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Algorand Foundation Marks New Chapter in Global Economics with Inaugural Auction

Algorand Foundation ushers in the Borderless Economy built on first-of-its-kind public and permissionless blockchain platform from Turing Award winner Silvio Micali

News provided by Algorand Foundation
June 20, 2019 16:21 KST

SINGAPORE--(Business Wire / Korea Newswire) June 20, 2019 -- The Algorand Foundation announced today the successful completion of its inaugural Algo auction, marking the launch of the Algorand platform and its original economic model that uses a unique combination of consensus-driven blockchain technology and economic incentives to ensure absolute fairness and broad participation in a new Borderless Economy. The auction brings Algos, the native token of the Algorand blockchain platform, into market circulation for the first time. Originally scheduled to last for more than five hours, the auction sold out in under four hours, due to oversubscribed demand from a large group of global participants. The Dutch Auction mechanism ensured the market, not the seller, set the price of the offering and that each participant paid the same price per Algo.

The Algorand platform is the first public, permissionless pure proof-of-stake blockchain protocol that solves the “blockchain trilemma” of achieving scalability, security and true decentralization all at once. Performance on the Algorand platform exceeds 1000 transactions per second (TPS) with a latency of less than 5 seconds, putting it on par with the throughput of major global payment networks without compromising security or decentralization.

“We are excited to see our vision for a borderless, trusted and decentralized economy come to life with the first auction and the official launch of MainNet,” said Silvio Micali, founder of Algorand. “Our focus in the Algorand ecosystem has been to encourage broad and inclusive participation where global users, not a centralized collection of companies, control the network. We expect Algorand will make blockchain relevant for developers and businesses today, and also deliver economic models and incentives that encourage sustainable and efficient and market-driven pricing.”

“We see this auction as a first step, but an important step, in a long journey toward a fairer world, where everyone has the ability to participate in economic prosperity,” said Dr. Tal Rabin, Head of Research for the Algorand Foundation. “The Algorand platform is decentralized by design to ensure broad and global participation.”

The Algorand Foundation is the first organization to conduct a fully transparent global auction on its own blockchain. Complete auction results can be found on our website, in file and table form, and can be verified against the hashed settlement commitment in block 14436, transaction HEDI522DR4L473W4NXPTTV55HBADGIFVH7C7XC3Z2D3TJZAKUQ7A.

The auction’s completion is also a call to build for businesses and developers who want to bring the innovation and scalability of the Algorand blockchain platform to their customers. Developers can access the developer website at https://developer.algorand.org and the go-algorand repository at https://github.com/algorand/go-algorand, which was open sourced on June 12, 2019.

For more information, please visit: https://algorand.foundation

About the Algorand Foundation
The Algorand Foundation is providing the trusted infrastructure needed to support the growth of a borderless economy with an approach that is decentralized by design. With research led by Dr. Tal Rabin, a 2018 Forbes World Top 50 Women in Tech, the Algorand Foundation is incorporated in the Republic of Singapore.

For more information, visit https://algorand.foundation

View source version on businesswire.com: https://www.businesswire.com/news/home/20190619005806/en/

Contact

The Algorand Foundation
March Communications
Kalyn Schieffer
617-960-9948
algorandfoundation@marchcomms.com

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