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Coin Price 24h %

Algorand (ALGO) will be Listed on Gate.io

2019-06-21 17:43:59Read:294519

Algorand, Inc. is a technology company founded by cryptography pioneer, Turing award winner and MIT professor, Silvio Micali. He designed the Algorand platform with an internationally recognized team of researchers, mathematicians, cryptographers, and economists—from first principles—to guarantee true decentralization, scale and security.
Algorand’s consensus mechanism is permissionless and pure proof-of-stake. It ensures full participation, protection, and speed within a truly decentralized network. With blocks finalized in seconds, Algorand’s transaction throughput is on par with large payment and financial networks. And Algorand is the first blockchain to provide immediate transaction finality. No forking. No uncertainty.

Official Website:https://www.algorand.com/
Whitepaper:https://www.algorand.com/resources/white-papers

The ALGO trading service will be enabled on UTC 04:00, June 22, 2019.

Please note that the circulation supply will be injected via auctions. The yearly sales target of the auctions is no more than 600 million Algos with a monthly target of 50 million Algos.
Algorand has finished its first auction on June 19. A total of 25,000,000 Algos were sold at a clearing price of $2.40, meaning there were approximately $60 million USD raised. Please see the details about Algo Auctions at: https://algorand.foundation/algo-auctions

The Algos will be disbursed to purchasers of the auction shortly, and the Algos may soon enter the secondary market. The initial circulation supply is relatively low, while as there will be more auctions, the circulation supply will be inflated and the price of Algos may see some mild pullbacks. Please be aware of the market risk and place investment cautiously.

Basic Information:
1) Total Supply: 10 billion
2) Distribution:
- Estimated algos to be injected into circulation (initially via auction) 3 billion
- Estimated participation rewards 1.75 billion
- Relay node runners 2.5 billion
- Algorand Foundation & ALgorand, Inc. 2.5 billion
- End user grants 0.25 billion

ALGO Trading Service


The ALGO trading service will be enabled at UTC 4:00, Saturday, June 22th on Gate.io. The withdrawal service will be available afterwards.

Deposit ALGO at:
https://www.gate.io/myaccount/deposit/ALGO

Trade ALGO at:
https://www.gate.io/trade/ALGO_USDT

To decrease volatility during the initial trading stage, we will apply the Call Auction Mechanism. The rules are as follows:

1) During the call auction, traders can place orders freely, but the orders will not be active immediately. The real-time reference trading price will be presented and calculated based on the Call-order price from the largest amount of trades created. During this period, the order book and the candlestick chart will also show the information about the related price range and the market movement based on the real-time reference (please note that the presented price is not the real trading price).

2) During UTC 4:00 - 4:15 (15 minutes in total), which is the first stage of call auction, traders are allowed to place orders and cancel orders freely.

3) During UTC 4:15 - 4:30 (15 minutes in total), which is the second stage of call auction, orders can be placed freely by the traders, but orders cancellation are prohibited.

12) When the call auction is finished, users will not be able to place or cancel any orders. From UTC 4:30-4:35 (5 minutes in total), the sys. will collect all the data and match the orders. Buy orders with prices higher than the reference price and sell orders with prices lower than the reference price will be matched and e xecuted (a portion of the orders with a higher routed price may not be matched). The remaining orders will go to the order book of the next trading stage automatically.

5) After the call auction data collection, we will enable trading activities.

6) The call auction is for Web only. Mobile users can initiate regular tradings after the call auction at UTC 4:35.


We sincerely appreciate your continuous support. Stay tuned for more innovative products from Gate.io!

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Gate.io
June 21, 2019