AuroracoinPrice

(AUR)

Auroracoin is a decentralized cryptocurrency that was launched in early 2014. It was created by an anonymous individual or group under the pseudonym Baldur Friggjar Odinsson. The project was specifically designed for the people of Iceland, making it one of the earliest examples of a national cryptocurrency initiative. Its primary goal was to provide an alternative to the Icelandic krona and the traditional banking system following the 2008 financial crisis. At the time of its inception, Iceland was under strict capital controls that limited the movement of currency out of the country, and Auroracoin was proposed as a way for citizens to regain financial freedom and bypass these restrictions. The project is famous for its unique distribution method. The creators pre-mined half of the total supply, which was capped at twenty-one million units, and intended to distribute these coins to every citizen of Iceland through a process known as an airdrop. This distribution was carried out in multiple phases using Iceland's national identification system to verify recipients. This move was intended to kickstart a network effect and encourage widespread national adoption. While many residents claimed their coins during the initial phases, significant portions of the pre-mined supply remained unclaimed and were later burned by the developers. Technically, Auroracoin began as a fork of Litecoin, utilizing the Scrypt proof of work algorithm. However, to enhance security and prevent centralization, the network underwent a major upgrade in 2016. It transitioned to a multi-algorithm architecture, allowing the network to be secured through multiple different mining algorithms. This change was modeled after systems like Myriadcoin and DigiByte, making the network more resilient against specialized mining hardware and potential attacks. Today, the project is overseen by the Auroracoin Foundation, a non-profit organization founded in 2015 by community members who believe in the long-term potential of the project for the Icelandic economy. The foundation focuses on promoting the use of the currency, developing supporting infrastructure, and educating the public about blockchain technology. The project uses a Nordic rune symbol as its identifier, representing mobile wealth. It continues to operate as a peer-to-peer electronic payment system, maintaining its original vision of providing a decentralized and censorship-resistant financial tool for its users. Learn more

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