Icelanders started distributing Cryptocurrency Auroracoin

At midnight on March 25, 2014 began a most unusual experiment of "fiscal stimulus" of the economy of a country. As part of the operation Airdrop every citizen has the right to get Iceland 31, 8 coins AUR - and do with them whatever he wants. According to the current exchange rate is approximately $ 218.

Digital Cryptocurrency Auroracoin created based on Litecoin, which, in turn, uses the Bitcoin. Feature Icelandic experiment - premayning 50% of coins that once handed out to the entire population.

The first stage of the distribution of the coins will continue for four months. Each applicant will receive 31, 8 AUR. In the second stage (four more months) unclaimed coins again divided among 330 thousand. Residents - and each can again claim their share. The third stage - yet four months, a section of coins on the same algorithm. At the final stage of unclaimed coins from the first half destroyed. The remaining 50% is distributed by charities or other purposes, as the citizens themselves decide on a democratic vote.

The plan is that in a year people gradually learned Cryptocurrency Auroracoin and begin to use it in everyday life. Theoretically, the liberalization of exchange control should increase the economic activity of the population. Ultimately, it will help the country's exit from the crisis. But the most important thing that will ease international money transfers, which are now severely hampered after the introduction of hard currency regulation after the 2008 crisis.

A bit of history. Five years ago, the debt pyramid collapsed, which created a private Icelandic banks. They raised funds of clients from around the world. For several years, the assets of banks rose to 700% of the national GDP, and the economy is booming: in 2007, the UN recognized Iceland the best country in the world to live. However, at the beginning of the global financial crisis pyramid collapsed, foreign customers began to withdraw funds. Icelandic banks defaulted in unison, and the government has refused to take on the obligations of private banks to foreign investors and sharply limited international remittances. The appearance Auroracoin should help solve this problem at least for a small household level, for small transfers.

Author experiment - a kind of Icelandic Satoshi, someone under the pseudonym Baldur Frigyar Odinsson (Baldur Friggjar Óðinsson). He explains that the task Auroracoin - «create an alternative to the national currency of the crown that makes use under pain of imprisonment" (quote from интервью WSJ ).

During the day, "the spread of money" issued in Iceland 2, 59% of the total number of coins, and a course AUR halved . Start, frankly, not very optimistic. But let's see what will happen next. If Icelanders really start using Cryptocurrency for mutual settlements in everyday life, it can become a model for similar experiments in other countries. To tell the truth, even if the experiment fails, others still try to repeat it (including deficiencies). For example, in April the citizens of Spain will start issuing coins Spaincoin .

source code client Auroracoin
client under Win
Client for OS X

Source: habrahabr.ru/post/217111/