Aurora is increasingly becoming a platform to watch out for as many projects are building on it. It is therefore important to know the fuss about this crypto project.
It’s a fact that many projects are being developed in the crypto world today. In fact, there are over 17,000 of them in existence. This has given investors many options to invest in.
Aurora is one of the several altcoins that is making waves in the crypto space with its features. For investors who want to know what this project has to offer, this will be your guide.
In this post, we’ll learn about Aurora and its stand in the crypto market today and why you should consider it.
What is Aurora?
Aurora is an Ethereum Virtual Machine created by the team at the NEAR Protocol. It was founded by Alex Shevchencko. The native token is Aurora and it trades by the symbol AOA.
The protocol aims to deliver a turn-key solution for developers to operate their apps on an Ethereum-compatible, high-throughput, scalable and future-safe platform, with low transaction costs for their users.
There are several projects launched on Aurora today. These include Apollo42, iSwap, Shitzu, Kyber Swap, UnoFarm and many others.
What is Aurora Worth In the Crypto Market Today?
Aurora is one of the fastest-growing projects in the crypto world today. It is one of the small-cap altcoins that are getting the attention of investors.
As of the time of writing, the price of AOA is $0.000712 USD with a 24-hour trading volume of $180,522 USD. It is currently ranked number 1071, with a live market cap of $7,098,428 USD. It has a circulating supply of 9,975,060,788 AOA coins.
Aurora can be purchased on many of the top crypto exchanges in the world.
What You Need To Know About Aurora Token
The AuroDao approved the creation of the official project governance token, $AURORA, with a total supply of 1 billion. The token was deployed on Ethereum and then bridged to NEAR and Aurora using the Rainbow bridge.
$AURORA was made available to the public during its initial dex offering and distributed on its Token Generation Event (TGE) on November 18, 2021.
Aurora
$AURORA is a governance token, with a portion of the token is allocated to the Community Treasury. The primary use of the treasury will be to fund existing and proposed projects. This is done through a “Kickstarter” type platform in which token holders will vote on submitted proposals.
Some of the uses cases of the token include
- $AURORA token staking
- Incentives for token holders to take part in voting with the allocation of $AURORA from the Community Treasury
- Rainbow Bridge transfer finalization fees
- Rainbow bridge fast transfers fees
- Aurora contract additional execution fees
- Aurora validator private transaction pool service
- Farming of locked funds in the Rainbow Bridge connectors
What is Aurora’s Unique Features Among Other Cryptocurrencies
Aurora has link with other crypto projects like Ethereum and NEAR. The project is built by the NEAR protocol team using the Ethereum network. Aurora is therefore fully compatible with Ethereum.
Transaction fees in Aurora are paid in the base currency, ETH. Despite this, it is different from its host. Aurora is very fast in transactions than Ethereum. It also uses a very low transaction fees.
The Aurora bridge is also known to be the only fully trustless asset bridge in the Ethereum industry.
This is the reason why many projects are building on the Aurora chain today.
Why You Should Consider Aurora
Aurora Chain (AOA) holds the mission of creating bright an colorful blockchain world with fast-working contracts. This help to facilitate easy development of applications on the blockchain.
The underlying currency, AOA, is used as a means of ensuring the speed and functionality of the consensus mechanism.
As such, transactions may be realized quickly from delegated proof of stake voting equipped with byzantine fault tolerance to improve interactive consistency within the system.
Aurora’s feature include high throughput and scalability, future safe, low transaction cost, and trustless bridging.
Is it safe to invest in Aurora?
Although cryptocurrency isn’t without risk-in fact, it is the most risky form of investment, Aurora is one of the real projects in the industry.
There are numerous projects out there that are fake. The fact that several projects are building on the Aurora Chain authenticate it as a one to trust.
Aurora is still some miles behind the top projects in the industry but becoming one to watch out for. It is important for you to know that you must do your own findings before investing in this project. This will be the pointer for you to know if it is safe to invest or not.
Where To Buy Aurora
If you’ve decided to diversify your portfolio and choose Aurora, you can buy on some of the world leading crypto exchanges.
Some of the exchanges include Kucoin, BitGlobal, Coinone, Indodax and NiceHash.
Conclusion
Aurora is no doubt one of the bright project out there in the crypto industry. Its features make it one to consider for developers as well as investors.
The fact that it was built on the Ethereum and better in transaction cost and speed makes it a ‘hot commodity’. Although it has not attain the heights of earlier crypto projects, it has a promising future.
Aurora (AOA) like every other crypto assets (except stablecoins) is not without volatility. This makes it a very risky asset to invest in as you may lose all your investment in it.
It is therefore important to have it in mind that you should put what you can afford to lose when investing with your hard-earned money.
Also Read– Why You Should Consider (XTZ) Token
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