What is Aurora (AOA) in simple terms: history, course and how to buy

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2019-08-21 00:00:00:

The popularity of working with virtual money is constantly growing. Each of the currencies has its own characteristics. This article provides information on the Aurora cryptocurrency , its advantages and disadvantages. It belongs to the category of "undefined" virtual money. This means that it is often ranked among the top 100 cryptocurrencies in terms of capitalization. At the same time, she is in no hurry to "shoot". By this, auroracoins are of great interest to investors.

What is Aurora (AOA)

This cryptocurrency entered the market in 2018 in Iceland. Information about the creators is unknown. It can be one person or several. The developer uses the pseudonym Odinsson. The creator plans to give each citizen with an Icelandic identification number, 31.8 Aurora coins. The main reason for such actions was the governments policy, which restricts the movement of currency outside the country. The prerequisite for the creation was the economic crisis, which provoked an outflow of investments.

The cryptocurrency is the Icelandic counterpart of Bitcoin, which became the first unique payment system used by the coins of the same name.

History of Aurora (AOA)

AOAs creator alias is based on ancient mythology. It abbreviatedly combines the names of the German-Scandinavian gods: the supreme god Odin, his wife Frigga and the son of Balder, who is considered the god of spring and light. The Fe rune became the symbol of the currency, which means the constant growth of wealth. The cryptocurrency got its name in honor of the most famous Northern Lights in Iceland, Aurora.

As a result of the distribution of coins by identification numbers, half of the population of Iceland received the coins. The creators hope for the network effect of their cryptocurrency, when users realize the value of virtual money. This should enable Aurora to enter the international market and start a public comment.

The development of the basic algorithms of the platform began in early 2018, and in March the world saw the first version of Aurora Chain.

Who is working on the project?

The team consists of three crypto and blockchain experts from China: Bo Zhang (deals with global market relations), Arthur Qiang (CTO), Meijum Zhao (CEO, specializes in electronics and information technology). Well-known engineers, managers, crypto-investors, experts in virtual currency trading are also working on the project.

Distinctive features of the Aurora

All features are primarily determined by the site design. Aurora Chain is a decentralized platform for building applications on the blockchain network.

Blockchain is a chain of blocks created according to certain rules , in which information is stored. Most often, block data is stored on different computers. The technology was first applied to the Bitcoin cryptocurrency in 2008. Therefore, it is often associated with transactions with virtual money. Today, Blockchain is actively used in many areas for information exchange.

Technology allows data to be distributed, but not to make copies. Blockchain is applicable for storing completely different information. It has the following advantages:

all data entering the system can be checked by any participant;
it is impossible to change the information in any way. To do this, you need to find out a unique code that the system issues individually. If a hacker decides to change the data, then it will be rejected because the new data does not match the current copies;
confidentiality. Users do not know anything about other participants, in some cases the virtual wallet numbers. A transaction cannot be made without an access code;
transaction data is available for every user;
no main server. Everything is in customer records.

Anyone has the right to post content and send a city to any country, etc. To create your own block, you need the system to individually issue a key using a cryptographic algorithm. Only he allows the owner to gain access to his block. In the case of Bitcoin, the key is the account details of the assets.

There are two blockchain models. The differences depend on the features of the services and programs used.

Private. Mostly businessmen use it. The owner creates his own network with central management. It functions to achieve the goals of the company.
Public. Users are people who mine currency or make money from trading.

The technology already contains a system that warns and effectively resists failures. It has been functioning for over 11 years without significant failures. Blockchain is capable of:

be under the control of one person;
resist any rejections.

The relevance of the application is constantly growing and is already being used in many areas of life:

creation of programs to protect against DDOS attacks;
development of public business cards on the network;
guarantee of ownership;
quality confirmation by means of certificates;
providing information on the exact time of publication;
two parties can safely conduct a transaction themselves without intermediaries;
safety of certificates responsible for secure access to the system;
guarantee of secure network administration.

The advantage is the speed of transactions and the absence of many documents. As a result, the cost of the operation is cheaper and faster. This significantly reduces costs for large companies. The blockchain is capable of storing information about logistics, medicine, law, and financial transactions. The disadvantage of this technology is its low scalability. There are sites that are able to carry out many times more operations per unit of time.

Aurora distinguishes itself by using other technologies along with standard and algorithms. This is DPOS and BFT technology. The essence of their work is described below.

DPOS

The full name Delegated Proof of Stake translates as “Delegated Proof of Stake”. The algorithm was created for several projects in 2014 and is successfully applied in work.

The essence consists in creating new blocks with a limited number of validators, electronic devices that continuously check the data on the carrier. Any user of the platform can be a validator. To do this, you need to fulfill all the conditions and submit your candidacy for consideration. Token holders independently select and vote for validators. The choice is influenced by the amount of currency in the participants account. The more there is, the more weighty the voice. Throughout the time, at the request of users, the validator can be changed if it is no longer credible.

The advantage of the algorithm is its high scalability. At the same time, a minimum of resources are required to process operations. The disadvantages include the low level of decentralization . It is due to the fact that the rules are dictated by users who have more coins on their account. Since the vote is more important for such participants, then with a sufficient number of tokens, the validator can vote for himself and be selected.

BFT

The full name Byzantine fauit toierance translates as "the task of the Byzantine generals." This algorithm indicates that the system is stable and continues its work, even if one element, the process does not work or does not work correctly.

The prerequisite for the development of the algorithm was the task. Its conditions are as follows: a number of Byzantine commanders decide to attack Rome. There are traitors among them. If everyone honestly comes to one decision, then everything will be fine, and if at least one of the honest trusts a traitor, they will lose the war. The question is how an honest general can recognize traitors and figure out his allies.

In practice, there are difficulties. In the network, the role of generals is assigned to the nodes, the nodes serving the network. The remote communication channel is the Internet. This entails a number of additional conditions:

failure in message delivery, late delivery. Leads to chaotic receipt of messages;
the appearance of a node that is out of order or is misleading;
falsification of message content;
spam messages;
messages may not reach the recipient at all.

It was initially proved that the problem has no solution. As it turned out, the researchers were wrong. An algorithm was created, but it did not solve all possible problems. Later, in 1999, the BFT algorithm was developed, which became the basis of many consensus. The only drawback of the algorithm is that it works if all messages are delivered, including with a delay.

As a result, by combining different algorithms and technologies, the Aurora project received a hybrid of a decentralized system and validators. This provides high throughput, scalability, and reduced transaction resources. At the same time, safety remains at a high level. In fact, many sidechains are created that do not affect the main blockchain.

What are smart contracts?

A smart contract refers to a computer algorithm that creates, controls, and provides ownership of something. They are also called crypto contracts. Most often, this algorithm is mentioned when it comes to blockchain. That is, this is data currently located at a specific address in the blockchain.

Both parties sign a smart contract. The basic smart contract works in several stages. Assets and contract terms are encoded, and their data is entered into the blockchain block. If all the conditions are met by the participants, then the contract is fulfilled. Any operations with currency are performed solely on the basis of the conditions.

Pros of smart contracts:

efficiency and automation of transactions carried out in any area;
such a system ensures the transparency of transactions. This in turn increases customer confidence. It is impossible to change the terms of the signed contract in any way in order to obtain benefits. Such properties are especially valuable in the public and financial industries;
smart contracts allow you to automate and manage transactions even in networks without central control. This can become an obstacle to their mass use;
it is almost impossible to maintain the confidentiality of information. The parties who enter data into the block must be trusted;
to solve the problem of trust, special blockchain oracles have been created. They analyze information from the real world and provide it to the blockchain;
usually blockchain oracles are provided by large organizations that inspire trust among users.

The first positions in the creation of smart contracts are currently occupied by the Ethereum platform .

The possibility of obtaining a loan also distinguishes the project from the rest. The loan can be obtained in Boleral currency. To do this, you need to contact Decentralized Capital, where the clients creditworthiness is checked. If the loan is approved, then the funds received can be used to purchase goods, as well as cryptographic transformation.

How Aurora works

The platform solves various tasks as follows:

due to the fact that cluster complexes are created spontaneously, less resource consumption is required from the participants;
blockchains are a more improved version of the blockchain. Updates are automatic;
with the simultaneous operation of a large number of circuits, it is possible to horizontally expand the network. Therefore, the source of synchronous radiation is increased;
the Multi-Asset system solves the problems associated with the launch of electronic assets, the speed of operations;
the applications work separately and do not affect each other in any way. In addition, thanks to intelligent control, all inactive parts of the circuit are blocked;
additional security is provided by the P2P network;
the combination of the aforementioned DPOS and BFT technologies allows quick operations without the risk of creating additional network branches.

These characteristics allow the use of blockchain in the field of games, artificial intelligence, financial transactions, etc. The technology has increased all indicators, and it will be useful for any industry and individuals. To date, there is little technical information about the platform. Therefore, it is impossible to fully understand all the subtleties and nuances.

What is P2P?

The full name is Peer to Peer, which translates as "from friend to friend". The name was first used in 1984. They are also called peer-to-peer networks. The concept means that all network nodes are in equal conditions. Computers, depending on the situation, alternately perform the functions of a client and a server. It is often contrasted with the client-server protocol. P2P is more advanced. If one of the nodes fails, the other will take over the server functions. This ensures more stable network performance. For the first time such a network was successfully implemented in 2000.

The canopy consists of a certain number of machines that can communicate with each other. Each of them can send a request for the provision of resources to complete a particular task. Each can act as a server. In addition to being able to receive a request and send it to other devices, each machine performs administrative functions. For example, it stores data about requests.

Any of the participants is not constantly online and can stop working. If their number grows, then at some point there will be participants performing the same functions.

The platform consists of Ethereum applications and protocols that form a decentralized banking and financial system. The project is serviced by Aurora Labs SA. Who works in the Republic of Panama. The network consists of several components, described below.

IDEX

High performance, non-centralized exchange. Allows you to trade currencies both in real time and adjust the network. The developers plan to use it as an additional source of income for the bank. The exchange of cryptocurrency assets in this case is excluded.

Cryptobank

Own bank that provides loans in cryptocurrency.

Showglobe

A protocol that allows exchanges devoid of central control to exchange order books. It is built for EVM - interoperable decentralized exchange chains. Consists of two POS blocks - upper and lower. The first one stores data about each exchange. The bottom block is used individually for each exchange and manages assets, operations, etc. This negates the possibility of compromising the subsidiary network. There is also a dedicated AURA token that takes into account the interests of Showglobe and Aurora. The projects profit is also used for payments to participants who have staked on AURA. This ensures Showglobes safety and balances the economic interests of both operators.

Boreal

Own stable decentralized currency based on Ethereum.

Aurora advantages and disadvantages

The creators plan to use a smart contact platform. If the project is successful, it will be useful for all industries where this technology has not previously been used. For example, the Internet of Things will work more efficiently using blockchain. If the developers manage to improve the blockchain, then the company has a great future. An interesting advantage is the online bank, which provides loans in cryptocurrency.

For cryptocurrency, Aurora is characterized by advantages that are inherent in other digital money:

you do not need to pay additional fees for the transaction;
virtual money is not controlled by anyone. Even the developer himself has no influence on the issue of coins. This is an advantage for many traders;
the issue is conditioned by the demand for the currency. Therefore, it is not depreciated. The amount of cryptocurrency meets the needs of investors;
the accounts themselves are well protected and it is almost impossible for hackers to get any information about them. Therefore, you can not worry about the safety of transactions and the safety of assets;
payment for transactions is most often made by users voluntarily in a small amount;
complete confidentiality. The only information available is transaction data. The account number where the assets are stored is impossible;
any participant can engage in mining due to its simplicity and availability;
the reliability of transactions is monitored;
digital currency allows you to work at any time.

Also it should be noted the low resource consumption. Operations require a minimum of electricity.

Among the disadvantages of cryptocurrency:

unlike fiat assets, virtual money is not backed by anything. In this regard, the problem of the safety of assets may arise;
currency trading is not subject to general rules;
since only the owner has all the data about the account, he is responsible for the safety of funds. It is difficult to prove the actions of intruders;
when creating an electronic wallet, the user receives a unique key with which he can gain access to assets. It cannot be restored or recalled;
the exchange rate is constantly subject to changes. The cost changes under the influence of independent factors. For example, the countrys authorities may legally restrict the use of cryptocurrencies;
after the operation, the funds cannot be returned or canceled;
there are countries where it is illegal to use digital money. The violator may receive a fine;
the creators of cryptocurrencies have practically no way to control its emission.

The disadvantage of the project is the hidden source code of the platform. This fact does not make it possible to understand all the possibilities of the project from a technical point of view.

Does Aurora mining exist?

Since the goal of the creators of the project was to reduce the costs of participants resources, mining of this cryptocurrency is impossible. Moreover, it is contrary to the principles of Aurorachine. According to them, the blockchain should be as accessible as possible, easy to use, regardless of the devices from which the participants log in.

How do I buy or sell Aurora?

Despite the fact that the cryptocurrency takes places within 30 different ratings, in terms of capitalization it is only in 48th position. The unpopularity of the currency is primarily due to its absence on many exchanges for trading. Every time they appear on the trading floor, there is a significant increase in the price of AOA. The biggest excitement was the appearance on the exchange KuCoin. You can buy cryptocurrency on the following exchanges: Trade.io, Coin.Egg, BitBTC, Livecoin. Initially, you need to purchase Bitcoin or Ether for Fiat, and then create a currency pair with AOA and place an order.

A token is a unit of account that allows you to control the balance of an asset. They are accessed through a special application. Electronic signature schemes are used to ensure security. Unlike cryptocurrency, tokens can be issued centrally or using an established algorithm. The organization can also control token transactions. Unlike virtual currencies, they do not have their own blockchain. The cost depends not only on demand, but also on additional conditions, for example, the characteristics of the issue.

Benefits of tokenization:

usability is greatly improved. Tokenization makes it possible to display most operations in special applications;
the list of provided functions increases. For example, you can make payments automatically, use recharge cards, etc .;
there is no need to work with intermediaries, since smart contacts are used or they may not be a member of the chain at all;
due to the use of blockchain, the security of storing and conducting transactions is increased;
since there is no need to move real assets and draw up the corresponding documentation, the operations are significantly accelerated.

The disadvantages include the fact that private keys for entry can be lost either by the owners themselves or by intruders. The confidentiality of the participants personal data is not fully ensured. Verification requires that such information be available.

You can get tokens in two ways:

on the official site. The participant will need to perform actions for this. For this, the user receives a reward in the form of tokens;
buy on one of the trading platforms. In this case, you will have to go through registration and verification.

The purpose of tokens is to stimulate the exchange of information between participants, the creation of their own applications. All this will stimulate the development of the platform. First of all, the cryptocurrency is designed to function within the project to expand it.

Despite this, tokens can be bought and traded. In technical terms, these are the standard Ethereum tokens - ERS-20. To buy them, you must have an Ethereum e-wallet .

What is ERC20?

The ERC20 standard sets out the rules for the creation and use of tokens received on the Ethereum blockchain. The latter are not cryptocurrencies and are necessary to display the state of the balance on a particular account. Everyone can use a special code to create their own token. It is freely available on the official website. Therefore, any user can create their own coins. The purpose of the standard is to simplify the connections between exchanges, Ethereum virtual wallets and smart contracts. ERC20 tokens are easy to withdraw to any platform and trade.

The standard is based on two activities:

moving a token from one account to another;
approval of the withdrawal application .

The advantage of the standard is compatibility with different trading platforms. The first tokens were unique and the creators had to come up with ways to combine their work with different programs. But this simplicity of token creation brings with it the problem of scammers. An attacker can create his own currency, and then, using ICO, attract investors to invest in the project. As a result, defrauded investors may not receive the promised profit.

Initially, the Bitcoin blockchain is the first technology in which smart contracts were successfully implemented for the first time. But they began to be fully used for Ethereum digital coins.

After the user submits an application for the transfer of funds, the corresponding amount is withdrawn from one account and appears on another. The transfer mechanism takes place in several stages:

the client starts the transfer;
the smart contract receives an indication that a certain number of tokens will be transferred to another user;
the required amount is withdrawn from the senders account and transferred to the recipients account.

It turns out that the program checks whether the transaction complies with the terms of the contract. Since there is no need to check all the data, the transaction speed is significantly reduced. At the same time, the participants do not interact with each other in any way. These factors have made smart contracts very popular.

Aurora to ruble rate

The average cost of Aurora against the ruble is 0.501. Over the past week and month, it fell by 0.4988 and 0.8288 rubles, respectively. For six months, the value of the currency increased by 0.01803 rubles.

Aurora to USD rate

Over the year, the cost of the cryptocurrency has decreased by 30.17%. At the moment, the Aurora exchange rate against the dollar is 0.017272. Over the last month there has been a decline in prices. If we analyze the values for the last six months, then in general the Aurora rate is 0.0003443 dollars.

Aurora to Euro

During the day, the rate increased by 5.02%. The cost of one coin is 0.00067113 euros. The opening rate, minimum and maximum, is 0.01 euros.

Where to store Aurora

For the safe storage of currency, the developers have created special wallets, as well as their mobile version. You can download them on the official Aurora website. Since the coins are Ethereum tokens, you can store Aurora in the MyEtherWallet wallet.

How many Aurora is total

At the moment, the total number of coins of the reserve fund is 21,000,000 . How many Aurora there will be in the future depends on the activity of using currency, exchanging information, creating new applications.

Aurora emission

Cryptocurrency is issued at the moment when the network is in the means of payment. For example, creation leads to the need to issue Aurora . The cryptocurrency is based on a special set of numbers, which is determined by mathematical calculations. Therefore, the emission requires special, powerful equipment. This, as well as the labor costs, the electricity used, affect the final cost of the virtual currency. A kind of security can be considered a product or service that a user can receive in exchange for virtual money.

What is provided by Aurora

Like any other cryptocurrency, Aurora is driven by audience demand. This is the plus of decentralization, since no one controls the issue of currency. The concept of inflation is not applicable to it. The only threat is deflation. It can come when the reserve fund is depleted.

The real value of cryptocurrencies is due to the fact that real money is given for it. In many countries, it has received legal tender status. It can be used to easily pay in online stores or transfer to regular currency. The advantage of such money, in contrast to classic money, is the impossibility of counterfeiting.

The future of Aurora

As a platform for creating decentralized networks, this project is promising. This is due to some of the best end-to-end scalability and security solutions. Today the market for such platforms is small. At the same time, the development of the project is rather slow.

The future of Aurora also depends on the interest of investors (we wrote an article about the future of cryptocurrencies here ). Since the currency is represented only on a few exchanges, this greatly limits the exchange, purchase, etc. The developers have repeatedly announced that they plan to bring the token to large exchanges, but so far the currency is being sold on not very well-known sites. It can also cause distrust among users.

The initial drop in value raised doubts among investors. It was believed that the original price of the currency was overstated. But recently, there has been an increase, and developer activity has increased. This is confirmed by the release of the roadmap. All points stated in it were implemented on time. This suggests that the development team plans to continue to actively work on the project. If the site continues to develop in the same way, then it is likely that soon the rate of the cryptocurrency will rise, and it will be possible to buy it on most exchanges.

Its strengths include its own cryptobank Aurora. Since the need for loans is constantly growing, this is an excellent chance to occupy this niche. It turns out that the project maintains efficiency thanks to two sources of income that are independent of each other. Unfortunately, the roadmap does not indicate when exactly the bank will start working.