On June 19, 2019, the Singapore-based Algorand Foundation will hold the first in a series of Dutch auctions. These auctions will allow Algos, the native token of the Algorand platform, to enter circulation and will mark the launch of the Algorand network.
You can register for the auctions with your CoinList account
(See participation restrictions below)
CoinList is proud to be working with the Algorand Foundation to support these auctions and the launch of the Algorand network. Not only are the Algorand team and technology exceptional, but the Dutch auctions represent an innovation in token distribution.
Fair and Transparent Token Distribution
Fairness and transparency are core tenets of the Algorand community. In order to achieve these values, the Algorand Foundation chose to conduct its distribution through a sequence of Dutch auctions over the course of the next few years.
Fairness — The price of the Algos will not be determined by the Algorand Foundation, but rather by supply and demand. Ultimately the market will decide the price of Algos via auctions, and participants can choose the price at which they are comfortable participating. Moreover, participants with successful bids in a single auction will pay the same clearing price, regardless of the price of their original bid. This ensures fair access and pricing for all potential users.
Transparency — All auction actions will be conducted on the Algorand blockchain to ensure full transparency and auditability. Every user will have access to the same publicly available information.
Algorand’s Pure Proof of Stake Blockchain
Algorand was founded by Turing Award Winner, Silvio Micali, and developed by a stellar team of technology experts, business leaders, and renowned academics including CEO Steve Kokinos, and COO Sean Ford, and is backed by a diverse group of investors including USV, Multicoin, Pillar, Metastable, Foundation Capital, China Merchants Bank, and many more.
The Algorand Foundation conducts research and helps govern the network. Their research team is led by Dr. Tal Rabin, former Head of Cryptography at IBM and a 2018 Forbes World Top 50 Women in Tech.
One of Algorand’s core innovations is their pure proof of stake blockchain designed to remove the technical barriers that have undermined mainstream blockchain adoption. They aim to create a blockchain with decentralization, security, and scalability.
Decentralized & Permissionless — Block proposal is not limited to a delegated set of users or a fixed committee, and the Algorand platform does not impose significant technical or capital requirements to participate in consensus. All online users are treated the same and any user who possesses Algos are automatically eligible to participate in block consensus.
Secure — All users are randomly, secretly, and continuously selected to participate in the Algorand consensus protocol. Before they participate, no one knows who the users are, and once they participate, it is already too late for an attacker to benefit from attacking them. Even if the network is partitioned into multiple non-connected networks, Algorand’s blockchain does not fork and users’ balances remain secure.
Scalable — Algorand’s Byzantine agreement protocol is highly efficient. The Algorand protocol scales to billions of users and sustains a high transaction rate — without incurring significant cost to participating users. All transactions are final in Algorand. Once a block appears, users can rely on the transactions it contains immediately, as they can be confident that the block will forever be part of the chain.
For more information on Algorand, you may be interested in Algorand Core Technology in Nutshell by Algorand Founder, Silvio Micali or Success and Momentum of Algorand, the Platform & Technology for the Borderless Economy.
Please note that participation in auctions is not possible for the following excluded jurisdictions: United States of America and its territories, Canada, Democratic People’s Republic of Korea, Cuba, Syria, Iran, Sudan, Republic of Crimea, People’s Republic of China, and jurisdictions in which the auctions and/or trading of the tokens themselves are prohibited, restricted or unauthorized in any form or manner whether in full or in part under the laws, regulatory requirements or rules in such jurisdiction.
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