20Aug

What is an Auroracoin?

Auroracoin is a peer-to-peer cryptocurrency launched in February 2014 as an Icelandic alternative to bitcoin and the Icelandic króna. 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 of the country. Auroracoin was the first of a number of country-based cryptocurrencies. By using the Kennitala national identification system to give away 50% of the total issuance of Auroracoins to the population of Iceland, a process dubbed the "Airdrop", the developer hoped to bootstrap a network effect and introduce cryptocurrency to a national audience.