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The Auroracoin: Iceland’s National Cryptocurrency

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.

Additional Links:

ANN Auroracoin page

Auroracoin page

Source Code

@auroracoinIS

email: [email protected]

BTC: 1NkWHBN4LkcRWEwrS3J4Wa7xzLKkFJ3X1g

By

The Bitcoin community has shown me that nothing can stop a group of people who are passionate in their beliefs. In our case, we believe everyone in the world deserves the right to financial freedom. My goal is to make sure everyone can see that this Bitcoin movement has the power to change the world for the better through every story we publish. Before working with Bitcoin Magazine I was involved in freelance writing, illustration, renders, making electronic music, and 3d print designs (http://www.behance.net/urbenz). I'm also a married dude and a father of 2 who loves to have fun with his family, cook, and travel. Contact me by shooting a message to: ruben [at] bitcoinmagazine.com

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  • http://www.thedevilsadvocate.biz/ Bitcoin Error Log

    How bout leading with the fact this coin has nothing to do with Iceland’s government and is just some random dude making a thing… until he’s bored with it or has scammed people.

    • wado

      Hey TAT, where’s the scam in GIVING away cryptocoins? As it’s true the government is against this and all other cryptos to date, does that mean the people should just roll over and play dead? If the people want to make a run with a crypto let them try, it’s not like fiat currency is some bastion of integrity now is it!

      • http://www.thedevilsadvocate.biz/ Bitcoin Error Log

        How about we just wait and see how this one plays out. Are you a betting man?

      • Ruben Alexander

        Iceland has had lingering capital controls and has been harsh towards Bitcoin. I see this as a way to favor people who have a stake in seeing the country innovate, versus folks who have the right hardware.

  • david1471

    It’s clearly a scam. It’s 50% premined, the airdrop is just to get attention and inflate the price. The name he’s given doesn’t exist in Iceland and the website is registered to Panama.

  • http://www.reviewoutlaw.com/ Nick

    Nice Post I have Made a Nice Video Guide if anyone is interested in How to Mine AuroraCoin http://www.reviewoutlaw.com/how-to-mine-auroracoin-gui-friendly-simple-way-mining-aurora-coin/

  • http://www.ArmisGame.com Armis Game

    I’ve invested in the coin, I hope it does as it promises.

    Here are some problems I see:

    1) It seems illogical for anyone (or group) to want to do something on such a grand scale anonymously. It makes more logical sense for the group to be widely known so that they could be held up as national heroes if things go well, or at least as promised; or held up as the scorn of the nation if it turns out to be a premeditated scam.

    As such it seems logical that if it is a scam that anonymity would be the selected choice.

    2) The fantastic endeavor to to create a currency to benefit a small nation is to be commended, however to release the plan for funding before the protocol for disbursement is finalized is either fantastically shortsighted or a red flag.

    The above notwithstanding, I like the plan, hope it is an honest plan, and hope it is duplicated as an honest plan.

    Dishonesty on such a grand scale would give Iceland a place in cryptocurrency history, and would likely result in the swift “suicide” of it’s evil doers. .

  • http://www.gcoin.us Facebook User

    We did something similar to Auroracoin at http://www.gcoin.us except we’re distributing the crypto to users of our games instead of persons of a county. We felt there would be too many people in a country that would hold no interest. We also thought that if people had to earn the crypto instead of getting it they would have a direct relationship and an interest. It is still similar in so far as it’s an extra way in to crypto coins for those without tech know how and money.