Auroracoin - Definition from the Hotspot Shield Encyclopedia

Auroracoin is a form of cryptocurrency that was created in 2014 and aims to be an alternative to Bitcoin and the Icelandic Krona.

The currency is created in Iceland and aims to be distributed freely to the citizens of the country using the Icelandic National ID database. The currency was created in reaction to the Icelandic government's strict restrictions on the national currency (The Krona) and its international usage. The creators of the Auroracoin currency are unknown and use a pseudonym. The use of Auroracoin has been highly debated. There is no formal agreement on the use of Cryptocurrencies in the country and many see it as a false economy as there is no actual third party that currently backs the usage of the currency.