ArubaCoin is a new decentralized cryptocurrency with a social nature. It is not owned and controlled by a central authority. ArubaCoin is built on the Ethereum blockchain as an ERC-20. Therefore, you can send and receive this cryptocurrency on any of the Ethereum wallets. The transaction fee will be in Ether and ArubaCoin has the support of the famous hardware wallets Trezor and Ledger. There will be a private key to control your assets that need to be kept safely.
As ArubaCoin is programmable there are several uses for it.
- There is no third-party involved, which makes the transaction quick and cheap.
- Allows instant payment options for online and e-commerce with the worries of charge-backs
- Resistant to censorship
- Financial supremacy
- Automated agreement layer
ArubaCoin is a comparatively new technology. People may be skeptical about this cryptocurrency mainly because they are not aware of the fundamentals of the technology. ArubaCoin has conducted two Airdrops for the Aruban community and the participants got 200 ArubaCoins for free.
ArubaCoins has a similar aura to Bitcoin and nobody knows its creator. This is a grassroots project designed for the public. There has been significant growth in the community over the past few years. Several bitcoin advocates have already joined the Aruba community. It can be considered a social experiment similar to that of Bitcoin.
The Aruba community aims for wide acceptance, maintaining an active community that will help to develop the ecosystem. They give prior importance to sustainability and provide an easy instant exchange mode. It is difficult to bring cash physically. The bank transfers also take a minimum of two days. Many companies have already started to work with this new cryptocurrency. Casalina Garden Apartments, Linda’s Dutch Pancakes, Gomes Air-conditioning & services, Best Buy Family Store, etc are some of them.
Many ArubaCoin community members, as well as developers, are members of the bitcoin community and other crypto coins such as Ethereum, Zcoin, etc. Thus, ArubaCoin has collaborations with a wide range of popular developers and community members in the crypto market. Bitcoin uses the sha-256 algorithm while ArubaCoin uses the Ethereum blockchain. Therefore, it will be switching to the more energy-efficient PoS.
ArubaCoin is currently focusing on the local ecosystem and community. Now, tourists are not on their priority list even though many Aruba community members are from abroad. However, they too have many uses for the coin as money transfers and bill payments are easy with ArubaCoin.
As ArubaCoin is a new cryptocurrency, it is not a good idea to invest in it now. Like other cryptocurrencies, ArubaCoin is also highly volatile. Therefore, you have to be aware of how to use it before buying it. Losing your password or private key may lose all your coins at once with no option of retrieval. If you are interested in ArubaCoin, spend some time studying the fundamentals of the coin. Make sure that you know the way the coin operates. Thus, you can avoid losses and risks that may happen otherwise.