Auroracoin is one of those alt currencies that is uniquely placed to succeed. Founded on the historic issues of Iceland’s financial system, the coin offers a unique opportunity for those indigenous to the Nordic island and beyond.
So what makes Auroracoin different? The developer of Auroracoin Baldur Friggjar Óðinsson had the idea for a national cryptocurrency following the well documented problems faced by Iceland with inflation and the systematic failure of the banking system following the worldwide recession in 2008. In fact the crisis was so bad that foreign investors and companies were denied the ability to move money out of the country. This short term knee jerk response to the situation has hampered inward investment and given rise to an unrest amongst the population.
Auroracoin will be ‘Air Dropped’ to every citizen of Iceland on March 25th. What this means is that each and every registered citizen will receive 31.8 Auroracoins (AUR). At current exchange rates this equals around $500 and the price has been rising.
50% of the total supply of Auroracoins will be made available in the Airdrop. It will be the responsibilty of the recipients to ‘claim’ the coins. Coins going unclaimed will be subject to further claims from those who have already joined in. So there is a big chance that the amount for each registered civilian will be much more than the 31.8 basic level.
Not from Iceland? Don’t worry, you can still get involved. The coin is a scrypt based alt currency and 50% of the coins are available to pre-mine. So if you have a suitable graphics card you can point your equipment to a pool such as Easy Mine EU and start mining your own Auroracoins. You’ll also need a wallet so head over to the Auroracoin website for full details and to download your own wallet.
The Auroracoin is a real world example of how Cryptocurrencies can potentially change the way the financial systems of the world can be operated. Changing and challenging such institutional systems should be supported and embraced in a new digital economy. In the words of Óðinsson:
“The power must be taken away from the politicians and given back to the people. Cryptocurrencies are a very important milestone in this fight for liberty. They bring the hope of a new era of free currencies, immune to the meddling of politicians and their cronies.”