Auroracoin (code: AUR) is a peer-to-peer cryptocurrency launched in February 2014 as an Icelandic alternative to bitcoin and the Icelandic króna. The unknown creator or creators use the pseudonym Baldur Friggjar Óðinsson (or Odinsson). They stated that they planned to distribute half of auroracoins that would ever be created to all 330,000 people listed in Iceland’s national ID database beginning on March 25, 2014, free of charge, coming out to 31.8 auroracoins per person.
Auroracoin was created as an alternative currency to address the government restrictions on Iceland’s króna, in place since 2008, which severely restricts movement of the currency outside the country. Iceland’s Foreign Exchange Act also prohibits the foreign exchange of bitcoins from the country, according to a government minister. Auroracoin was the first of a number of country-based cryptocurrencies.
It has been suggested that ‘in many ways, Iceland could be seen as an ideal place for a virtual currency’ on account of the limited use of cash, extensive familiarity with electronic finance, and extensive interest in Bitcoin in Icelandic society, coupled with the long-term instability of the króna.
The pseudonym Baldur Friggjar Óðinsson is based on Norse mythology, referencing Baldur, his mother Frigg, and his father Odin.
It was originally based on Litecoin with a scrypt proof-of-work algorithm, but on March 8, 2016 a new codebase was released using a multi-algo architecture based on DigiByte and pioneered by Myriadcoin.
Auroracoin ( AUR) may well be a peer-to-peer crypto-currency launched in Feb 2014 as an Icelandic numerous to bitcoin and thus the Icelandic Krona.The unknown creator or creators use the pseudonym Baldur Friggjar Odinsson. They declared that they planned to distribute auroracoins which will ever be created to any or all 330,000 people listed in Iceland’s national ID data beginning on 25 March 2014, free of charge, initiating to 31.8 coins per person.
Auroracoin was created as another currency to handle the government restrictions on Iceland’s krona, in place since 2008, that severely restricts movement of the currency outside of the country.Iceland’s interchange Act collectively prohibits the interchange of bitcoins from the country, per a executive. It was the first of sort of country-based crypto-currencies.
Copyright (c) 2014-2016 Auroracoin Developers
What is AuroraCoin?
Auroracoin is a cryptocurrency for Iceland. It is based on Litecoin and is 50% premined. The premined coins will be distributed to the entire population of Iceland, commencing on midnight 25th of March 2014.
Irc: #aur on freenode
Developers are encouraged to create tools for Auroracoin to support the adoption of Auroracoin. Such software, e.g. for payments, will help Icelanders start using the currency in their daily lives.
Interested in helping out? Please email [email protected], and let us know how you can help.