Created on February 2014, Auroracoin (AUR) is a digital currency that works as an alternative to Icelandic Króna and Bitcoin. A group of creators or unknown creator used pseudonym Odinsson (Baldur Friggjar Óðinsson). The pseudonym is made in Norse mythology.
On 25th March 2014, they distributed half of the Auroracoins to around 330,000 people that were listed in national ID database of Iceland. This alternative currency addresses government restrictions on Króna of Iceland. As per government minister, the Foreign Exchange Act of Iceland prohibited the Bitcoins exchange from the country.
It is the first country-based digital currency that has suggested Iceland is an apt place for virtual currencies on extensive familiarity with finance, limited use of cash, and interest of Icelandic society in Bitcoin, and long-term Króna instability. Auroracoin is based on Litecoin along with script Proof-of-Work algorithm. However, on 8th March 2016, using multi-algo architecture that is pioneered by Myriadcoin and made on DigiByte, the new codebase was invented.
On 29th March 2015, the foundation of Auroracoin was created that further promoted usage of the cryptocurrency in Iceland and its technical development.
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