The altcoin was designed specifically for Iceland, and the creator plans to give every citizen of the Nordic country a digital handful of Auroracoins to kickstart their use.
Auroracoin is the brainchild of cryptocurrency enthusiast Baldur Friggjar Odinsson, and he’ll be the one distributing pre-mined coins to the entire population of Iceland at midnight on March 25 in a countrywide “airdrop.”
Each Icelandic citizen—all 330,000 of them—will receive 31.8 AUC through a digital transaction. Citizens all have a national ID number available through a public database, which will be used to verify their identity.
“So I intend to leverage this system so everyone has a chance to verify their ID and get their share of Auroracoins. For most, it will be as easy as logging onto Facebook,” Odinsson told me. “People will have (at least) a year to claim their coins.”
The meaning of this rune symbol is ‘cattle’, a vital aspect of the life of any agricultural community and an important factor in the economy of a group of peoples initially unacquainted with the use of money. The rune represents possessions won or earned and thus also material gain.