Launched in February 2014, Auroracoin(AUR) is a digital alternative currency which can be used in place of the Icelandic Króna and/or the alt-currency Bitcoin. It was initially launched by a shadowy, unknown creator (or perhaps group, as their full identity is still unclear) using the pseudonym “Odinsson”, based on the familiar name of the Norse mythological god, Odin.
Auroracoin is based on the Litecoin model, but in 2016 they reworked a new codebase using multi-algorithmic architecture based on DigiByte, and initially established by Myriadcoin.
This alt-currency was clearly designed to bypass Iceland’s government restrictions on the Krona, as Iceland’s Foreign Exchange Act strictly prohibited domestic exchange of Bitcoins. As a direct result of the Foreign Exchange Act on March 25th of 2014, Auroracoin’s creator(s) distributed approximately 50% of all their altcoins to over 300,000 Icelandic citizens listed in their national database. This altcoin dump was the first domestic-based, alt-currency big move in Iceland and its subsequent success suggested that the Icelandic appetite for virtual currencies was apparent, in part due to their interest in Bitcoin, and also the long-term instability of the Króna.
Auroracoin’s foundation was then clearly established on March 29th, 2015 as the altcoin’s popularity immediately took off, further promoting Icelandic cryptocurrency usage as well as its continued technical development.