Auroracoin is an Icelandic peer-to-peer cryptocurrency, designed to avoid government restrictions on krona that strongly limit its movement outside Iceland. AUR is explained as the first country-based cryptocurrency and was intended to be distributed to all citizens of Iceland. Auroracoin was initially based on Litecoin’s core but changed its codebase in 2016. It is not dependent on the national currency or national banking system and has no regulations over it, although the government helped establish it by giving the developers access to Iceland’s databases. 50% of Auroracoin was “airdropped” to all the citizens listed in Iceland’s national ID database who claimed their right to it. Unclaimed pre-mined coins were made inaccessible or “burned.” Auroracoin has a fixed supply that helps fight against inflation and can be sent anywhere, keeping transactions secure and anonymous with randomly generated addresses.
National altcoins are becoming an increasingly robust phenomenon in countries throughout the world. Like Bitcoin but thinking local, their aim is to strengthen community economies. Want to find out more about national altcoins? Cointelegraph is here to tell you everything you need to know.
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