Auroracoin

Auroracoin (AUR) is a cryptocurrency which was originally developed and circulated by the Auraráð foundation in Iceland.

Auroracoin is built on blockchain technology, and was initially promoted as an alternative to the Icelandic króna during a time when the government of Iceland had placed severe restrictions on the export of money.

The cryptocurrency, which was originally based on Litecoin, uses the proof of work system to execute transactions. This is the same mechanism used by the well-known bitcoin cryptocurrency.

Auroracoin is possibly best known for the unique free distributions to Icelandic citizens by the interest group which backed it – presumably with the aim of encouraging consumers to adopt the cryptocurrency.

Development and promotion of Auroracoin is currently carried out by the Icelandic Blockchain Foundation.

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Daniel Dreier is editor and personal finance expert at moneyland.ch.

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