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The Algorand blockchain network has its own official native token, called the Algo. The Algorand Foundation will initially use an auction mechanism to distribute algos to registered participants around the world who satisfy regulatory requirements. Auctions are conducted on the Algorand blockchain through a listing partner.
Why Auctions to Distribute Tokens
We believe that the market should determine the value of the Algorand Public Blockchain, and by proxy, the Algo. We find that auctions, in particular Dutch Auctions, achieve this fairness for two main reasons. First, at every auction, everyone who buys an algo buys it at the same price. Second, the price is determined by the market.
There are other advantages to Algorand auctions, in particular:
Our auctions are efficiently conducted online and accessed simultaneously by users around the world. A user that temporarily loses their connection to the network can re-enter the auction and still participate.
Algorand auctions are transparent; every bid is placed on the blockchain, so everyone can verify that the auction has been conducted properly.
In the Auction Section, we provide more details on how our auctions work.
Token Status and Distribution
The Total Supply of Algos in the first 5 years will be a 10 billion Algos