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About Auroracoin

Auroracoin is a cryptocurrency launched in February 2014 as an Icelandic alternative to Bitcoin and the Icelandic króna. Its unknown creator or creators use the pseudonym Baldur Friggjar Óðinsson (or Odinsson). The pseudonym Baldur Friggjar Óðinsson is based on Norse mythology, referencing Baldur, his mother Frigg, and his father Odin. He, she, or they plan to distribute 50% of the total issuance of auroracoins to the population of Iceland by using the Kennitala, the national ID database. Using a process dubbed the "airdrop", the developer hopes to bootstrap a network effect and introduce cryptocurrency to a national audience. At the beginning on March 25, 2014, there will be coming out to 31.8 auroracoins per icelandic person all free of charge.

Auroracoin was created as an alternative currency to address the government restrictions on Iceland's króna, in place since 2008, which severely restricts movement of the currency outside of the country. Iceland's Foreign Exchange Act also prohibits the foreign exchange of bitcoins from the country, according to a government minister.

Krona Dropping The devaluation of the Icelandic krona, or the ISK, is not just a temporary phenomenon. The entire history of the currency is one of inflation and devaluation. Since 1960, in just over half a century, the Icelandic krona has lost over 99.5% of its value in U.S. dollars at a time when the dollar lost 98% of its value relative to gold! At one time during this period two zeros were taken off the currency and new bills printed to replace the stock of bills. Now, the highest denomination is back up to 10,000 ISK, which would have been a million krona bill had the two zeros not been removed.

By printing more of the currency that people are forced to use in their daily transactions, the government is directly attacking the welfare of the very people the politicians claim to be fighting for; the poor. The poor are not in a position to protect themselves, by investing in assets that rise in value (measured in the fiat currency).


Auroracoin is most of all decentralized. This means it’s not controlled by a central entity. The distribution takes place on a digital ledger that is maintained by a world wide network of independent computers (miners). The concept might seem complex, but it’s simplicity in it’s purest form. Everyone that participates in the network contributes to it’s security as well. The system is build in a way that no one single entity (like banks) can create or manipulate the supply. The combined efforts of all decentralized nodes ensure complete accountability and transparency.

The supply of Auroracoin is maximized to 15.6 million coins. This means the more it’s used and accepted, the more valuable it will become.


Because the Auroracoin network is running on many wide spread computers all over the world, transactions can be done in seconds rather then days. We have wallets for all platforms, OSX, Windows and Linux for ease of use at home, more convenient for larger transactions and better accountability. The software is very secure and works intuitive. We also have mobile versions of the wallets that are maybe less suitable for large transactions but all the more convenient in daily use. We are also releasing a hybrid version that is capable to run on all devices, regardless of the OS or platform.


The true beneficiaries of this project are the inhabitants of Iceland. This is the first time in over a century that the people here have access and control over a way to transport value in a true form. For the first time in decades it means that transition of value and wealth is fair and equal, without being tampered by governments or upperclass.