Auroracoin – The first crypto airdrop ever!
Auroracoin, the “cryptocurrency for Iceland”, distributed Auroracoins to the country’s citizens in March 2014.
The distribution, which is the very first airdrop, sends 50% of the total Auroracoins to the country’s citizens. To the Icelandic residents that entered their permanent resident ID received31.8 AUR
To be precise, on March 25th the Icelandic citizens received their tokens.
Why did it happen?
Since the economy crisis of 2008, the Icelandic people had been looking for ways to exit the Icelandic krona.
Hlynur Þór Björnsson, board member of the Auraráð foundation,said to Cointelegraph:
"Auroracoin came into the picture in 2014 with a fresh idea. Replace the Icelandic krona with a cryptocurrency."
Auroracoin was designed to change the traditional fiat currency financial system in the country.
Cryptocurrency was seen as an opportunity for Icelanders to free themselves from currency controls and government debasement of the currency.
As a geographically based virtual currency, an Airdrop was the best solution to distribute to the citizens of Iceland.
What happened after airdrop distribution?
Auroracoin price drop 2014
There was an “oops” moment.
The devaluation happened over a few months. Over the first few days it fell over 50%.
Possibly, this was the very first crypto airdrop pump and dump!
Auroracoin marketcap 2014
In as short as 6 months, the Icelandic coin lost their entire marketcap. The project conclusion: “failure”.
Luckily the first crypto airdrop disappointing result, did not effect the future of airdrops.