Auroracoin (AUR) was developed in the vicinity of Iceland as a peer-to-peer cryptocurrency. This coin was officially launched in 2014 by a pseudonymous developer, Baldur Friggjar Óðinsson. Visit at: bitcointrader2.com
This coin was created to cater a mechanism for across-the-border transfers in the local economy. Regrettably, the value of cryptocurrency stopped right after its launch in March 2014. Later on, this crypto was deemed an abortive experiment.
But this was not it, this coin rose again in 2015 by a group of highly skilled developers. Those developers worked on the enlargement of its scope. The developers worked to escalate its functionality including the daily transactions.
This coin was run and operated by a foundation called Auroracoin Foundation which was launched in 2015.
More about Auroracoin
In 2009, Iceland’s economy was facing a huge downfall by becoming bankrupt after the financial crisis of 2008. To carry out the outflow of capital, the government authorities started measures that prevented its citizens from taking foreign currency out of the country.
Somewhat similar to Bitcoin, whose development is considered to be a reaction to bank bailouts, the Aurora coin also stood itself as a substitute for government-regulated currencies (fiat currencies).
The people living in Iceland were forced to return all the foreign currency earned to the Central Bank of Iceland during the five years of the financial crisis. The developers of these coins had a firm belief that the people were not free to get involved in international trade. The developers believed that the effect of the government’s restrictions was the root cause of the disastrous local economy.
Auroracoin uses the Scrypt algorithm and is a clone of the very first alternative coin, Litecoin. Half of the tokens of Aurora were pre-mined and distributed among the people of Iceland. As it was distributed in three distinct phases, the first phase took place in March 2014. In this phase, each resident of Iceland got 31.8 AUR. In the second phase, the amount ranged up to 318 coins and escalated up to 636 in the third phase. Moreover, the leftover 50% coins were destroyed.
Some Aurora Stats
Auroracoin never got the hype it was intended to receive. This coin had a total market cap of $7,126.95 and among which the total minted coins were 1,319,306 in numbers. To date, there are zero burned coins. Moreover, the circulating supply of these coins is the same as the total minted coins which are 1,319,306.
The Total Value locked happens to be $269M. Aurora is known for providing Ethereum compatibility, NEAR Protocol scalability, and industry-first user experience through affordable transactions. The average block time for Auroracoin is 1 sec, whereas the transaction cost is $0.02. The total number of projects on Aurora is 115+ and lastly, the token price for Aurora is $1.42.
Why Do People Use Auroracoin?
Auroracoin was used by citizens of Iceland in particular. These coins were intended to be used as an alternate currency for Iceland after the huge financial crisis in the year 2008. However, the cryptocurrency never worked as it was planned and over time was listed as one of the many failed cryptocurrencies.
From Where To Purchase Auroracoin?
Just like all other cryptocurrencies, this coin can still be bought from decentralized exchange platforms like YoBit, ISX, and FreiExchange. For more choices, you can always check Bitcoin Trading Software for crypto trading purposes.
Is AOA Coin A Worthy Investment?
Auroracoin (AUR) and Aurora (AOA) are two distinct coins. AUR is known to have a minimum trading volume while AOA has some trading volume but lesser than AIR. Now coming to the actual part, the question. Whether you consider these a good investment or bad, it is up to your goal and aim. If you are good at tolerating risks, it might be a good investment for you. Before making any sort of investment in crypto finances, consider consulting your financial advisor is a must.
Bottom Line
Auroracoin failed right after its launch. This cryptocurrency was launched as a blockchain-based crypto asset as an alternative to the Icelandic Krona and Bitcoin. This asset was developed and founded in Iceland after the financial crisis of 2008. This currency was first launched in 2014 but was considered a failed attempt and was later revived in 2015 by Auroracoin Foundation.
Also read: What’s The Definite Cardano (ADA) Price Prediction for The Upcoming Years?
