What is Algorand (ALGO)?
Algorand is a new proof-of-stake blockchain with a native cryptocurrency (ALGO) that offers its users the ability to create tokens and launch decentralized applications.
Created by Silvio Micali, a professor at MIT and Turing Award winner, Algorand differentiates itself with a design that lowers barriers to entry for users to participate in its operation.
- By owning 1 ALGO, users are able to participate in functions essential to Algorand’s operation, including validating transactions and adding new blocks to its blockchain.
- Algorand provides users with at least 1 ALGO (in a wallet they control), a share of the cryptocurrency it creates programmatically each time a block is added to its blockchain. Note: For the time being, you will not receive these rewards for the ALGO you keep directly on Kraken.
- Algorand’s technology randomly designates block producers, as opposed to having users compete for the opportunity to post transactions. This design is intended to minimize the likelihood its blockchain will split or fork.
- Notable investors (including Union Square Ventures) have already purchased ALGO tokens in advanced sales designed to spur project development.
- The Algorand blockchain officially went live in June 2019.
- Project website: https://www.algorand.com/
What time will funding and trading start?
- Funding: Kraken will enable deposits and withdrawals for ALGO at approximately 14:30 UTC on January 22
- Trading: The first trades will start shortly after funding is enabled as sell orders cannot be placed until deposits clear (see the required confirmation times for deposits here). The initial trading minimum will be 50 ALGO.
- Updates will be posted on the status page near launch time.
How to deposit
- Navigate to Funding > Tick “Show all assets” or Search for Algorand (ALGO) > Click Deposit next to Algorand (ALGO), then generate a deposit address and send ALGO to this address
Confirmations required before deposits credit
Fine print and fees
- Deposit/Withdrawal Minimum: 1 ALGO
- Deposit/Withdrawal Fee: 0.01 ALGO
- Trading Minimum: 50 ALGO
- ICO: $0.10 (June 2019)
- Current (forward traded): $0.24 (January 2020)
- Total: 10 billion ALGO
- Inflation: Algorand maintains a block explorer that keeps official count of its circulating supply. The foundation expects all ALGO to be distributed within five years of launch.
Which services will ALGO be available for?
Not (yet) available
Will Kraken list more assets?
Yes! But our policy is to never reveal any details until shortly before launch – not even about which assets we are considering. Our client engagement specialists cannot answer any questions about which assets we may be listing in the future.
Trade with caution
Limit orders are recommended when trading starts since the markets may be illiquid initially. Be extremely careful with market orders and orders that trigger market orders (e.g. stop loss).
Invest with caution
Listing an asset or token for trade is not a recommendation to buy, sell, or participate in the associated network. Do your own research, and invest at your own risk.
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