TrustSwap, a full-service digital asset ecosystem, launched Yieldly, the world’s first IDO on Algorand. With Yieldly’s staking and no-loss lottery solution, future projects will be able to build on top of the Algorand blockchain and unlock greater liquidity and token utility.
Yieldly’s bridge products and AMM/DEX are expected to open the Algorand ecosystem for many use cases that are currently booming on other blockchains such as yield farming, NFT distribution, and social rewards systems. Their top-tier partners including Borderless Capital, Longhash Capital, and CMS Holdings share a vision of Yieldly becoming a Top-10 product in the DeFi space.
Algorithmic Randomness (ALGORAND) based on Proof-of-Stake (PoS)
Algorand is the first blockchain to provide immediate transaction finality. ALGORAND, which is short for Algorithmic Randomness, is used to select, based on the ledger constructed so far, a set of verifiers who supervise constructing the next block of valid transactions.
Unlike prior implementations based on Proof-of-Work, Algorand requires a negligible amount of computation and generates a transaction history that will not “fork” with overwhelmingly high probability (one in a trillion, that is, or even 10¹⁸). Further on, the reward for computing a new block on a Proof-of-work network such as Bitcoin with an ordinary computer exceeds the expected cost of electricity.
The public version of the Algorand blockchain is designed to enable other developers to create new kinds of applications fueled by cryptocurrency.
The project is already getting acknowledged by large-scale initiatives. SIAE, one of the largest rights management companies, founded in 1882, has recently launched 4 Million NFTs on Algorand, representing the rights of nearly 100,000 creators.
Advantage of Algorand’s Consensus Protocol
Unlike proof-of-work protocols like Bitcoin, Algorand’s consensus protocol does not require participants to solve cryptographic puzzles to propose or validate blocks.
As a result, Algorand’s consensus protocol can scale to millions of users and sustain a high transaction rate, without incurring significant costs to participating users. Consensus on a block is reached in parallel with the block being propagated to the network, which normally happens in a few seconds.
Trading and holding funds on the Algorand network
To trade on the Algorand network and access Yieldly’s YLDY tokens, one will need an Algorand wallet funded with ALGO for transaction fees. Yieldly investors can hold their $YLDY tokens inside MyAlgoWallet, the official wallet for Yieldly.
MyAlgoWallet is a dedicated Algorand blockchain wallet that holds private key access to YLDY and other ASA (Algorand Standard Assets, comparable to ERC20 on Ethereum) tokens.
MyAlgoWallet holds distinct advantages over other cryptocurrency wallets. For example, ALGO funds held in MyAlgoWallet are staked automatically and earn staking rewards in real-time. Therefore, one should prefer holding ALGO in MyAlgoWallet, rather than a third-party wallet, an exchange, or a staking service provider.
Creating a wallet on MyAlgoWallet is easy and intuitive. The wallet also gives the option to view the seed phrase as a QR-code in case someone wishes to store his seed phrase digitally.
Sending funds across Algorand is extremely cheap — a standard fee for simpler smart contract functions such as send funds is around 0.001 ALGO (~$0.00023). Due to Algorand’s transaction throughput of over 1000 transactions per second with a block time of only 5 seconds, the transaction gets confirmed near instantly on the Algoexplorer.
About TrustSwap
TrustSwap is a multichain, full-service digital asset ecosystem that offers P2P/OTC Escrow, Time-release payments, Launchpads, Incubator programs, NFT marketplace, Team token & Liquidity Locks and automated distribution protocol solutions.
The TrustSwap Launchpad is a premier service offered for top-tier projects that want professional support and guidance through the complex and critical token launch process.
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
