The Auroracoin is set to release in less than two months and has a very unique distribution plan. It will give every Icelander 31.8 Auroracoins (AUC).
Where Bitcoin has had an uphill battle with those who don’t understand or dislike cryptocurrencies, this gift, scheduled to be handed out March 25th 2014, may be persuasive enough to give this new currency quick adoption among its citizens and throughout the world.
Iceland already has 96% Internet penetration and has been toiling with capital controls that were initially set to be short term.
AUC is set to be 50% premined to fund the mass distribution of the currency and requires that each Icelander verifies their identity using their National ID number. While premining a coin is typically frowned upon by early adopters, taking this approach gives an Icelander an advantage for where they’ve chosen to live instead of solely rewarding miners for having the most powerful hardware. The Auroracoin code will be based off of Litecoin’s source code.
For the record, the Auroracoin isn’t the first local cryptocurrency to be released. Companies like Evergreen and coins like the Mazacoin were available earlier. But being first is less significant, if the Auroracoin helps increase cryptocurrency adoption.
AUC currently only has a Windows wallet client and is looking for developers to assist with making a Mac OS X and Linux client.
Instructions for solomining can be found on their announcement page. Exchanges and pools for this coin are in development.