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r/algorand
76.5k members
The community controlled subreddit for the carbon-negative Algorand blockchain and cryptocurrency.
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r/AlgorandOfficial
70.8k members
Official community for Algorand - World’s first open source, permissionless, pure proof-of-stake blockchain protocol designed for the future of finance. Founded by Turing Award-winning cryptographer Silvio Micali. Algorand runs on a highly energy-efficient network and is carbon neutral.
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r/CryptoCurrency
6.2m members
The leading community for cryptocurrency news, discussion, and analysis.
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r/AlgoNFTMarketplace
13.3k members
This space is meant to discuss and learn about NFTs on Algorand! All deals are made at your own risk. No warranties or guarantees are made by Reddit or the moderators of this subreddit. Perform your own due diligence prior to making a trade. We recommend going through one of the marketplaces to help ensure a safe transaction. If you have a smooth transaction with someone PLEASE VOUCH FOR THEM in our Vouch Thread. Please have fun and be respectful!
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r/algorandASA
27.4k members
Welcome to r/algorandASA (Algorand Standard Assets). This sub is for the discussion and announcements of new ASA's. Many of these asset are purchasable via https://app.tinyman.org/ 'Airdrop' & 'Announcement' posts must include a link to the asset on Algoexplorer.io in the post for transparency
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r/yieldly
12.6k members
Launched in June 2021, Yieldly is the first DeFi platform on the Algorand Blockchain. Website: https://yieldly.finance/ https://t.me/yieldly https://twitter.com/YieldlyFinance
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r/GreeneryCommunity
634 members
Welcome to the Greenery. We are a community of researchers and investors on a mission to establish an innovative marketing brand and help promote the Algorand Ecosystem. We conduct AMA with project owners, as well as interactive education sessions (Greenery Hour) daily on Telegram group Voice Chat.
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r/AkitaInuASA
11.5k members
ALGO's best friend 💎🐶 Akita Inu (AKTA) - The Ultimate Community Coin on Algorand ASA ID# 523683256 Akita Kennel Club (AKC) - A stunning collection of 1,000 unique NFTs
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r/WeAlgoTogether
2.3k members
This village has been created on fundamental good values to build momentum; increasing awareness of Algorand. We will hodl together... Algorand price is unimportant, here the focus is on wholesome values, building a helpful ethical community; as we will be governors of the future... Algonauts unite!
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r/Tinyman
6.4k members
Tinyman is a next-generation Decentralized AMM protocol on the Algorand blockchain. https://app.tinyman.org
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r/algorandcasino
2.0k members
Bringing classic casino gaming to the Algorand ecosystem! Stake your Chips to become the house or provide liquidity to our chip/algo pool on Tinyman and recieve an automatic faucet drop! Find out about our verified asset, Chips (asa id:388592191) Links to our website/socials in the sidebar and top menu!
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r/algofi
4.0k members
DeFi that scales. Built on Algorand. YC S21. Earn interest, borrow, and trade your crypto.
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r/cosmicchamps
944 members
Cosmic Champs is building the first 3d P2E NFT mobile game on the Algorand blockchain
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r/PeraWallet
1.7k members
Official community for Pera Wallet: The best wallet on Algorand.
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r/Algogems
1.9k members
Algogems is a Community-driven & next-gen NFT platform offering a seamless NFT experience and FREE NFT minting! Algogems offers public and encrypted NFT services, including minting, buying, selling, and auctioning. Very low fees & fast interactions, on the Algorand blockchain. GEMS is the native token of the platform, used to govern the platform and rewards its most active users and content creators!
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r/algodads
882 members
The AlgoDaddy Subreddit. Enjoy educational guides, news, and memes. Moreover, it's a place for algodads and algomoms to chill. Head over to AlgoDaddy.org for more Algorand News & Guides.
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r/LoftyAI
2.6k members
Lofty is a tokenized real estate platform on the Algorand blockchain.
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r/Algonauts
25.4k members
A hub for Algonauts to discuss, trade and collect NFTs and ASAs
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r/ExodusWallet
28.5k members
Welcome to r/ExodusWallet! This is the sub dedicated to the discussion of the Exodus cryptocurrency wallet. For official wallet support, please email support@exodus.com. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Remember: Exodus will NEVER ask you for your 12-word phrase, keys, or identifying information. Exodus will NEVER send you to another website to do any kind of updates except for our official website at www.exodus.com.
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r/ethtrader
2.3m members
Welcome to /r/EthTrader, a 100% community driven sub. Here you can discuss Ethereum news, memes, investing, trading, miscellaneous market-related subjects and other relevant technology.
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r/NFTsMarketplace
276k members
A place where you can buy, sell, promote, and learn more about NFTs! Share your work, tell your story, but most importantly, interact with others, it's the only way to find people that truly connect with your work.
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r/HEADLINECrypto
3.4k members
HEADLINE Crypto is a Texas-based blockchain project and token from the team behind AlgoPay, AlgoCloud, Vaults Protocol, FORUM, PIPELINE-UI, and Algo Astros.
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r/CryptoCurrencies
379k members
We're Crypto Reddit's Fiji water in a desert of censorship and agendas. Arguably Reddit's best source for uncensored cryptocurrency news, technicals, education, memes and so more!
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r/CryptoMarkets
1.4m members
Crypto Market Analysis & Discussion. Demand and price, technical analysis, fundamentals, Bitcoin, Ethereum, token, volume, oscillator, RSI, stochastic, trend, trends, sentiment, strategy, coin, coinmarketcap, coingecko, messari, altcoin, blockchain.
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r/CoinBase
227k members
Welcome to r/Coinbase!
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r/kittencoin_ASA
13.5k members
KittenCoin ($KTNC ASA: 361671874) https://www.kittencoin-asa.net/
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r/cardano
692k members
Cardano is a decentralised public blockchain and cryptocurrency project and is fully open source. Cardano is developing a smart contract platform which seeks to deliver more advanced features than any protocol previously developed. It is the first blockchain platform to evolve out of a scientific philosophy and a research-first driven approach. The development team consists of a large global collective of expert engineers and researchers.
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r/ledgerwallet
100k members
Discussions about Ledger's products. Visit us @ ledger.com
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r/TacoToken
4.1k members
The official subreddit for TacoCoin token ASA: 329110405 https://www.dorastacos.com
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r/Hedera
29.9k members
Hedera is a decentralized, open-source, proof-of-stake public ledger that utilizes the leaderless, asynchronous Byzantine Fault Tolerance (aBFT) hashgraph consensus algorithm. It is governed by a diverse, decentralized council of leading enterprises, universities, and web3 projects from around the world.
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Posted by3 days ago

It's September 2021: the Algorand price just hit $2.38, Algonauts are everywhere, and the CryptoCurrency sub is best described as a living shill for the Algorand blockchain.

The Excitement is enticing and contagious as Algorand locks in one partnership after another, but behind the scenes... A Series of Unfortunate Events are Begining to Unwind, and what was once a promising blockchain to laugh and make jokes about - is quietly becoming a disaster for investors.

This post is not a technical breakdown of Algorand nor is this post meant to fud the future of Algorand. This post is about the absolute disaster that continues to unravel for investors of the Algorand Blockchain.

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I. A Brief Introduction to Algorand:

If someone told you about Algorand they probably also told you it was founded by Silvio Micali "a cryptography pioneer, Turing award winner and MIT professor". Algorand launched in 2019 and hails itself as a Pure Proof of Stake (PPOS). The most notable difference from traditional Proof of Stake (POS), is that the creator of the next block is selected randomly irrespective of their total stake. As the name implies this approach is touted by Algorand supporters as a more fair and decentralized version of POS.

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II. The Beginning of an Inflationary Nightmare for Investors:

Like most crypto projects Algorand absolutely blew up in 2021, it started the year under $.40 and it ended the yearover 4x around ~$1.65. However unlike most crypto projects that peaked in early November Algorand peaked in September.

https://i.redd.it/0jgjkqekoloa1.png

What sounds like an interesting side note, holds a much darker truth for investors - Algorand inflated by 533% in 2021, as the circulating supply jumped from 1.19B to 6.37B - and 12% in 2022 from 6.37B to 7.14B. If you line up the graph for the increase in circulating supply to price, you can see the September 2021 peak lined up with a large surge in the circulating supply and a steady drop in price since.

https://i.redd.it/oqzgptvwemoa1.png

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III. A Controversial Change in Leadership

In January of 2022 the prior CEO of the Algorand Foundation was quietly ousted from the company, and replaced with the new CEO Staci Warden. The replacement has been incredibly controversial inside the Algorand Community as the new Foundation CEO thought one of the major priorities for the Algorand Foundation was to focus on PR.

https://twitter.com/StaciW_DC/status/1499202881647489025

Additionally she's been largely criticized for acting childish and immature in her public statements - with statements that are meant to create "baseless hype" which leads to Algorand believers holding even larger underwater bags. If you have ever heard of Staci before it's probably for her, "Nike" tweet.

https://i.redd.it/ds8gyyfxuqoa1.png

This one word tweet, lead people to believe big things were imminent for Algorand Investors with a potential Nike Partnership. Instead it was later revealed that Staci had hired a former Nike Executive as the Chief Marketing Officer for Algorand.

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IV. A Disaster in "Marketing" - Part 1: An Introduction

If you are familiar with Algorand Tokenomics you probably know, Algorand has a max supply of 10B and the beginning Centralization of Tokens with the Algorand team was one of the worst things about Algorand.

https://i.redd.it/1r9ia3fgipoa1.png

As you can see, Algorand itself was one of the initial largest holder of Algorand. When a Crypto organization needs to raise funds - they do that by selling their tokens, and that's exactly what the Algorand Foundation did. To the Foundations credit, they make bi-annual Transparency Reports that detail how much they sold and sometimes what those funds were used for. Below is a breakdown of the sales from October 2020 - September 2022 time period. Links to Transparency Reports information was gathered from: 1, 2, 3, 4 .

Numbers in Algo


In the Past two years the Algorand Foundation has sold 228M Algo and Paid their Board of Directors another 3.65M Algo. Important: these numbers do not include Algo given out for for ecosystem development - That includes another ~400M Algo over two years, some of which may have also been sold.

A Disaster in "Marketing" - Part 2: Partnerships

The past few years have been huge for Partnerships with Algorand, it seemed like every week the Algorand Foundation was announcing a new partnership. But most of these were just glorified real-world Sponsorships that Algorand paid for, that came with an Agreement to do do something on the Algorand blockchain, like FIFAs NFT flop.

https://i.redd.it/df9n4vqiypoa1.png

Announced in May 2022, Algorand became the official blockchain partner of FIFA. Immediately after the announcement the price of Algorand spiked 20%, but what investors had hoped would be game changing for the Algorand network - ended up as just another disappointment. In September 2022, FIFA launched an NFT project on the Algorand Blockchain - with over 205,000 mints, at a cost of $5 each and low resale interest: the project just ended up being a further $1M cash grab for FIFA.

The Algorand Logo was not on display as a partner during the Fifa world cup. Additionally there was not an ad or Algorand TV Spot during the world cup, something Algorand supporters had hoped to see.

A Disaster in "Marketing" - Part 3: Advertisements

Under the guidance of the new Foundation CEO Staci and a pivot to focus on PR - Algorand the "Greenest Blockchain", planned a huge marketing stunt for Earth Day 2022. They rented the time square billboards for one hour to black them out. Then they intermittently flashed them Green with the Algorand logo and text about how Algo energy consumption compares to BTC.

Source: https://shortyawards.com/7th-impact/algorand-earth-day?trk=public_post_feed-article-content

Of course the money for this publicity stunt, had to come from somewhere, and that money came from dumping Algo on Investors. From April - September 2022. The Algorand Foundation spent $22.2M on "Marketing and other forms of ecosystem promotion" which was raised by selling Algorand. In the prior six months, they only spent 9M in the same category.

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V. MyAlgo Hack and TinyMan Hack

In late February MyAlgo was hacked and some of the largest holders on Algorand saw over $9M in Crypto drained. A week later smaller holders on MyAlgo also started to see their crypto drained in what at the time seemed like Bots draining wallets.

Image taken from a /u/Odlavso post

MyAlgo will be releasing the Preliminary Findings on the Hack tomorrow, Mar. 20th 2023.

In January 2022 TinyMan was hacked and $3M was drained from Algorand ASAs (tokens). Source

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With all of these problems and the continuous sell pressure from the Algorand Foundation - Algo's price has continued to drop over the bear market. One Algorand was selling for nearly ~$2.40 in Sep. 2021, and is now selling for $.22. If Algorand tech can turn around the nightmare that is occurring for Algorand investors is another question.... but one thing is certain - A series of Unfortunate Events has made Investing in Algorand an absolute nightmare.

TLDR: What was once a loved project shilled endlessly by this sub has quickly and quietly turned into a nightmare for anyone still left in the project.

Edit: Since some people think analyzing the failures of Algorand over the past 18 month is "hating Algo and Fud", please read the post again. The inevitable comments about "This sub hates Algo now, I Guess that Means It's Time to Buy" misses the entire point of this post.

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Posted by16 hours ago

EDIT #1: WE ARE LIVE!

EDIT #2: The AMA is now over! Thank you very much Gary, Anne, Bob and Paul for chatting with our community today. See you all soon!

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ALGO fam, welcome to our AMA - Ask me Anything - with the Algorand Inc tech team!

You can start posting your questions now and the Algorand team will respond all they can for one hour starting at 2pm EDT today.

https://i.redd.it/lva5aj5oiapa1.png

This AMA will be held by:

  • u/algogmalouf, Gary Malouf - Head of Engineering at Algorand Inc

  • u/algoanne - Anne Kenyon, Director of Product Management at Algorand Inc

  • u/bbroderma - Bob Broderick, Principal Software Engineer at Algorand Inc

  • u/estantef - Head of Product Marketing at the Algorand Foundation, Host

  • u/cysec_ - Digital Community Champion at the Algorand Foundation, Host

  • u/HashMapsData2Value - Digital Community Champion at the Algorand Foundation, Host

Recently Algorand Inc released a protocol upgrade that included several great features that are currently in BetaNet.

BetaNet release: https://github.com/algorand/go-algorand/releases/tag/v3.15.0-beta

Simulate: https://medium.com/algorand/try-before-you-buy-on-algorand-5acd1b9617d1

Conduit: https://twitter.com/algoanne_/status/1638567790494859267

And why is Simulate awesome?

Well, it allows you to evaluate transactions without altering the state of the blockchain!

And what other cool stuff is out there on the 3.15 release?

TEAL MACROS!

According to Anne, macros help with repetitive code and simplify TEAL writing. Macros also help the readability and auditability of TEAL, even if you're using a high level language.

-------

The Algorand Inc tech team has been very kind to come for this AMA and answer your questions, but there are a few rules:

  1. Be respectful. If your question is not respectful, you likely will not receive an answer.

  2. Keep questions related to the tech. Implementation, areas of research, roadmap, curiosities, etc.

And at last, we all know this team is AMAZING, but check out their bios:

Gary Malouf - Head of Engineering

Gary has built and scaled engineering teams across a spectrum of companies (startups through public), with significant achievement in the large scale data / event processing space. He joins Algorand from Wayfair, where he led the teams responsible for their customer information platform (DMP), bootstrapped their ML platform org, and scaled the onsite Media / sponsored products platform; the latter growing 3x into a $100 million recurring revenue business over an 18 month span. Before Wayfair, Gary held several technical leadership roles including head of engineering at OfferLogic (acquired by Rokt) and chief architect for a digital media trading startup. Gary completed his Bachelor's of Science degree in Applied Mathematics at Marist College and a Master's of Science in Industrial Engineering at Northeastern University.


Bob Broderick - Principal Software Engineer

Trained at MIT as a computer scientist, Bob's analytical talent has led him to become an experienced investor with a track record of identifying opportunities in areas of outsized potential growth. He began his investment career on the floor of the American Stock Exchange and went on to develop quantitative research-driven pricing strategies at JPMorgan Chase, Soros Fund Management, and Bloomberg, where he managed a team of quantitative software engineers. Bob established Uji Capital LLC, a consumer-focused equity investment office with a specialty in cannabis and cannabis research philanthropy at preeminent institutions. Bob holds a Bachelor of Science and Master of Engineering in computer science from the Massachusetts Institute of Technology, and a Master of Arts in East Asian studies from Harvard University.

And now onto the best part.. SEND YOUR QUESTIONS!

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Posted by13 days ago

We would like to share with the Algorand community a thread on the recent MyAlgo security incident and our thoughts to support the victims during this challenging time.

As key participants in the Algorand ecosystem, we feel truly sorry for all the victims of this unfortunate event and we understand the need for our ecosystem champions to step up and show support to the entire community at this moment.

First and foremost: If you have not already done so, now is the time to rekey or move the assets to a new Pera Algo Wallet or Defly wallet!

Some of our portfolio companies were significantly impacted by the loss incurred in this hack. As their VC partners, we are working to do our best to provide investment support to mitigate the impact, so that they can recover and continue to operate in the ecosystem.

This is one of the biggest challenges we’ve faced in the Algorand ecosystem and it will require a coordinated effort to make sure that we can, together, bring light to these dark times and move forward towards our future with the least possible negative impact.

As a member of the Algorand Foundation Governance Advisory Committee, we would like to propose the creation of a 50M $ALGO Recovery Fund, anchored with the treasury of the Algorand Foundation and open to contributions from third parties including other ecosystem investors.

In light of unprecedented community urgency, we suggest it should be included as a 3rd measure to be voted on before the end of the current governance period of Q1 2023.

If the community votes in favor and approves the creation of the Recovery Fund, Borderless will contribute 2.5M ALGO on top of the amount that the governance community deems appropriate to be used from the Algorand Foundation treasury.

Due to the total losses and in an effort to make all the victims whole, we propose that the current Algorand blockchain ALGO fees that are now going to the Algorand Foundation treasury wallets should be allocated to this Recovery Fund until the community is fully restituted.

As it relates to the intricacies of restitution through the Recovery Fund, we are extremely eager to help the Algorand Foundation, along with other major ecosystem participants to quickly develop a process and work alongside third parties to have an orderly distribution of funds.

We hope this initiative will be supported by the broader community of Algorand users, builders, node runners, investors and all other participants, and together we will come out of this incident stronger than ever!

Source: https://twitter.com/borderless_cap/status/1633911425822236676

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Posted by24 days ago

Last week on February 20th it was reported that over 13 million ALGOs were stolen from different users, it appears that all of these users were using a My Algorand browser based wallet. MyAlgo tweeted this morning recommending that all users move assets off any Mnemonic wallet stored on MyAlgo site.

If you have a hardware wallet linked to MyAlgo your crypto should be fine since your seed phrase was never on their website.

It also appears that Pera wallets are not affected buy hardware wallet would be best.


https://i.redd.it/g58sa1hlyqka1.png

John Woods the CTO of the Algorand foundation made a statement that the hack was not a problem with Algorand itself.


https://i.redd.it/5e0nffxmyqka1.png

Multiple users have lost millions of ALGOs in this hack


https://i.redd.it/52xbxbnoyqka1.png

Gard protocol a DeFi platform on Algorand was also affected by the recent hack, no users funds were taken but it appears a portion of their operating funds were.


https://i.redd.it/p1kgve2qyqka1.png

Things to do

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Posted by15 hours ago

I’ve been a part of Algorand since 2020. I’ve invested at highs, lows, and for the most part haven’t stopped buying it. I genuinely think it has some of the best tech in the market and it’s incredibly hard for me to bet against M.I.T.’s brainchild. For the nitpickers, Silvio Micali was mentioned in BTC whitepaper and his work that earned him the Turing Award is vast since he started in the 1980s at MIT and remains there today. It’s a professor from Mit’s brainchild. I say all of this to try to draw differences from the start between Algorand the blockchain developer and Algorand the foundation that spurs interest and economic development. They’re two different entities and the foundation does not keep the chain running so to speak. Algorand Co. is the brains behind the well oiled machine, more aptly Silvio Micali.

Semantics and résumés aside the foundation concerns me. Staci Warden is not uneducated nor is she bad at her work. She’s landed partnerships we never would’ve had before and though they haven’t blossomed through the bear market like many others, the work will continue to develop until it just becomes a part of everyone’s lives. My problem is the governance and by proxy, the foundation which Staci Warden heads. Algo now has no rewards through Coinbase and it has not had a genuinely transparent quarter of governance or open door to their decision making behind their programs. There are conversations that don’t seem to involve the public like their developments or methodology, so how could we vote to spur them properly?

We’ve had governance every quarter for quite some time now. The first question was to increase rewards at the risk of slashing your locked amount for governance if you withdrew during the period. The community voted against the riskier but more potentially profitable measure and we moved on. Since then it has been defi funding after defi funding and it’s starting to feel like they’re taking the losses of their defi giants and socializing them amongst us through governance. When they issue a governance question it’s “Do we increase defi funding by 5m Algo or 15m Algo per quarter from the governance reward pool?”

This is participation, not governance. The people running the project can not be that dull. In my opinion this is the only thing holding Algorand back from being in the top 10 or 5. Before my fellow Algo investors get up in arms, I understand they’re working to change governance through their new proposal system but it feels slow and it feels like something not geared toward grassroots investors but instead the defi competitors. This new Algo X Governor program is confusing at best and I hope to understand more from your comments.

I understand Defi will help this chain, I understand that Algorand is a 10 year build, but I want to actually choose here. If they’re smart they’ll make a better proposal this next quarter and hopefully make adjustments here. I’m also aware that even if we had genuine questions, we could get completely outvoted by whales since the market cap is low enough for opportunity to manipulate here, but hopefully with the low institutional interest Algorand has experienced we can reasonably say it’s not the worst imbalance of whales in the crypto world.

Accelerated vesting is over, partnerships are here and big ones at that, and Algorand continues to have 0 down time and continuously top of the line tech. This is the only thing standing in its way of being a truly decentralized currency and transaction network and I hope I can read comments informing me of what I don’t know. I want to see this crypto flourish mainly because it’s partnered with universities all over the country. If you wanted a good government competitor, you’d wanna find the smartest people. Lawyers, devs, and values that supersede government whim working together. Hopefully the foundation doesn’t bring the merit of Algorand Co. and their work down and I look forward to learning what y’all have experienced as well.

TL;DR: Algorand’s foundation needs to establish actual governance, or they won’t be able to fully provide what the market needs. This will be wasting the tech that makes them such a great option for blockchain use and limiting investor involvement which has historically been a bad move especially in crypto from my observations. Alternative example: imagine if publicly traded companies didn’t have to produce filings. Forget unprofessional, that’s just unnerving.

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Posted by16 days ago

First sorry for those affected by this hack.

I have seen a lot of tweets and posts that seem to put blame on Algorand, when in reality it is myAlgo's fault. MyAlgo wallet is not Algorand. It seems like it is a bit of a forgotten project by the people behind it, which may have affected its maintenance and security.

But as a community, we have to stay strong. I really feel we start to have something going on right now. And things look bright. Don't let guys like the OPULOUS CEO destroy all this, cause he feels threatened by Napster and Limewire.

Algorand is on the right path, just hire a CFO for its growth project. Researchwise it is kicking ass, imagine in the next 3-4 years, we could be the first blockchain running full-scale decentralized multiparty computation (MPC) on Algorand, as well as having fully Homomorphic encryption (FHE). See the the paper by the Algorand researchers for an example:

https://eprint.iacr.org/2021/210.pdf

A public blockchain will never get adopted until it reconciles two conflicting forces: its public nature with privacy. This is because companies will never put their sensitive data on a public blockchain without some privacy feature. Healthcare, insurance, land registry, degree certificates data will never be on a public blockchain unless these two forces, public and privacy, are reconciled. And considering the team behind Algorand (Micali, Halevi, Tal Rabin, Hugo Krawczyk, Pekert, and its advisors) are top of their field.

I believe Algorand will be the first to reconcile these two forces.

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