Auroracoin Virtual Cash To Be Given To Icelanders

On March 24th, every Icelandic citizen is going to get the chance to claim a share of virtual coins. The idea is to distribute millions of the digital Auroracoins to all of Iceland’s 330,000 citizens and the project is the brainchild of entrepreneur Baldur Odinsson.

Odinsson’s company is already pre-minding the millions of coins needed by generating the unique identifiers that each of the coins need. Since the coins are built around the same ideals as BitCoin they have to be mined, but because these coins are being minted pre-launch the company is able to have them ready much sooner.

The idea is that by distributing the virtual cash, everyone will help to restore some of the value to the Icelandic Krona. Since everyone in Iceland now has a unique ID number, the project is able to ensure that they can distribute the coins evenly to each citizen and details of how they can claim their coins will be revealed very soon and that people will have up to one year to claim their share.

It’s an interesting concept and it will be interesting to see if it can bring real world benefits to the people of Iceland, but it’s just another interesting chapter in the strange world of crypto-currencies.

Thank you BBC for providing us with this information.