Algo coin issuance time

Algorand’s native cryptocurrency Algo coin was issued on June 19, 2019, with a total circulation of 10 billion coins, 62% of which were issued through token sales and 38% were allocated to the Algorand Foundation.

Algo coin issuance time

Algo coin, also known as ALGO, is the native encryption of the Algorand blockchain platform currency. Founded by MIT professor Silvio Micali, Algorand is the first blockchain platform to use a purely proof-of-work consensus mechanism.

Algo coin was officially released on June 19, 2019. The Algorand Foundation raised approximately $60 million by selling 2.316 billion ALGOs through an initial coin offering (ICO).

Distribution

The total circulation of Algo coins is 10 billion. The coins are allocated as follows:

• 62% for the private token sale
• 38% allocated to the Algorand Foundation to fund platform development and operations

Current Status

The Algorand blockchain platform is mature and has been widely adopted. Algo Coin is a top 20 cryptocurrency by market capitalization and is used in a variety of applications including:

• Payments and Remittances
• Smart Contract Execution
• Asset Tokens As the Algorand platform continues to develop, the demand and value of ALGO is expected to continue to grow.

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