Yieldly Launches on the TrustSwap Launchpad using Algorand’s Pure Proof-of-Stake Protocol
TrustSwap, a full-service digital asset ecosystem recently announced the launch of Yieldly, the world’s first IDO on Algorand. Yieldly’s staking and no-loss lottery solution will unlock greater liquidity and token utility to create a pathway for future projects to build on top of the Algorand blockchain.
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.
Algorand is the first blockchain to provide immediate transaction finality. The name Algorand, is derived from the term Algorithmic Randomness, 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.
The Algorand advantage
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.
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.