Business Wire

Algorand Foundation Marks New Chapter in Global Economics with Inaugural Auction

Share

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 algorand.foundation.

Contact information

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

About Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Gilead Announces Latest Data in Ongoing HIV Cure Research Program23.7.2019 20:00:00 CESTPress release

Gilead Sciences, Inc. (NASDAQ: GILD) today presented results from two studies of investigational toll-like receptor 7 (TLR7) agonists as part of an HIV cure research program. The Phase 1 and preclinical study results demonstrate that the TLR7 agonists vesatolimod (GS-9620) and GS-986 can induce immune activation and follow earlier preclinical research suggesting that TLR7 agonists can potentially lead to viral remission, as part of combination regimens. The HIV viral reservoir is present even in virologically suppressed individuals and its elimination is regarded as a main obstacle to achieving a cure. The data were presented at the 10th International AIDS Society Conference on HIV Science (IAS 2019) being held in Mexico City. “While treatments have improved dramatically, people living with HIV still face a lifetime of therapy and potential complications. That reality drives our ongoing pursuit of a cure for HIV,” said Diana Brainard, MD, Senior Vice President, HIV and Emerging Viruses

Moody’s Analytics Wins Best Reporting System Provider in Waters Rankings23.7.2019 15:30:00 CESTPress release

Moody’s Analytics, a global provider of financial intelligence, has won the award for Best Reporting System Provider in the 2019 Waters Rankings. We earned this recognition for our regulatory reporting solution. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190723005679/en/ For banks and insurers, staying on top of regulatory changes is critical. Our end-to-end solution handles the entire reporting process, producing 3,000 different regulatory reports covering more than 50 jurisdictions. It automatically delivers all required updates well in advance of the relevant deadlines and makes it easy for clients to review, adjust, audit, and validate their reports. The Moody’s Analytics regulatory surveillance team boasts a wealth of experience in both local and international domains going back decades. They monitor more than 100 supervisor websites to ensure that our clients receive the updates they need in a timely fashion. “Regu

Gilead Presents New Findings on Profile of Descovy® for Potential Use as HIV Pre-exposure Prophylaxis Compared With Truvada®23.7.2019 15:00:00 CESTPress release

Gilead Sciences, Inc. (NASDAQ: GILD) today presented additional results from the DISCOVER trial evaluating an investigational use of Descovy (emtricitabine 200 mg and tenofovir alafenamide 25 mg tablets; F/TAF) for HIV pre-exposure prophylaxis (PrEP). In a sub-analysis of the DISCOVER trial, Descovy reached intracellular drug concentration levels above the estimated protective threshold significantly more quickly than Truvada (emtricitabine 200 mg and tenofovir disoproxil fumarate 300 mg tablets; F/TDF), and additional pharmacokinetic data confirm that these drug concentration levels persist longer than Truvada. The results were presented at the 10th International AIDS Society Conference on HIV Science (IAS 2019) being held in Mexico City. “Gilead is committed to driving advances in HIV prevention and supporting broader public health initiatives that are designed to reduce HIV infections,” said Diana Brainard, MD, Senior Vice President, HIV and Emerging Viruses, Gilead Sciences. “These

Velodyne Lidar Acquires Mapper.ai for ADAS Launch23.7.2019 15:00:00 CESTPress release

Velodyne Lidar, Inc. today announced it has acquired mapping and localization software as well as intellectual property assets from Mapper.ai. Mapper technology will enable Velodyne to accelerate development of Vella™, breakthrough software that establishes its directional view Velarray™ lidar sensor. The Velarray is the first solid-state Velodyne lidar sensor that is embeddable and fits behind a windshield, as an integral component for superior, more effective advanced driver assistance systems (ADAS). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190723005257/en/ In addition to ADAS, Velodyne will incorporate Mapper technology into lidar-centric solutions for other emerging applications, including autonomous vehicles, last-mile delivery services, security, smart cities, smart agriculture, robotics, and unmanned aerial vehicles. (Photo: Business Wire) Mapper’s entire leadership and engineering teams will join Velodyne, bol

Wealthy Americans are increasingly willing to invest, new UBS survey finds23.7.2019 14:12:00 CESTPress release

US high net worth individuals and business owners are expressing growing intentions to invest as US markets continue to hit record highs in 2019, according to UBS Global Wealth Management's new quarterly Investor Sentiment survey. The survey, which polled more than 3,800 wealthy investors and entrepreneurs in 17 countries, also shows US investors remain positive on the U.S. stock market but continue to rank politics and the national debt as top concerns. Fifty percent of US investors see a diversified portfolio as a hedge against US-China trade tensions specifically, in line with UBS GWM's own views, compared with 41% who favor cash. Filippo Ilardi, US Client Strategy Officer at UBS Global Wealth Management, says: "We are pleased to see a substantial increase in investors willing to put more money in the market. Wealthy Americans are concerned about the political environment and US-China trade tensions but we are encouraged that they see diversification as an important way of managing

Andersen Global Expands into Ghana23.7.2019 13:30:00 CESTPress release

Ghana law firm, Sam Okudzeto & Associates, signed a collaboration agreement with Andersen Global, marking Andersen Global’s presence in 13 African countries and over 51 countries worldwide. Located in the capital of Accra, Sam Okudzeto & Associates is one of the largest law firms in Ghana. For the past 48 years, the firm has provided legal advice and guidance in the corporate and commercial areas, including patents and trademarks, mergers and acquisition, tax advisory, corporate banking, international trade and investment, debt recovery, mining and mineral law, industrial and labor, aviation, maritime law, petroleum oil and gas, and intellectual property. Sam Okudzeto & Associates founder and Managing Partner, Sam Okudzeto and Nene Amegatcher, have led the team since the establishment of the firm until Nene Amegatcher was elevated to the Supreme Court. The firm now has four partners and 18 lawyers who have gained international reputation for their keen knowledge and experience with Alt