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Auroracoin is a cryptocurrency for Iceland. It is based on litecoin and is 50% premined. The premined coins will be distributed to the entire population of Iceland, commencing on midnight 25th of March 2014. Auroracoin is designed to break the shackles of the fiat currency financial system in Iceland.
Iceland has been hit hard by financial meltdown and inflation. Not only did the entire banking system collapse in 2008, but the monetary history of Iceland is one of inflation, devaluation and currency controls. Auroracoin is an opportunity for Icelanders to free themselves from currency controls and government debasement of the currency.
Auroracoin is based on the Litecoin protocol. However, it is started by the “Airdrop” of premined auroracoins to the Icelandic nation, designed to reach almost every Icelander. This one-time event will create the conditions for Icelanders to start using the currency, by providing them with a start and making them aware of the currency and its possibilities. After the Airdrop, the only way to acquire auroracoins will be through mining and transacting.
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