Aurora (AURA) - decentralized banking and finance platform | Ethereum Network
Aurora is a suite of dapps and protocols that together comprise a fully decentralized and autonomous banking and finance platform. Complete with its own stablecoin, the boreal, Aurora aims to recreate and improve upon the existing financial ecosystem in a decentralized fashion. Aurora offers a stable, private, and open financial system to anyone in the world regardless of geographic location, class status, or privacy preferences. The primary components of Aurora are a cryptocurrency bank (Decentralized Capital) and a financial asset exchange (IDEX) which work together to offer the same financial services of the modern world. All of Aurora operates on a distributed computing network and utilizes an EVM compatible childchain for transaction processing, decentralizing the whole system and enabling it to run autonomously.
Inspired by F.A. Hayek’s and George Selgin’s work on Free Banking theory, Decentralized Capital supplies loans in a decentralized stablecoin known as boreals, and provides modern day banking services to those who are underserved by the current system. The boreal is backed by a combination of cryptocurrency reserves, debt from loans, and dapps endorsement, ensuring price stability that is on par with existing fiat options. In addition to providing banking services, Decentralized Capital will market make on IDEX, helping maintain boreal price stability, and hedge the reserves through tools such as predictions markets. Traders on IDEX can utilize the boreal as payment for trading fees or as a stable base currency, ensuring that there is demand for boreals early on within the Ethereum ecosystem. Once boreals are an established stable currency within the cryptosphere, Aurora will begin expansion into other markets while Decentralized Capital will transition to sustainable fractional reserve banking.
Aurora is a collection of Ethereum applications and protocols that together create a decentralized banking and finance platform. Inspired by free banking, Aurora provides customers with an advanced, open, and stable financial network available to anyone in the world regardless of geographic location or class status. Aurora’s own stable currency, the boreal, is backed by a combination of cryptocurrency reserves and debt, and is available to customers via loans based on their digital economic reputation. Traders on IDEX, the network’s decentralized smart contract exchange, can utilize the boreal as payment for trading fees or as a stable base currency.
Decentralized Capital is a decentralized bank that provides loans to customers in the form of a new stablecoin, boreals. Demand for boreals is generated due to its stable value and use in loan repayment. Decentralized Capital will engage in a number of other different activities analogous to open market operations with the ultimate goal of boreal price stability, and a secondary goal of profit maximization. Decentralized Capital will expand the supply of boreals slowly over time. In the beginning boreals will be backed 100% by the ether that is used to buy them.* Boreals
The components required to run the bank are computationally heavy and as such are not suited for operating on a blockchain. The majority of the infrastructure for Decentralized Capital's crypto-banking will therefore reside off chain on a distributed computing network. The end state is dependent on a decentralized infrastructure and Aurora will utilize one of the many options such as Golem, IEX, Maidsafe, or even its own separate network, to meet this demand. Operating Aurora as a decentralized network ensures that it is as robust as possible and free from DDOS attacks.
Boreals (BRL) is a price-stable decentralized cryptocurrency built on the Ethereum blockchain. BRL supply is carefully managed by Decentralized Capital in order to match it with demand and maintain price stability, originally assessed by keeping parity with USD, and over time transitioning to a basket of
goods and commodities. Boreals are backed by a combination of debt and reserves in ether. Decentralized Capital will initially aim for full 100% reserves in ether with the eventual goal to move to sustainable fractional reserve banking.
* Boreal Loans
Boreal loan borrowers must first apply through Decentralized Capital and are subject to a background and credit check. Once approved the borrower is issued their boreals, as well as provided with a repayment schedule. The borrower can then use the boreals directly to purchase products and services on the Ethereum network, or sell them on the open market for another cryptocurrency.
Any user on the Ethereum network is eligible for a loan from the bank. Credit will begin very conservatively, but as borrowers build up a history they’ll be able to take out ever larger loans at better interest rates. This is not unlike how it works today, where a new college grad has a lower credit limit than someone who’s shown an ability to manage credit card debt or service a mortgage.
The bank will assess credit worthiness through all available data. Identity services such as uPort and RepSys will serve as a proxy of a borrower’s trustworthiness. Previous loan history, KYC attestations, etc. will allow the bank to build an accurate profile of the user. Other less typical credit indicators, such as professional skills and work experience, can also be used, provided this information is tied to the individual’s on-chain identity. For example, Firstblood players taking a loan for competitive wagers could be assessed based on their League of Legends win history. Many different criteria will inform creditworthiness, and there is no one size fits all.
Borrowers have the option to take a new loan that is uncollateralized, or to collateralize a loan by providing cryptocurrency to the bank. Collateralized loans will have lower interest rates as the existence of collateral lowers the risk to the bank. The collateral can be in the form of high quality ERC20 Ethereum tokens. In the event of default the collateral will be sold and the customer’s uPort history will be updated to reflect the default, resulting in a lower credit score and stricter lending standards in the future.
* Demand for Loan Repayment
The loan system not only serves as a method for distributing boreals, but also as the core driver of demand to ensure that boreals maintain a value floor. Every loan, both principal and interest, must be repaid in boreals. Borrowers will purchase these boreals on the open market or from the bank in order to repay these debts. Whenever the price of boreals falls below its target value, borrowers are incentivized to buy up the cheaper currency, as this represents an opportunity to reduce the overall cost of their loan. Decentralized Capital will provide a software tool to help borrowers manage this process.
Decentralized Capital opens the doors to many possibilities by acting as the central piece of the Aurora ecosystem. The combination of uPort, risk algorithms and a decentralized network allow for an unbiased autonomous credit system that is accessible to customers worldwide. As users build up their uPort profile with attestations Decentralized Capital will be able to operate more accurately, which will result in those with good credit having access to better rates than is possible in the traditional banking system. Decentralized Capital also opens up to a wider customer base including those who need an immediate crypto loan, or a small amount of cryptocurrency to begin using other Ethereum products and services.
* Buying and Redeeming Boreals
Exchange Markets – The majority of boreal purchases will occur on open market exchanges. Users with new boreal loans may sell those boreals in order to convert into another currency. Existing borrowers will purchase these boreals in order to repay outstanding loans. The fact that all loans, both principal and interest, must be repaid in boreals, will ensure that there is upward pressure on the boreals price.
Direct purchases - If demand ever outstrips supply, consumers/borrowers can purchase new boreals directly from Decentralized Capital at par value plus a 0.5% transaction fee. This guarantees that borrowers can always repurchase the necessary assets for repayment at a reasonable rate, as well as provides an additional source of profit for the bank. Direct purchases also allow anyone to move large amounts of funds into boreals without the slippage that would arise from making a large purchase on an exchange. All Ether that is used to purchase boreals from the bank is added to the pool of reserves.
Redeeming boreals - Each boreal is backed up by a combination of reserves and debt. Users of boreals are able to redeem their boreals for Ether for a 1% fee. This ensures that there is a price floor on the asset that allows for users to easily get their funds out. In the event that the demand to withdraw ether from the boreals is too great to meet supply, Decentralized Capital reserves the right to suspend withdrawals until existing loans have been repaid and the reserves have been replenished enough to buy back the boreals.
Decentralized Capital will hold reserves in ether. The primary purpose of the reserve is to back the boreal currency and allow customers to easily convert in and out. Additionally the reserves can be used as liquidity for boreals market making, an activity which serves to maintain the stability of boreals and generates revenue for the bank, as well as an emergency fund in the event that the price of boreals breaks the target value.
Initial reserves will come from people buying boreals to use on IDEX as well as company holdings of the AURA token. This reserve will grow over time due to the various profitable activities supported by the bank.
* Interest on loans through Decentralized Capital and IDEX margin lending
* Revenue from IDEX
* Revenue from direct purchases of boreals
* Market making/purchasing assets below par
* Secondary income services
The reserve funds must be held in decentralized Ethereum assets as this ensures that the funds can only be controlled by Decentralized Capital.
* Reserve Requirements
Initially Decentralized Capital will aim for 100% reserves. This will be maintained while the core components of the bank are being built. Once the bank is fully decentralized and operations are stable, Decentralized Capital will focus on moving the bank over to a sustainable fractional reserve model. In this model there must always be sufficient reserves on hand to help insulate the bank from fluctuations in demand. Decentralized Capital will utilize measurements such as the velocity of boreals and total outstanding notes to help with determining the ideal reserve level. Decentralized Capital will change the
reserve ratio as needed to maximize profits while ensuring that the system maintains its ultimate goal of price stability. History suggests that when optimized that the reserve requirements should be minimal; during the free banking period in Scotland, the public trust in the banks was so high that they were able to operate safely with reserve ratios as low as 2%.
* Hedging Reserves
Reserves consist exclusively of Ethereum-based decentralized assets, ensuring that only Decentralized Capital can access and control them. Aurora is designed to operate outside of the existing financial ecosystem, and holding reserves in other assets would increase the risk of government interference. The majority of these assets are also subject to price speculation and may not be stable over longer periods of time. To counteract this Decentralized Capital will hedge the price volatility using other decentralized platforms such as Augur or Stabl, ensuring that the reserves maintain their fiat denominated value. The exact amount of hedged vs unhedged funds will be decided by the Decentralized Capital.
* Market Making
Decentralized Capital will utilize market making to help maintain the target value. If boreals are trading below the target price, Decentralized Capital will purchase boreals in order to bring the price back in line. This reduction in supply results in a shortage of boreals for those customers who need them to pay IDEX fees or repay outstanding loans. As the remaining boreals are repurchased the value will increase above the target; once it reaches the 0.5% premium it will make more sense for borrowers to buy boreals directly from Decentralized Capital.
This cycle of purchasing and selling will not only help maintain price stability, but will also serve as a source of revenue for the bank. Assets purchased below par and resold directly to debtors will generate a minimum revenue of 0.5% per transaction. As the market grows and the bank repeats these actions again and again, the revenue potential from these operations becomes enormous.
* Setting the Target Value
Boreals are required to cover fees and repay loans to the bank, and as such Decentralized Capital has the privilege of setting the official target value that it will accept for boreals. At launch the boreal target price will be set equal to 1 USD. Decentralized Capital will research different models of stability targets and engage with economic experts to design a system such that boreals neither gain nor lose value. This will create a currency that maintains its purchasing power over time and is completely immune from inflation.
* Early Bank ImplementationDecentralized Capital enables or disables deposits and withdrawals, with the goal of matching the supply to the demand. Total Boreal supply will be limited and expanded conservatively with respect to the demand. If the supply ever expands too far above the demand, Decentralized Capital will utilize the Ether reserves to purchase boreals on the open market. Data garnered from this early implementation will be used to guide further development of the bank prior to adding lending to the list of provided services.
Included in the Aurora MVP client is an early iteration of Decentralized Capital. Users can deposit ether and in return receive boreals at the rate of 1 USD per boreal, plus applicable fees. These boreals serve multiple purposes early on: to pay fees on IDEX at a 5% discount, as a stable value to trade against volatile Ethereum assets, or as a store of value and hedge against cryptocurrency price decline. Users can also redeem boreals for ether directly from the Decentralized Capital interface.
Operating in a limited fashion will enable us to collect real data about the demand for a privately managed stablecoin and learn how best to match supply with demand. In the early stages it is expected that boreals will fluctuate within a specific price range; during this period we’ll optimize maintaining price stability on IDEX. Decentralized Capital will analyze usage data such as the the amount of boreals used for fee payments, the amount used as stable value in trades, the amount held as a long term stable value, and the overall velocity to assess and understand demand. This information will inform when
A decentralized bank is revolutionary in part because it’s the first example of a financial system that exists outside of the traditional market and credit system. However, this same power also increases the threat of loan defaults from customers. We expect that at first it will be difficult to accurately gauge who is worthy of loans, but as the system grows and on chain identity tools advance, Decentralized Capital will see a steady decline in the default rate. To keep the bank truly decentralized and open to customers from anywhere in the world, it is crucial that the bank has additional revenue sources to offset and weather any unexpected string of loan defaults. This additional revenue source will be generated by IDEX.
* IDEX Overview
International Distributed Ethereum Exchange (IDEX) is a decentralized high throughput exchange network which is built into the Aurora client. IDEX is composed of a combination of Ethereum contracts and a shared database that matches trades and manages the order transaction queue. Revenue from this exchange network is shared equally between the bank and network participants running the Aurora client. Fees on IDEX may be paid on boreals at a slight discount, providing boreals with an immediate use case and helping establish them as a reputable stablecoin.
* IDEX Specification
IDEX provides a real-time, high-throughput trading experience in conjunction with blockchain based execution and settlement. Users can trade continuously without waiting for transactions to mine, fill multiple orders at once, and cancel orders immediately and without gas costs.
IDEX is composed of a centralized trading engine and decentralized Ethereum smart contracts. The trading engine hosts the off-chain balances and orderbook, matches trades, and manages the queue of pending transactions, while the Ethereum smart contract stores all assets and manages trade execution and settlement. By separating trade matching from on-blockchain settlement, IDEX combines the speed and user experience of centralized exchanges with the security and auditability of decentralized exchanges.
The first iteration of IDEX is semi-decentralized; the trading interface is run locally by the end user, while Aurora Labs manages the server responsible for matching and settling trades. The current architecture is captured in the following graphic:
Figure : IDEX Transaction Process
1) The maker and taker deposit their tokens into the IDEX contract.
2) The IDEX database is updated to include the customer addresses and token balances.
3) Maker creates and submits a signed order that includes the relevant trade data.
4) IDEX confirms that the maker’s account has sufficient funds and that the signed transaction matches what was submitted to IDEX.
5) If all checks in part 4 pass, the order is added to the orderbook.
6) The taker submits a matching order, signing a transaction with the same price as the target order and an amount less than or equal to it.
7) IDEX confirms that the maker’s account has sufficient funds and that the signed transaction matches what was submitted to IDEX.
8) If all checks in part 7 pass, the trade is marked as matched and the orderbook is updated.
9) The IDEX database is updated to reflect the new balances, and both traders can continue to make new trades based these updates. Simultaneously, the signed order is added to the queue to be broadcast to the Ethereum network for processing.
10) After all dependent trades have mined, the transaction is dispatched to the blockchain.
11) The transaction is mined and the contract balances update to reflect the trade.
12) Once the transaction has mined, the maker and taker are able to withdraw their funds.
The fully decentralized version of IDEX will be incorporated into the Aurora client. Traders can use the client for transactions without requiring any further effort to support the network.
* IDEX Fees in Boreals
To help generate demand for boreals early on IDEX will provide a 5% trade fee discount to those who pay using the stable currency. Users who wish to do so must first deposit their boreals to the trade fee wallet and transfer them into a trade fee credit (deposited boreals cannot be withdrawn). When initiating a trade, IDEX first checks the customer’s trade fee wallet for boreals before taking the trade fee from the traded asset.
* Boreal Margin Lending
Margin loans are short term loans with fairly high interest rates, a perfect use case for boreals. Decentralized Capital is the only entity allowed to supply boreals for this purpose, creating an additional source of revenue as well as an additional channel for distributing boreals.
* IDEX Margin Lending by Peers
Customers can deposit their Ethereum assets with the bank, and in return receive a new Ethereum cryptobond. The new bond will have a set duration and interest rate. During the life of the bond, the deposited funds will be used for IDEX margin lending in order to generate revenue for the bank. At the end of the bond period the depositor can exchange their bond for the original loaned amount plus interest. Tokenizing the deposit brings liquidity to the margin loan market and allows any depositor to exit their position before the expiration of the margin loan period.
Snowglobe is a protocol for high-performance, EVM-compatible, decentralized childchain exchanges. Snowglobe allows for all exchanges on the network to share liquidity in one orderbook while maintaining their high-performance characteristics.
The protocol consists of five main components:
1. Snowglobe childchain blockchain
2. Snowglobe Ethereum contract
3. Distributed orderbook
4. Local transaction arbiter(s)
5. Global transaction arbiter
* Snowglobe ComponentsThe Snowglobe Ethereum contract holds all of the Ethereum assets traded on the protocol, regardless of which individual exchange the user is trading on, and is the conduit between the Ethereum blockchain and Snowglobe. When a user deposits via a particular exchange, for example IDEX, their funds are sent to the Snowglobe contract with the appropriate flag to indicate the correct exchange. The funds are locked in the contract, while simultaneously new mirror assets are created on the Snowglobe parent chain. These funds are reflected in the IDEX exchange balance on the parent chain, and also propagate down into the IDEX childchain for trading.
The Snowglobe childchain blockchain architecture consists of two levels of sharded POS blockchains. The top level is a single blockchain that acts as the parent chain for each of the individual chains below it. On the parent level blockchain funds are held in different smart contracts representing the balance of each exchange on the protocol. The integrity of the parent chain is enforced by the AURA token.
The second level of Snowglobe consists of the childchains for each exchange that uses the protocol. Each childchain is used to manage the assets and trades of an individual exchange. Trades within a single exchange only impact the balances within a single chain, while trades across exchanges impact the balances on both the individual exchanges and the parent chain of the protocol, reflecting the change in balances at the exchange level.
Each exchange will host their own distributed orderbook on a universal P2P service that allows for real-time communication. Though each exchange has their own orderbook, liquidity is shared across all exchanges on the protocol. Traders on any exchange will just see one unified orderbook, oblivious to where the order is actually hosted. Due to the competitive nature of the space we are not revealing the exact proposed method for decentralizing the orderbook at this time. The orderbook infrastructure will be built into the client of each exchange, and settlement of trades will be enforced by the protocol.
The final piece, and the key to coordinated operation across multiple exchanges, is the transaction dispatcher known as the local and global arbiters. Like the current semi-decentralized approach of IDEX, the arbiters are responsible for queuing and broadcasting pending transactions in the correct order. Each exchange will have the local arbiter built into their own POS mining client. Miners will stake the exchange’s own currency, using cryptoeconomics to ensure each chain mines their own transactions in the correct order and to maintain the integrity of the individual chain.
Transactions that occur outside of individual exchanges, withdrawal requests or trades across orderbooks, must be overseen by the global transaction arbiter of the Snowglobe parent chain. Trades that cross exchange orderbooks result in a transfer of funds from one contract to another on the parent level chain of Snowglobe, and it’s critical that these transfers are properly validated. The miners of the IDEX chain oversee both the local arbiter of IDEX and the global arbiter of Snowglobe, staking the AURA token to secure both chains.
The protocol will include fraud prevention measures to ensure that all funds are secure even in the event that AURA staking is compromised. Each withdraw from Snowglobe to the mainnet has a time lock, a delay between the withdrawal request and execution. All exchanges on the network will be monitoring withdrawal requests to the parent chain, ensuring that if a bad actor takes control of the parent chain they will be unable to successfully withdraw any funds. In the event of a fraudulent withdrawal, each exchange on the protocol can ping the on-Ethereum contract directly to stop the request. After more than half of the exchanges have pinged the contract, withdrawals from the parent chain will be frozen. Each exchange can then settle their own state and message the contract with the balance of which assets belong to which addresses on their exchange. After all exchanges have pinged the contract with the current state, the contract will release all assets to their rightful owners on the mainnet.
* Snowglobe Incentives
For Snowglobe to appeal to other exchange partners, it is important that two main criteria are met:
1. Exchanges must be able to keep their own utility token for use in securing their childchain
2. The protocol must not charge the exchanges any extra fees to participate
On the flip side, AURA stakers must be incentivized to maintain the integrity of the parent Snowglobe chain in addition to the IDEX childchain. This incentive comes in the form of supporting and accepting the Boreal. IDEX customers have the option of paying their trade fees in boreals, the stablecoin of the Aurora network. Exchanges that join Snowglobe must accept Boreals at the target value whenever IDEX customers use them for fee payment in cross exchange trades. This effectively ensures that every exchange on Snowglobe is backing the Boreal and contributing to its usability.
Operating Aurora on a Distributed Computing Network
Blockchain networks are limited in terms of computational power making it extremely expensive to run simple programs directly on chain; many programs are not even possible to run on chain. Given these limitations, the best approach is to create a hybrid system that uses an evm-compatible blockchain for transaction processing and a separate network for Aurora governance. There are many teams working to offer distributed computing such as Golem, IEX or Maidsafe. The specific choice will depend on the development progress and direction of each team. It’s also possible that we determine Aurora is best served by building its own distributed computing network on the foundation laid down by Snowglobe.
* Open Access
Every component that makes up Aurora is available to users all over the world, all that is needed to access is an internet connection. This results in a financial ecosystem which is inclusive of the entire human population. Once privacy controls such as zk-snarks become standard, boreals and IDEX will implement them and allow for users to engage in completely private transactions. The open and private protocol makes it impossible for any user to be censored, and by implementing this as a decentralized program combined with an evm-compatible blockchain it is impossible for users to have their funds confiscated.
* Operating on a Distributed Computing Network
In addition to guaranteeing open access, operating the infrastructure in a distributed manner brings many additional benefits. Decentralized operations make it much harder to DDOS the Aurora infrastructure, ensuring that the network is always available. Additionally Aurora will be able to access computing power for the best rates possible. It is conceivable that Aurora will eventually incorporate machine learning algorithms operate an AI banker. Operating on a distributed network would give Aurora access to a lot of cheap computing power.
IDEX will be the first exchange to operate on the Snowglobe network, transitioning from a semi-decentralized to a fully decentralized exchange. All fees from IDEX are remitted to the Aurora reserves. As the reserves grow Aurora can increase the value of outstanding loans, generating additional revenue for the Aurora network. Fees from the Aurora banking system will then flow back to those who stake the AURA token and provide the economic foundation that holds Aurora and Snowglobe together.
Similar to other blockchain networks, Snowglobe requires a well-designed incentive structure to ensure that the integrity of the order book and transaction sequence are not compromised. Aurora has its own native network token, AURA, that aligns the interests of Aurora and the Snowglobe operators. All of the revenue from Aurora is used to compensate those who stake their AURA and provide security for the Snowglobe network. AURA staking aligns the economic interests of the operators with the health of the network, and makes it extremely costly for any would be attacker to disrupt operations.
Prior to the launch of Snowglobe, all revenue from IDEX will be deposited into the boreal reserves. This revenue will be collected for future use in aligning economic incentives with AURA holders after the Snowglobe protocol is live. In the event that there is not enough revenue from Aurora to provide sufficient security for the platform, fees from IDEX may be used directly to enforce security in the system, bypassing the remittance to Aurora reserves.
AURA Token Details
50% will be used to help accelerate adoption of the Aurora network. Of the total amount of AURA tokens, 40% will be used to help subsidize the growth of Aurora by distributing AURA to users and community members through programs such as market maker rewards, marketing campaigns, and air drops. The remaining 10% will be given out proportionally to individuals who purchase IDEX memberships.
The remaining 50% of AURA will be used as follows:
* 20% founding team
* 10% future employee token pool
* 10% future use
* 5% initial investors
* 5% businesses expenses
Use of Funds
The revenue from selling memberships will be used to further expand IDEX capabilities, develop the Snowglobe protocol, and lay the foundation for the Aurora network. The immediate priority is expanding the team of four into a team of around ~10, adding at least four more developers to the team. The anticipated use of funds is as follows:
* 70% Development Expenses - Contributions allocated for development expenses will be utilized to cover all costs associated with the further development of IDEX, the Snowglobe protocol, and the boreal and Aurora network. This includes improvements to and security audits for the existing network, and the launch of the decentralized Aurora platform.
* 15% Operational Expenses - Contributions allocated for operational expenses will be utilized to cover costs associated with accounting, business development, community management, people operations, recruiting, support, and other administrative tasks.
* 8% Marketing Expenses - Contributions allocated for marketing expenses will be utilized to cover costs associated with the promotion of IDEX, the Aurora project, the Snowglobe protocol, and the boreal stable currency.
* 7% Legal Expenses - Contributions allocated for legal expenses will cover any legal costs associated with the establishment and operation of the Aurora project entity and any unforeseen legal costs necessary to address issues that could threaten the success of the Aurora project.
The semi-decentralized implementation of IDEX launched on the mainnet in early Q4 2017. Post-launch the team’s focus has turned to the development of Snowglobe.
* October 2017 - IDEX launch on the mainnet. Semi-decentralized architecture consists of Ethereum smart contract plus central trading engine and transaction arbiter.
* October 2017 - API integration. Opening the platform via API access has enabled the development of trading bots, increasing liquidity and improving market efficiency.
* December 4th 2017 - DVIP membership sale starts
* Q4 2017 - Boreals go live with market making to stabilize the price
* Q3 2018 - Deploy childchain architecture, allowing IDEX to increase transaction throughput.
* Q4 2018 - Decentralization of the orderbook and transaction arbiter. This completes the transition of the current IDEX product to a decentralized childchain exchange.
* Q1 2019 - Margin trading support. Including this functionality in the protocol will put the UX on par with existing centralized exchanges.
* TBD - Launch the Snowglobe MVP, allowing other exchanges are now able to build on the protocol. This is dependent on the development of scaling solutions such as sharding.
* TBD - Fully decentralized Aurora mvp with Decentralized Capital boreal loans
We have a qualified team with a healthy mix of business and development experience.
Alex Wearn - CEO (https://www.linkedin.com/in/alexwearn/)
Alex is an expert at leading teams in the design and delivery of software products. He has managed a wide range of operations, marketing, and sales analytics products for Amazon, Adobe, and IBM, and most recently led a product management team in re-platforming their application to operate on a private Ethereum blockchain (project still in stealth mode). Alex is a graduate of the Kellogg MMM program, a dual MBA in Finance and Operations and MS in Design and Innovation.
Phil Wearn - COO (https://www.linkedin.com/in/philwearn/)
Phil is a Co-founder of EtherEx and has been building blockchain based companies since the time when Ethereum was little more than a white paper. While developing EtherEx he identified the pressing need for a high performance decentralized exchange protocol, an insight which served as the basis for IDEX. Phil has a background in aerospace engineering.
Raymond Pulver - CTO (https://www.linkedin.com/in/raymond-pulver-iv-9504038a)
Ray is an avid mathematician, cryptographer, and software developer with over a decade's worth of development experience. An expert in multiple languages, Ray has been designing secure systems on Ethereum since its inception. His preliminary designs led to the IDEX transaction arbiter and trading engine enabling high transaction throughput and true market orders, features which were previously unavailable on Ethereum exchanges.
Brian Fernalld - Full Stack Developer (https://www.linkedin.com/in/brianfernalld/)
Brian is a full stack developer with over 10 years experience in startups. In addition to engineering, Brian has worked for many years in the fields of blockchain technology, product management, marketing, and design. Brian uses his passion for fintech and blockchain technology to build the best user experiences possible.