Bitcoin goes national with Scotcoin and Auroracoin

aurora25 Mar 2014 / The Guardian – The promise of bitcoin is a universal currency free from the control of any nation or government. But a new generation of cryptocurrencies are focusing on the opposite goal: building money to solve problems specific to one country.

On midnight Monday, Auroracoin, a bitcoin clone which is the fourth most valuable cryptocurrency being traded today, entered the second phase of its life, with a “helicopter drop” of 30 auroracoins to every citizen of Iceland.

The currency began life in February, and for the first month, traded like many other bitcoin clones. As you can buy auroracoin with bitcoin, and bitcoin with US dollars, it’s possible to establish an exchange rate: one auroracoin is now worth $11.37, putting the value of the entire currency at $121m.

But unlike bitcoin, which is only created by users “mining” for more, auroracoin was brought into life with a significant “pre-mine”: 10m coins were created before the currency went public, and now they will begin distribution throughout Iceland….. Read more

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