Iceland’s Own Crypto Currency the Aurora Coin (AUR)
Aurora coin was created in Iceland in 2014 as an alternative to cash because of the limited use of cash spending in the country and fear of the long-term instability of the Krona the native currency of Iceland.
Aurora coin was dubbed the Icelandic version of bitcoin which allows peer to peer transactions between Icelandic residents. With the Aurora team staying anonymous over the years but have released plans and road maps of their ideas, the future of Aurora coin which include Airdropping half of all the Aurora coin supply away to Icelandic citizens.
The project itself came under much criticism in 2014 from the Icelandic parliament claiming the coin holds no value and should not be pegged against the traditional currency the Krona.
Phase one of the airdrop give away happened in March 2014 with each recipient receiving 31.8 AUR each which held a value of $385 in total, but the effects of the airdrop made the coin lose about 50% of its value over the next month. 35,430 people received the airdrop out the country’s population of about 330,000.
Phase two of the airdrop ran from July to November 2014 with around 5024 claimants getting 318 tokens each because of the fall of Aurora Coin to the Icelandic Krona.
By the final phase 3 which ran from November 2014 to March 2015 they released over 1.7 million coins between 2600 citizens with each recipient getting about 636 coins each. The rise of tokens distributed was in line with the original airdrop but with the sharp price drops to the Krona claimants would receive more tokens.
There were 5,344,628 coin remaining from the free airdrops which where burned or discarded in inaccessible address.
Supply and demand
The current circulation supply of Aurora coin is 17,217.851 coins with the total 24 trade volume of $450 at time of writing which places the market cap at $1,405,614 ranked number 1197 on coinmarketcap rankings.
Aurora coin Foundation
The Aurora coin foundation was set up in 2015 to offer the coin as a reward for development and advertising of the project as well as incentives to merchants to accept the currency. The foundation received 1 million Aurora coins to distribute among interested parties.
Thoughts on the project
With the project being removed from many Crypto Exchanges in 2018 it looks like the dream of Aurora Coin as Iceland’s currency is dwindling down. The very low trade volume appears to show it has been a forgotten project now it has fallen from the spotlight with nothing much happening since 2015 apart from a wallet release.
The dream of a Crypto Currency taken over the mainstream FIAT is a dream in the Crypto space hopefully we can all learn from this and next time we can make a solid go at become the mainstream payment option.