On June 19th, 2019, The Algorand Foundation will hold its first in a series of Dutch Auctions out of Singapore. These auctions will allow Algos, the native tokens of Algorand, the PoS blockchain protocol, to enter circulation via a mechanism where the market determines the fair price.
The Algorand Foundation believes in the value of the Algorand platform, the Algo, and the potential for everyone to have an opportunity as we enter a new, borderless economy. With a goal of investing in the sustainability and performance of that economy, the foundation has also announced a refund policy for auction participants. 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.
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.
Details from the foundation regarding token dynamics can be found at algorand.foundation/token-dynamics.
- Who: The Algorand Foundation invites eligible participants to register and join the auction.
- When: The auction starts Wednesday, June 19, 2019, at 6 PM Singapore Standard Time.
- Where: The auction will be conducted on the Algorand blockchain at https://auctions.algorand.foundation.
- How: To participate in the first Algorand Foundation auction, users need to complete the registration process, including creating an account, completing compliance checks, funding a USD wallet and creating or importing an Algo wallet. These steps may take several days to finalize before bidding is possible.
Please note that participation in auctions is not possible for the following excluded jurisdictions: United States of America and its territories, Canada, Democratic People’s Republic of Korea, Cuba, Syria, Iran, Sudan, Republic of Crimea, People’s Republic of China, and jurisdictions in which the auctions and/or trading of the tokens themselves are prohibited, restricted or unauthorized in any form or manner whether in full or in part under the laws, regulatory requirements or rules in such jurisdiction.