experience for users.
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Optimize and increase NFT scalability: Aura Network focuses on helping brands, IP owners, and game developers build NFT-based dApps. Additionally, projects built on Aura Network can scale and interact with other blockchains through Inter-Blockchain Communication (IBC).
Aura Network’s ecosystem
The Aura Network ecosystem is continuously growing with many new applications built on its ecosystem. The Aura Network ecosystem can be divided into 4 layers as follows:
- The infrastructure: A layer that contains all the resources related to the foundation of an underlying blockchain. This includes applications such as: Aura Daemon as Node Client and all resources such as Genesis Blockchain, configuration files and deployed services serving in Aura Network.
- Currency: In Aura Network there will be 2 currencies including: Aura Coin on Aura Network mainnet and Aura BEP-20 is an IOU token on BNB Chain. Aura BEP-20 holders can exchange for AURA tokens on the mainnet at a 1:1 ratio.
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Application (dApp): Covering many applications from Defi to NFTs. Currently, there are a number of applications on Aura Network including:
- Aura Scan: Is a Blockchain explorer with features for governance, Staking, NFT,… designed for AURA Token holders.
- Pyxis Safe: It is a Multisig wallet similar to Gnosis Safe.
- Wallets: Coin98 is the official wallet used on Aura Network. Other supported wallets are Keplr and Cosmostation.
- Twilight Hub: The Aura community’s one-stop destination to interact with NFTs and the metaverse.
- Aura Dex: Allows users to swap Token CW-20 built on Aura Network.
- Bridge: Aura bridge allows users to transfer assets between EVM Blockchain and Aurachain.
- Launchpad: Aura Network provides in-depth technological and funding support for new NFT projects built on Aura Network.
- SeekHYPE: An AI-powered NFT Marketplace platform that provides the best experience for NFT traders.
API: Applications being developed on Aura must provide a standardized open API to serve the community.
Development Roadmap
Quarter 1/2023:
- Auditing, Auditing.
- Launch of Xstaxy Mainnet
- Launch of Aura Core infrastructure product suite (Aura Scan, Pyxis Safe, Horoscope)
Quarter 2/2023:
- Launch of SeekHYPE NFT Marketplace.
- Launch of Halo Trade Dex
- EVM support for core products.
Quarter 3/2023:
- Launch of Minigame Portal.
- Launched Mobile SDK for dapps developed on mobile devices.
Quarter 4/2023:
- Launch of cross-series games through IBC.
- Launch of Liquid Staking protocols.
Core Team
Nguyen Anh Nguyen: Co Founder
- He graduated with a major in electrical system engineering from Ho Chi Minh City University of Technology.
- He has worked at Unilever Vietnam – a company that has built entire IT systems since April 1994.
- In August 2010, he quit his job and then worked at a number of companies such as: Trung Nguyen Group, FPT Software, IDG Vietnam.
- In January 2014, he joined Masan Consumer Holdings as CIO.
- After that, he moved to work at AA Corporation as deputy general director.
- He quit his job and became Co Founder at Aura Network in April 2022.
Hoang Giang Tran: Founder
- He graduated with a bachelor’s degree in computer software engineering from FPT University.
- He started working at FPT in many roles from Solution Architect to Vice President in May 2015.
- During his time working at FPT, he also participated in developing a number of Blockchain-related products such as: UTop – a customer loyalty application built on distributed ledger technology or akaChain – a Blockchain for for Business.
- After that, he quit his job and founded Aura Network in September 2021.
Tran Dang Hoa: Chairman
- He graduated with a bachelor’s degree from Foreign Trade University.
- He joined FPT Software in many different roles from system engineer, executive director, VP since January 2016.
- In October 2021, he joined Aura Network and became president of Aura Network.
Investor
- April 18, 2022: Aura Network announced the successful call for 2.5M USD from investment funds such as: Coin98 Ventures, Impossible Finance, Kyber Network, MEXC,…
- February 15, 2023: Aura Networkd announced a successful call for 4M USD led by Coin98 Ventures and Hashed Capital. There is also the investment participation of other funds such as: K300 Ventures, GuildFi, ….
Tokenomics
Basic information about AURA token
- Token Name: Aura Coin
- Ticker: AURA
- Blockchain: Aura Network
- Contract: 0x23c5D1164662758b3799103Effe19cC064d897D6
- Token Type: Utility, Governance
- Total Supply: 1,000,000,000 AURA
Token Allocation
- Ecosystem Growth: 23%
- Strategic: 13%
- Private Sale: 2.8%
- Foundation Reserves: 15%
- IF Launchpad: 1.3%
- Block Rewards: 25%
- Team & Advisors: 20%
Token Release
- Ecosystem Growth: Allocation of 30% at the time of TGE, the remaining amount will be amortized linearly over 2 years.
- Strategy: Linear distribution over 2 years.
- Private Sales: Round 1 will unlock 2% at TGE, Round 2 will unlock 5% at TGE. The remaining tokens are distributed linearly over 2 years.
- Foundation Reserves: Linear distribution over 2 years.
- Public Sale on IF Launchpad: 100% unlocked at TGE.
- Team and Advisors: 1 year lock and linear allocation over 3 years.
Token Use Case
AURA tokens are used for:
- Staking: AURA Token holders can participate in Staking to earn passive income.
- Administration: AURA Token holders can participate in voting for software updates as well as other important decisions about Aura Network community development.
- Transaction fees: AURA tokens are used to pay transaction fees.
Exchanges
AURA tokens can be traded on CEX exchanges such as: Gate, MEXC, BingX…
Information Channel of Aura Network Project
- Website: https://aura.network/
- Twitter: https://twitter.com/AuraNetworkHQ
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Discord:
summary
Blockchain Layer 1 is an extremely popular area with many outstanding projects such as: Solana, Avalanche, FTM,… However, Blockchain Layer 1 for NFTs is a new field and not too popular in the market. school. Aura Network is one of the first platforms aiming to make NFTs more popular with users in the market. Above is all the information that I want to introduce in this article. I hope everyone has interesting knowledge about Aura Network.