What is Auroracoin (AUR)?
Future of AUR Cryptocurrency and know how to buy AUR

#1: AUR: The Basics

What is AUR?

Auroracoin is a decentralised, peer-to-peer, and secure cryptocurrency released as an alternative to the Icelandic Króna to bypass governmental restrictions associated with the national fiat currency. It was launched with the aim of becoming the ‘official’ cryptocurrency of Iceland. AUR was a pioneer in the area of country-specific cryptocurrencies.

AUR Development

  1. AUR was launched on the 25th of January, 2014, by an anonymous developer who went by the pseudonym of Baldur Friggjar Óðinsson.
  2. It was originally based on Litecoin, using the Scrypt algorithm with a Proof of Work mechanism, but was later updated to use a multi-algorithm architecture in 2016, forked from DigiByte.
  3. 50% of the total amount of AUR coins which could be possibly generated, was airdropped to everyone in Iceland’s national identification system (kennitala) to introduce the cryptocurrency to the public at large.

 

#2: What are the benefits of Auroracoin?

AUR Technology

  1. Proof-of-Work mechanism - Auroracoin uses the PoW consensus mechanism, which utilises device hashing power to solve a complex mathematical problem in order to authenticate a transaction proposed to be stored in the blockchain. The difficulty of solving the problem ensures that authenticating forged transactions is very difficult unless the attacker owns an impractically large chunk of the network’s total hashing power.
  2. Unique Multi algorithm technology - AUR is one of the only cryptocurrencies to use a combination of five different hashing algorithms, namely Grøstl, Qubit, scrypt, SHA-256, and Skein. This leads to an extremely robust, and secure blockchain, with block times as fast as 61 seconds. The difficulty retargets every 8 blocks, and there is no reward halving, unlike in BTC.
  3. Extensive improvements - AUR has made extensive improvements to Bitcoin’s code base, adding over 100,000 lines of new code, increasing network capacity, while decreasing block times, and securing the network against known flaws of the BTC codebase, like introducing automatic checkpoint which protects against 51% block replacement attacks, where someone with 51% of the total hashing power of the network could potential forge a dummy block, and inject it into the blockchain, essentially being able to double spend their coins.

Key Features

  1. Security and stability - The AUR blockchain protects against most known flaws of the Bitcoin network, such as 51% attacks. With much faster block times and more efficient difficulty retargeting, it allows transactions to be confirmed faster than other altcoins and lends itself in its mission to be used as an actual currency in the real world, where we don’t have to wait for transactions to be confirmed to have proof they occurred.
  2. Niche market appeal - Despite AUR flying under the radar for most of its existence, it has quite the appeal in Iceland. An increasing number of merchants are starting to accept it as a valid form of payment, and more citizens signing up for AUR as they learn more about cryptocurrencies and associated technologies.

 

#3: How to Buy & store Auroracoin?

How to buy Auroracoin

  1. Auroracoin can be bought and traded on exchanges such as Bittrex and Cryptopia, with Bittrex being the largest by volume.
  2. Auroracoin can also be bought on ISX with Icelandic Króna.
  3. Users can also earn Auroracoin in exchange for goods provided or services rendered, or by mining AUR.

AUR Wallet

The official wallet for AUR can be downloaded from their official website.

CoinSwitch

While cryptocurrency exchanges provide you with a platform to buy or sell the AUR cryptocurrency, CoinSwitch, the largest cryptocurrency exchange platform, comes in to help you make the right decision by providing the prices for AUR on multiple crypto exchanges. With support for more than 140 coins and 45,000 pairs of cryptocurrencies, you can choose whichever pair you want with your token and compare the prices at multiple exchanges. This way, you can choose the best deal for you!

What’s more - with CoinSwitch, you do not rely on a separate AUR wallet from the exchange to store your AUR cryptocurrency. Instead, all transactions happen to and from your own personal private wallets.

 

#4: What is the future of Auroracoin?

Also Read: Complete Analysis of Auroracoin | Live Auroracoin (AUR) Price Charts And Predictions

Price History

Date

Open

High

Low

Close

Volume

Market Cap

Jul 01, 2018

0.413091

0.417297

0.382145

0.391014

2650

3576600

Jan 01, 2018

1.7

2.01

1.65

1.75

1717790

14713000

Aug 01, 2017

0.515328

0.528709

0.475959

0.491402

27400

4461780

Jan 01, 2017

0.130943

0.136178

0.102627

0.108475

5212

1133720

Aug 01, 2016

0.118815

0.127004

0.114748

0.122166

1424

995702

Jan 01, 2016

0.048082

0.051596

0.035033

0.037887

589

364489

Aug 01, 2015

0.029925

0.030103

0.021574

0.024096

4347

210773

Jan 01, 2015

0.02365

0.02365

0.022382

0.023212

304

52052

Aug 01, 2014

0.059078

0.100946

0.054525

0.100946

6270

97497

Feb 27, 2014

3.21

15.99

3.04

15.04

120043

33946100

  1. While initially very popular, Auroracoin has seen little to no activity for a while, with poor marketing, and frequent dev team changes.
  2. Reasons for little growth have been various, from slow adoption in Iceland, to developers leaving and joining the project midway.
  3. However, it is expected to not go lower than the recent low, and might see a rise as AUR plans to launch a more aggressive marketing campaign in Iceland to promote the coin among the masses.

 

#5: How is Auroracoin different from other cryptos?

  1. Focus on security and stability - Unlike most other altcoins, Auroracoin has made extensive changes to the original codebase. It has introduced security measures such as Automatic checkpointing, and protecting against known flaws present in the BTC blockchain, such as 51% block replacement attacks. AUR also has shortened block times, and has no halving of the block reward to provide a continued incentive for miners. The faster and more efficient difficulty retargeting algorithm ensures fairness is maintained in the network.
  2. Emphasis on real-world integration - AUR aims to be the ‘official’ cryptocurrency of Iceland. It plans to follow aggressive marketing campaigns in the near future to bring more real-world merchants on board. Currently, there are already quite a few retailers in Iceland who accept Auroracoin as a payment method.
  3. Unique hashing algorithm - AUR is one of the few coins that utilises a variety of different hashing algorithms, namely Grøstl, Qubit, scrypt, SHA-256, and Skein, to facilitate the PoW mechanism of authenticating blocks. This is different from other, single-algo altcoins, which leads to a more fair and ASIC-resistant blockchain network.

 

#6: Should you invest in Auroracoin?

  1. While the coin has deployed many improvements over BTC’s code-base, it is still not very different from many other country-specific altcoins, with no singular unique feature making AUR stand out.
  2. While investing in any cryptocurrency is subject to their inherent volatile nature, Auroracoin presents a weak case for itself in regards to investing, especially if one is not based in Iceland. However, one may look into AUR nevertheless, as it is unlikely the prices will go any lower.
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