Algorand transparency report: Algo has not yet been sold on the secondary market and may be sold in small quantities in 2020 to support project development

Block beat BlockBeats news, Algorand released transparency report today. As of January 9th, Algorand had 2.016 billion Algo (up from 2 billion when it went public). Of this, 1.792 billion Algo is in public purses, while the remaining 224 million Algo is legally owned by Algorand, not actually held in trust. Algorand points out in the report that it has not sold any Algo license assets held by Algorand until the report is issued, but it will not sell Algo in small amount or at all in 2020, if sold, it will also be used for project development and ecological construction.

Disclaimer :Algorand Cayman SEZC is a subsidiary of Algorand, Inc., in the Cayman islands and is the sole owner of all certificates held by Algorand, Inc., or its subsidiaries. "Algorand" in this transparency report refers to Algorand Cayman SEZC, and all transactions described in this report using Algorand SEZC are conducted by Algorand SEZC with non-us counterparties. & have spent & have spent

The quarterly report covers the period from November 7, 2019 to January 9, 2020. As of the time of this report, Algorand has not sold any Algo on the secondary market. The company plans to sell part of the license by 2020, with the goal of financing development projects; The sale will be made through the structured program listed below. BlockBeats has been informed that in 2020, Algorand has committed to sell only the rewards obtained by supporting Algorand networks, and may sell only a small amount or no Algo at all.

The report indicates that Algorand holds the passbook for two main purposes:

1) establishment and promotion of incentive mechanism for Algorand platform growth; 2) development and growth of financial ecosystem.

Motivate contributors and application developers through token funding, competition, and investment.

Total expenditure: 155 million Algo(up from 111.2 million reported last time)

Initial investment to Algo Capital: 100 million Algo;

Equity investment: about 52 million Algo;

Market development: about 2.2 million Algo;

Application development: about 570,000 Algo;

Promote the development of the financial ecosystem by supporting partner solutions, including loans, mortgages and market making, to encourage growth and liquidity.

Total: 135 million Algo (up from 71 million in the previous report)

Loans: about 116 million Algo were loaned and used as collateral by third parties to help create loan markets. These Algo will be returned to Algorand.

Market making: about 18.7 million Algo have been loaned to different market makers to support exchange liquidity and create orderly markets.

Others: about 80,000 Algo are used for other purposes, including product testing and paying transaction fees.

Algo's sales plan for 2020

Algorand plans to make regular sales of its pass-through assets in 2020 to fund development plans. Any sale will be subject to the following guidelines designed to limit market impact.

Any Algo sold by Algorand will follow the following principles:

1. Any tokens intended for sale will be sold through one or more approved third parties who will perform their own transactions within the guidelines specified herein.

2. Algorand will become a market maker (no bids will be accepted), providing tokens only upon order request.

3. In any period of time, Algorand's market share will not exceed 5% of the total market share.

4. The third party structured seller has implemented an automatic rule that if the secondary market price (as reported in the messari.io) falls by more than 10% within 24 hours, the sale will automatically stop and will not start again until 24 hours after the observed price stabilization or increase.

Algorand has not sold any Algo at the time of this report.

Original address:https://www.algorand.com/transparency

Welcome to join the official BlockBeats community:

Telegram Subscription Group: https://t.me/theblockbeats

Telegram Discussion Group: https://t.me/BlockBeats_App

Official Twitter Account: https://twitter.com/BlockBeatsAsia