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Brendon Lim
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ALGO now available on Coinhako

ALGO now available on Coinhako

We are thrilled to share that Algorand (ALGO) is now listed on Coinhako!

What are Algorand and ALGO?

Algorand is a decentralized network built to achieve speed, security, and decentralization simultaneously. Launched in June 2019, Algorand is a permissionless, open-source blockchain network upon which anyone can build. It is designed to be a payments-focused network with rapid transactions and a strong focus on achieving near-instant finality — that means processing over 1,000 transactions per second (TPS) and achieving transaction finality in less than five seconds.

ALGO is the native cryptocurrency of Algorand with a variety of functions like paying for transactions, purchasing on-chain items and services participating in governance, and earning rewards, just to name a few. Algorand’s protocol design is such that the rewards paid to validators for producing blocks are split and distributed among all ALGO coin holders. 

ALGO maintains a maximum of 10,000,000,000 and has traded for USD $3.28 at its peak. 

How does Algorand work?

Algorand features a unique two-tiered blockchain structure. The base layer facilitates functions like smart contracts, asset creation, and atomic swaps between assets, ensuring security and compatibility. Within the first layer of the Algorand network, ASAs can be created to represent tokens similar to ERC-20 tokens on Ethereum. Simple smart contracts on Algorand execute as Layer-1 Algorand Smart Contracts (ASC1s), maintaining the same security level as the consensus protocol.

Algorand's second layer is dedicated to complex smart contracts and dApp development. This separation into Layer 1 and Layer 2 enables efficient transaction processing. By handling simple transactions on Layer 1 and more intricate smart contracts off-chain, Algorand ensures faster processing without delays from complex operations.

Why does Algorand stand out?

Algorand's protocol design uniquely distributes block production rewards among all ALGO coin holders, not just block producers, allowing holders to earn an estimated 7.5% APY. This distribution occurs approximately every 10 minutes to incentivize participation and decentralization. Users can earn rewards by holding ALGO in a non-custodial wallet or on an exchange without actively staking coins for block production or validation. 

Algorand has set a hard supply cap of 10 billion ALGO coins, which is allocated as follows:

  • 3 billion ALGO to be released into circulation over the first five years (including the initial auction of 25 million ALGO coins)
  • 1.75 billion ALGO (estimated) to be distributed over time as rewards for Participation Nodes
  • 2.5 billion ALGO to be distributed over time to Relay Nodes
  • 2.5 billion ALGO reserved for the Algorand Foundation and Algorand Inc.
  • 0.25 billion ALGO to be distributed for end-user grants

What can you do with ALGO on Coinhako?

ALGO will be available for users to trade across all swap pairs on Coinhako.

To gain access to any of these trading pairs, you can either:

  1. Fund your SGD wallet on Coinhako instantly with PayNow (or any other supported payment method)
  2. Purchase ALGO instantly with Visa / Mastercard 

Please note that the sending and receiving of ALGO will not be available for this release.

Risk Warning on Digital Payment Token Services

Hako Technology Pte Ltd ("Coinhako") is licensed to provide digital payment token services under the Payment Services Act 2019 (No. 2 of 2019).

The Monetary Authority of Singapore ("MAS") requires us to provide this risk warning to you as a customer of a digital payment token ("DPT") service provider.

Before you pay your DPT service provider any money or DPT, you should be aware of the following.

  1. Your DPT service provider is licensed by MAS to provide DPT services. Please note that this does not mean you will be able to recover all the money or DPTs you paid to your DPT service provider if your DPT service provider’s business fails.
  2. You should not transact in the DPT if you are not familiar with this DPT. This includes how the DPT is created, and how the DPT you intend to transact is transferred or held by your DPT service provider.
  3. You should be aware that the value of DPTs may fluctuate greatly. You should buy DPTs only if you are prepared to accept the risk of losing all of the money you put into such tokens.
  4. You should be aware that your DPT service provider, as part of its licence to provide DPT services, may offer services related to DPTs which are promoted as having a stable value, commonly known as “stablecoin”.

Visit: Coinhako.com/risk-disclosure for more information.