Debuting on several exchanges over the last few days, prices of auroracoin are surging on news that it has been added onto the popular Coinmarketcap.com website. Ranking the market caps of the available float of digital currencies, new coins added onto Coinmarketcap rarely attract much attention outside of the followers of the new currency. However, in auroracoin’s case, debuting in the top 10 and then moving up to fourth place, ahead of peercoin and dogecoin at around $110 million of value, represents that demand and interest in currency had existed well ahead of its inclusion on Coinmarketcap.
(Update-values continue to rise, with auroracoin now surpassing litecoin in market cap. For latest prices)
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What is Auroracoin
Created by Baldur Friggjar Odinsson, the currency was developed to be used as a digital alternative for Icelanders, and is slated to be distributed to all citizens of the country on March 25th in what is being called “The Airdrop”. Fed up with the devaluation of the Icelandic krona which has lost over 99% in value against the US dollar since 1960, Odinsson wanted to create a coin that was independent of the government’s manipulation of the money supply. In doing so, auroracoin was formed as both a pre-mined and mined coin. Upon the airdrop, 330,000 Icelanders will be entitled to 10 million pre-million auroracoins (31.8 each) for free, with the remaining float available through traditional crypto-currency mining, based on a similar protocol to litecoins. Distribution of auroracoins will be based on using the Iceland government’s national ID database.
According to Odinsson, the distribution of auroracoins will help Icelanders become aware and start using crypto-currencies as a replacement for the krona. Odinsson stated envisioned prices will move higher ahead of the Airdrop due to “the prospect of the adoption of Auroracoin in Iceland”. He added that price appreciation would increase the chances of adoption by the Icelandic population. In terms of this, at current prices, the Airdrop will be giving away over $300 in value to each citizen, more than making it a worthwhile endeavor for the general populace to welcome use of Iceland’s new crypto-currency.