The Algorand Foundation has announced its Dutch Auction will take place on June 19th. The Foundation said this will be the first of a series of auctions for the Algo the native token of the Algorand platform.
The Algorand Foundation has a vision of a borderless economy where anything of value can be traded between two or more parties without the friction of current financial networks. The platform is a proof of stake system.
The vision is to create a non-forkable, medium of exchange that enables the tokenization of anything using Atomic Swaps. An explanation of the tech is available here.
Based in Singapore, these auctions will allow Algos to enter circulation at a market-determined price. The foundation has also announced a refund policy for auction participants. According to the Foundation, should any participant be dissatisfied with their purchase of Algos, they may return their Algos back to the foundation one-year post-purchase at up to 90 percent of the value paid.
As we have come to expect, certain countries are banned from participating in the auction including individuals based in the United States. If you are not on the exclusion list, you can register here.
For the first auction, 25 million Algos will be available at a starting price of $10.00 USD and a reserve price of $0.10 USD. The auction will last for 4,000 blocks (about 5 hours), all bids will be posted to and processed from the Algorand blockchain for transparency and Algos will be distributed after the close of the auction.
The research of Algorand is being led by Dr. Tal Rabin, a 2018 Forbes World Top 50 Women in Tech.
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