The blockchain industry has seen the emergence of different coins and tokens that seek to solve various real world problems across the globe or targeting a specific geographical location. Auroracoin (AUR) is one of the fastest growing geo-targeted peer to peer crypto for Icelandic citizenry.
The idea of Aurora crypto geo targeting is to evade the local authorities tracking of the local currency, the Krona, which is restricted from moving out of the country. The project goal is to distribute AUR to the entire Iceland population. This becomes the first country centric coin in the market today.
Aurora (AUR) Unique Background
The crypto is LItecoin Core based but the code base was upgraded in 2016. However, it is not tied to the Krona or the Iceland central banking network. However, the local authorities helped in the developer team in accessing the population database to facilitate airdropping of AUR to all Iceland ID holders.
A 50% Aurora airdrop saw all the residents get a piece of the pie and the unclaimed AUR tokens were rendered obsolete or burned. The government support for the coin is because it has a fixed supply and making it easy to control its inflation. With the Krona restricted within the country boundaries, AUR has become the gateway to cross border transactions.
Why Choose Aurora (AUR) for Cross-border Trades
The coin comes with a fixed supply and is not exposed to the crypto verse adverse effects of volatility. It will work as the Krona alternative to send and receive money from anywhere across the globe. This keeps the coin stable and its increased scarcity will grow its value and price whilst playing pivotal role in Iceland’s economic stability.
Riding on blockchain means all transactions are secure and anonymous. The Aurora platform generates random addresses and this makes it hard to track or trace transactions from the initiator and recipient. The coin acts as a popular link between the fiat and crypto economies without any interference from the central government and the citizens have supported the coin and is getting a lot of attention due to its use cases.
Aurora (AUR) Use Cases
The growth of national altcoins is on the rise due to the increased socio-economic demands unique to select countries. AUR has proved to be an alternative to national banking system collapse. The Bitcoin ban in Iceland resulted in the need for an alternative digital currency hence the unveiling of Auroracoin (AUR).
Aurora (AUR) has given gambling goers a chance to trade without the government tracking them down and this has taken the local banking sector market share but on the national level, the coin has been a huge boost for the economy and the coin has a bright future as the link between the Krona and the crypto world.
Other successful National Altcoins (NAs) include Pesobit in the Philippines, Scotcoin in Scotland (UK) and the Liverpool Local Pound also in the UK. These are some of the many examples of how NAs are making their present felt internationally while complementing their local economies. Their stability and value proposition have seen them thrive and are set to challenge mainstream coins in the near future.
Aurora (AUR) Price Outlook
Aurora market penetration has been quite impressive but the price has been a hard nut to crack though stable. However, there are limitations since it is not directly traded with the USD or other major global fiat currencies. The coin surprised many when it hit an all-time high of $96.81 on March 4, 2014 before plummeting below the $1 since then.
At press time the AUR coin was trading at $0.328266 after a 14 hour drop of 6.66% to the dollar and 4.35% to Bitcoin. National altcoins are a great and have proved to be successful with the support from their local authorities and Aurora (U could soon break even.