Auroracoin is a cryptocurrency like dogcoin,bitcoin,namecoin etc. Its launched in 2014 but its creator is unknown .Its unknown creator or creators use the pseudonym Baldur Friggjar. Its similar to others crytocurrencies but it differcence is, Auroracoin is created as an alternative currency to address the government restrictions on Iceland’s króna, in place since 2008, which severely restricts movement of the currency outside of the country. Iceland’s Foreign Exchange Act also prohibits the foreign exchange of bitcoins from the country, according to a government minister. He, she, or they plan to distribute half of auroracoins that will ever be created to all 330,000 people listed in Iceland’s national ID database beginning on March 25, 2013, free of charge, coming out to 31.8 auroracoins per person.
Controversy-
Some politician of iceland has criticize for the auroracoin. They said that by the vast use of auroracoin it might change the economy and they take it negatively but they they not sure about the effect. He also said that the public should realize that Auroracoin “is not a recognized currency since no-one backs the medium”.Between its peak of around 0.1 BTC and the 30th of March 2014, Auroracoin’s value fell to 0.004BTC. Auroracoin has fallen in value further since.
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