Aurora (AURORA)

Blockchain Platform and Development

Aurora is an Ethereum-compatible blockchain built on the NEAR Protocol. It allows developers to deploy Ethereum dApps with faster transactions and lower fees. It supports Solidity smart contracts and offers a scalable, high-throughput environment for decentralized applications.

Cross-Chain Functionality

Aurora enables seamless transfer of assets, including ERC-20 tokens and NFTs, between Ethereum, NEAR, and Aurora via the Rainbow Bridge. This bridge allows cryptographically provable information and token transfers across these blockchains.

Virtual Chains and Customization

Aurora provides Virtual Chains, which are customizable, EVM-compatible chains running as smart contracts on NEAR. These chains offer developers scalability and speed without the complexity and cost of traditional Layer 2 solutions.

Decentralized Finance (DeFi) and Liquidity

Aurora hosts a fully composable liquidity transport protocol at the heart of omnichain DeFi. It also features instant custody-free cryptocurrency exchanges for quick token swaps without registration, serving as a reliable bridge between different chains.

Ecosystem and Security

Aurora supports a crowdsourcing platform aimed at enhancing blockchain safety and user awareness against cryptocurrency fraud. It also offers tools and infrastructure to build confidential computing dApps with encrypted data.

Governance and Token Use

The AURORA token is used primarily for governance within the ecosystem, allowing holders to participate in decision-making. While NEAR tokens are consumed during operations, Aurora tokens are involved in incentives and ecosystem development.

Developer and User Experience

Aurora supports Ethereum tooling like MetaMask and Hardhat without code changes, making it easy for developers to port projects. It also offers features like protocol-level meta transactions enabling gasless transactions for users.

Pros

• Aurora is compatible with both Ethereum and NEAR, allowing easy transfer of ETH and ERC20 tokens between these networks via the Aurora Bridge.
• It offers a high-throughput, scalable, and future-safe Ethereum Virtual Machine (EVM) environment on NEAR, enabling developers to deploy Ethereum-native apps with low transaction fees.
• Aurora provides fast contract execution and simplifies blockchain app development with its distributed-node-consensus algorithm and smart contracts.
• The platform supports decentralized governance through AuroraDAO, which autonomously controls protocol updates.
• It serves as a reliable alternative to Ethereum during congestion, improving speed and reducing costs without requiring major changes from developers.
• Aurora supports seamless bridging and swapping of assets across multiple blockchains, enhancing interoperability.
• The ecosystem is backed by a strong development team with experience in crypto-economic design and open-source projects.

Cons

• Aurora’s market price has experienced significant declines from its all-time highs, reflecting volatility and uncertainty in its price trend.
• The token is considered high-risk due to market fluctuations and regulatory uncertainties.
• Some users express concerns about token unlocks and large holders ("whales") potentially impacting price stability.
• The platform faces competition from other Layer 2 and scaling solutions like Polygon, Optimism, and Arbitrum, which may affect its market position.
• Regulatory scrutiny and broader market sentiment can influence Aurora’s growth and token value.
• Some community members have criticized token distribution and team actions, which may affect investor confidence.

Founders of Aurora

Aurora was founded by Alex Shevchenko, who is the Co-Founder and CEO of Aurora Labs. The project was developed by the core NEAR team, including NEAR co-founders Alexander Skidanov and Illia Polosukhin, who led the creation of Aurora to bridge Ethereum dApps with the NEAR ecosystem.

Key Team Members

• Arto Bendiken: Co-Founder and CTO of Aurora, with over 25 years of experience in programming and software engineering.
• Alex Shevchenko: Co-Founder and CEO of Aurora Labs, focused on making Ethereum developers' access to NEAR infrastructure easier.
• Alexander Skidanov and Illia Polosukhin: NEAR co-founders who led the development of Aurora.

Additional Information

Aurora Labs is the company behind Aurora, building a network of Virtual Chains that are EVM-compatible and run on NEAR. The project was founded in 2021 and is headquartered in Ukraine.

Investors in Aurora

Aurora's investors include private round investors who hold 9% of the total token supply (90 million tokens). These private investors are typically institutional investors or high net worth individuals who buy tokens at negotiated private prices, which may differ from public market prices and often come with specific terms like lock-up periods.

Token Allocation to Investors

• 9% of tokens allocated to Aurora Labs private round investors.
• 2% allocated to early Aurora contributors.
• 16% reserved for Aurora Labs long-term incentives (may be subject to vesting).
• Other allocations include community treasury, AuroraDAO balance, and incentives for project advisors and delegators.

Additional Notes

Aurora was founded by the NEAR Protocol team and is based in Kyiv, Ukraine. It is supported by a development team with experience in crypto-economic design and software development. The project has attracted over 3,000 investors and strategists who follow its progress.

Halal Status of Aurora

Aurora is considered halal because it is a Layer 2 scaling solution built on NEAR Protocol that enables Ethereum compatibility without involving interest-bearing mechanisms. Its token is used for governance, staking to secure the network, and fee sharing, all of which comply with Islamic finance principles by avoiding riba (interest) and excessive uncertainty.