TrustSwap, the multi-chain-full-service cryptocurrency environment chose the Algorand blockchain to launch Yieldly. As the new platform came online, subscriptions ran out in a matter of minutes.
The relatively new blockchain, Algorand (for Algorithmic Randomness) is the first one to provide immediate transaction finality. The project can handle these quick settlements because their Proof-of-Work protocol requires a much smaller computing power than other protocols, because it’s not based on collision calculation as it’s the rule in, say Bitcoin.
TrustSwap Launches Yieldly on the Algorand Blockchain
TrustSwap, which is a full-service digital asset environment in its own right, is using the Algorand blockchain network to launch Yieldly, which is set to become the world’s first IDO.
The new platform went online, offering greater liquidity and token utility to the cryptosphere, in an effort to come up with a new pathway that will allow new future projects to take advantage of the Algorand blockchain. The launch was so successful that it got oversubscribed in less than an hour.
Life in the Algorand Network
Trading in TrustSwap’s Yieldly requires you to join Algorand. Tham means you have to have an Algorand wallet (MyAlgorWallet is available) funded with ALGO coins so that you can pay for your transaction fees.
Once you’re “there”. Yieldly users can hold their $YLDY tokens in their MyAlgoWallet which is, in addition, Yieldly’s official wallet.
MyAlgoWallet has many advantages over other digital wallets. Your ALGO funds, for instance, are staked automatically and earn rewards in real-time. That is the reason enough for you to have a MyAlgoWallet active, even if you can keep your ALGO tokens in other third-party wallets. The process is easy and intuitive.
Because the consensus mechanics in Algorand are so much lighter, the transaction fees are quite cheap too. A typical fee costs about a thousandth of an ALGO. The network’s lightness also allows for a new block to be added to the chain every five seconds and that, in turn, means that the network can manage a high transaction rate.
The TrustSwap Launchpad is a premier service meant for top-tier projects in the cryptosphere. Their trust in the Algorand platform will surely count as a significant vote of confidence thus boosting Algorand’s network, tokens, and technologies credibility in the crypto scene.