Auroracoin is a cryptocurrency independent of the current banking system and has its independent value. Unlike traditional currencies, centralized banks cannot create the coin at their convenience. The token has a fixed supply that works against inflation.

The payments carried out using the token can be sent anywhere in a secure way. Transactions can be anonymous, and the randomly generated addresses protects user privacy. Transactions are maintained in a public ledger shared amongst users with no need for a traditional bank as a centralized institution. Further, since the coin is not dependent on any centralized entity, it prevents unrestrained currency printing, currency devaluation, and inflation.

The backbone of the Auroracoin blockchain network is the Auroracoin Core wallets. The complete Auroracoin blockchain can be downloaded and stored locally.

The coin was created in Iceland, and the team behind it comprises three people, Myckel Habets, Mikael Hannes, and Martin Jansen.