Auroracoin
Crypto Overview
Overview
Auroracoin (AUR) was created in 2014 as Iceland's first cryptocurrency. The project aimed to provide Icelanders with an alternative currency system independent of government control, particularly in response to the country's capital controls following the 2008 financial crisis.
Purpose and Utility
The original purpose of Auroracoin was to serve as a decentralized digital currency for Iceland's population. The project included an 'Airdrop' initiative where 50% of all AUR tokens were to be distributed freely to Iceland's citizens.
Current Status
As of 2024, Auroracoin appears to be essentially inactive. The project's official website is no longer operational, and there is negligible development activity on its GitHub repository. Trading volumes are extremely low to non-existent on the few exchanges that still list it.
Business Model Analysis
The original business model was based on providing a legitimate medium of exchange and store of value, which aligns with Islamic principles. The project did not involve any inherently haram activities like interest-bearing mechanisms or gambling features.
Development and Adoption
The project has shown no significant development activity in recent years. The initial airdrop was completed, but the cryptocurrency failed to achieve widespread adoption among Iceland's population.
Token Distribution
The original distribution model allocated 50% of tokens to Icelandic citizens through the airdrop, with the remaining distribution details now difficult to verify due to the project's inactive status.
Crypto Impact
To assign a comfort level investing in Auroracoin from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Auroracoin.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.