Getting started

Protocol Introduction
Auctus is a decentralized non-custodial options protocol built on top of Ethereum that allows users to trade, mint and exercise call or put options, in a trustless and decentralized manner without having to rely on any third party.
Each option series is integrated through an ACOToken contract, which is ERC20-compliant, making options transferable, fungible, and ready for further DeFi integrations.
ACO tokens (Auctus Crypto Options)
ACO (Auctus Crypto Options) tokens are tokenized options that convey to its holder the right, but not the obligation, to buy (in the case of a call) or sell (in the case of a put) an underlying cryptoasset at a specified price (Strike Price) at any time before or at expiration.
ACO tokens are American-style options, allowing the holder to exercise any time before its expiration date. Exercise is not automatic and the settlement is "physical" since the underlying asset is transferred and delivered.
ACO Token Symbol
Each ACO token option has its own smart contract and the symbol contains key information about its option.
The ACO tokens’ symbol consists of four parts:
1.Symbol of the underlying asset
2.Strike price & Strike Asset
3.Option type, either P or C, for put or call
4.Expiration 
Example: ETH Call Option
ACO ETH-200USDC-C-26JUN20-0800UTC
The above symbol represents a call option on ETH, expiring on 26 June 2020 08:00 UTC, with a strike price of 200 USDC.
Call Option Buyer
The buyer of one “ACO ETH-200USDC-C-26JUN20-0800UTC” token has the right, but not the obligation, to buy one ETH for 200 USDC any time before 26 June 2020. This can be done directly with the smart contract, by sending this token and 200 USDC, he will receive one Ether.
Call Option Writer
On the other hand, anyone can become an option writer and mint one “ACO ETH-200USDC-C-26JUN20-0800UTC” token by locking 1 Ether as collateral into the smart contract, then this token can be sold for a premium. In exchange for the premium, the option writer takes on an obligation to sell 1 ETH for 200 USDC. 
After transferring or selling the token minted, at any time before 26 June 2020, if this position gets assigned, the option writer will be forced to sell his 1 Ether for 200 USDC. If it's not assigned, he can redeem back the 1 Ether after expiration. Alternatively, if the writer wants to redeem the collateral back before expiration, he can buy back one token and burn it.
Example: ETH Put Option
 ACO ETH-160USDC-P-26JUN20-0800UTC
The above symbol represents a put option on ETH, expiring at 26 June 2020 08:00 UTC, with a strike price of 160 USDC.
Put Option Buyer
The buyer of one  “ACO ETH-160USDC-P-26JUN20-0800UTC” token has the right to sell one ETH for 160 USDC any time before  26 June 2020 08:00 UTC. This can be done directly with the smart contract, by sending this token and 1 ETHER, he will receive 160 USDC.

Put Option Writer
On the other hand, anyone can become an option writer and mint one “ACO ETH-160USDC-P-26JUN20-0800UTC” token by locking 160 USDC as collateral into the smart contract, then this token can be sold for a premium. In exchange for the premium, the option writer takes on an obligation to buy 1 ETH for 160 USDC any time before  26 June 2020 08:00 UTC.
After transferring or selling the token minted, at any time before  26 June 2020 08:00 UTC, if this position gets assigned, the option writer will be forced to buy 1 Ether for 160 USDC. If it's not assigned, he can redeem back the 160 USDC after expiration. Alternatively, if the writer wants to redeem the collateral back before expiration, he can buy back one token and burn it.

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Protocol Introduction

ACO tokens (Auctus Crypto Options)

ACO Token Symbol

Example: ETH Call Option

Example: ETH Put Option