DEVTOME.COM HOSTING COSTS HAVE BEGUN TO EXCEED 115$ MONTHLY. THE ADMINISTRATION IS NO LONGER ABLE TO HANDLE THE COST WITHOUT ASSISTANCE DUE TO THE RISING COST. THIS HAS BEEN OCCURRING FOR ALMOST A YEAR, BUT WE HAVE BEEN HANDLING IT FROM OUR OWN POCKETS. HOWEVER, WITH LITERALLY NO DONATIONS FOR THE PAST 2+ YEARS IT HAS DEPLETED THE BUDGET IN SHORT ORDER WITH THE INCREASE IN ACTIVITY ON THE SITE IN THE PAST 6 MONTHS. OUR CPU USAGE HAS BECOME TOO HIGH TO REMAIN ON A REASONABLE COSTING PLAN THAT WE COULD MAINTAIN. IF YOU WOULD LIKE TO SUPPORT THE DEVTOME PROJECT AND KEEP THE SITE UP/ALIVE PLEASE DONATE (EVEN IF ITS A SATOSHI) TO OUR DEVCOIN 1M4PCuMXvpWX6LHPkBEf3LJ2z1boZv4EQa OR OUR BTC WALLET 16eqEcqfw4zHUh2znvMcmRzGVwCn7CJLxR TO ALLOW US TO AFFORD THE HOSTING.

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Auroracoin is a new cryptocurrency with highly ambitious plans, and one of the most interesting and exciting launches you are ever likely to see from an alt coin.

The Airdrop

Rather than simply trying to create another new type of 'internet money', Auroracoin wants to become the new national currency for an entire country - Iceland to be precise. Half of all the coins which will ever be created have been 'premined' on behalf of the people of Iceland - meaning that they are already created and are awaiting distribution; the other half can be mined like any other cryptocurrency.

The 50% premined coins will be distributed from March 25th - when they will be given out for free to every citizen of Iceland. The team behind Auroracoin are describing this unique distribution as 'the airdrop'. Beginning on the 25th March every Icelandic citizen will be able to claim 31.8 coins for free, and the Auroracoin team are trying to reach as many Icelanders as possible to make sure they claim their free coins.

Why Iceland Needs Auroracoin

Amongst cryptocurrency enthusiasts you will often here two main features of digital currency being put forward to explain its advantages over national fiat currencies. The first is the fact that it takes away the power from banks and puts it back into the hands of regular people. Bitcoin, the most popular and famous cryptocurrency, was developed after the 2008 financial crash in which the irresponsible actions of bankers plunged the world into recession, and which has only been rectified by our national governments handing vast amounts of money over to the banks and leaving their populations with massive debts which we are now struggling to pay off. Cryptocurrency would prevent this type of thing from happening again. The second is the fact that, whereas fiat currency is inflationary (it loses its value over time as the central bank continually increases the amount of money in circulation), cryptocurrencies are generally deflationary, meaning that anybody who owns them should, over the long term, expect their coins to be a bit more valuable, on average, each year.

These two benefits are both things which Iceland desperately needs. The small island nation located in the North Sea just off Europe has perhaps been hit harder than any by the financial crisis. Prior to 2008 Iceland had built up a very large banking industry - massively out of proportion to the small size of the country itself. When the global financial crisis hit and the banking industry found itself unable to meet its obligations, Iceland was left in a desperate situation. The country's economy has been crushed as a result, and inflation is running at devastatingly high levels. The Icelandic Krona has lost 99.5% of its 1960 value against the dollar.

Icelanders are suffering greatly, but still they are being forced to feed the insatiable needs of the country's central bank. For five years the government has imposed capital controls, meaning that citizens must hand over any foreign currency which they earn to the central bank. This is not only unfair, but it also means that people cannot freely engage in international business, further stifling the economy.

Proponents of Auroracoin believe that it could help the struggling citizens of Iceland to overcome all of these problems, and to emerge from the shadow of the banksters greed to create a successful economy once again.

Technical Specifications for Auroracoin

  • 21.000.000 total coins
  • block reward: 25
  • 50% premined, for distribution to the people of Iceland
  • Re-Target every 8 blocks
  • Coins mature after 100 blocks

Auroracoin website: http://auroracoin.org/

Categories: E-Currency | Cryptocurrency


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