Pool-X will be launching an ALGO trial fund activity with the Algorand (ALGO) project at 10:00:00 on February 19, 2021 (UTC). 5,000,000 in ALGO trial funds will be sent out, and Pool-X invites you to join in! (*All times in this news are based on the UTC time zone.)
The total allocation of the trial fund: 5,000,000 ALGO
Participation Qualification: All users on Pool-X or KuCoin
Timeline in Receiving the Trial Fund:
How to Get the Trial Fund:
1. Add the ALGO/USDT, ALGO/BTC and POL/USDT trading pairs to your Favorites list on KuCoin during the specified time to qualify for the trial fund (Snapshot Time: 9:59:59 on February 19, 2021). Users can get the trial fund by completing the following two tasks:
Task 1: Hold 2,000 or more ALGO in your Pool-X account, and you can get 10,000 ALGO in trial funds (Snapshot Time: 9:59:59 on February 19, 2021). The amount of available trial funds for this task is 2,000,000 ALGO, and they will be allocated to the holders according to the positions held by the users from highest to lowest.
Task 2: Hold 500 or more unlocked POL in your Pool-X account and participate in the quiz(Click here) provided by the Algorand (ALGO) project. Users can get the corresponding trial fund amount according to the accuracy of their answers on the quiz. The amount of available trial funds for this task is 3,000,000 ALGO and they will be allocated to the users according to their order of quiz completion time.
1. Only the scores from the first attempt at the quiz will be accepted for each user.
2. Each user can get 25,000 ALGO in trial funds at most.
3. For either of the above two tasks, if the corresponding trial fund amount is not fully allocated, then the remaining amount will be automatically allocated to the other task.
4. Users can check the trial funds they receive on the Pool-X Assets page.
5. When users participate in the quiz task, only one account with the same IP address can enjoy the trial funds. If two or more users have the same IP address when completing the quiz task, the user who completes the task first will get the trial funds.
Rules of ALGO Trial Fund Distribution:
1. Applicable Products: ALGO-50D; ALGO-Staking
2. Validity Period: 2021/02/23 10:00:00 - 2021/04/16 15:59:59
3. Expiry Date: 2021/04/16 16:00:00
(1)Total Allocation: 2,000,000 ALGO
ALGO Holding ≥ 2,000 in Pool-X, can receive 10,000 ALGO trial funds
(2)Total Allocation: 3,000,000 ALGO
0＜Quiz Accuracy ≤40%, can receive 3,000 ALGO trial funds
40%＜ Quiz Accuracy ≤ 80%, can receive 6,000 ALGO trial funds
80% ＜ Quiz Accuracy ≤ 100%, can receive 15,000 ALGO trial funds
How to Use the Trial Fund:
During the specified time, users can participate in staking “ALGO-50D” on the Pool-X platform. In addition to the staking benefits of ALGO, users can also get a share of the POL mining rewards every day! Due to the time and allocation limitation for the lock-up, users who receive the ALGO trial fund but have not staked successfully can exclusively stake the product “ALGO-Staking”.
Product details can be found in the table below:
1. Users should complete the related tasks of the trial fund before the specified end time. The trial fund is limited, and it is on a first-come, first-served basis.
2. During the validity period of the ALGO trial funds, users can participate in staking on Pool-X by using ALGO.
3. Stake the Fixed product “ALGO-50D” to get the staking rewards of ALGO and the POL mining rewards. Stake the Flexible product “ALGO-Staking” to get the POL mining rewards. The staking rewards and the mining rewards (denominated in POL) will be distributed to your Pool-X account daily. The revenue will be accounted for according to T-1 days, and the T refers to the remaining days of the staking (including the current day of staking).
4. ALGO trial funds cannot be withdrawn or transferred from Pool-X.
5. After the expiration of the ALGO trial fund, the system will automatically take back all the ALGO trial funds.
6. The user hereby confirms that participating in the staking activity is voluntary, and the KuCoin Group has not forced, interfered with, or influenced the user's decision in any way.
7. During the staking period of Fixed products, users are not allowed to redeem in advance before the deadline of the staking period.
8. When the trial fund expires, it will automatically be withdrawn by the system, and the user's available balance will be used to return the trial fund first. When the available balance is insufficient, the system will execute the cancellation of the user's trading orders and the redemption of the locked assets until the trial fund is returned in full.
Thanks for your support!
The Pool-X Team
Introduction to Algorand:
Algorand was invented and founded by Dr. Silvio Micali of M.I.T., one of the world's foremost cryptographers and a Turing prize winner for his work on the fundamental cryptographic science that is the foundation for all modern blockchains. Algorand removes the technical barriers that for years undermined mainstream blockchain adoption: decentralization, scale, and security. Now you can build on a stable platform you trust. Our consensus mechanism is Permissionless, Pure Proof of Stake. It ensures full participation, protection, and speed within a truly decentralized network. With blocks finalized in seconds, Algorand’s transaction throughput is on par with large payment and financial networks. And Algorand is the first blockchain to provide immediate transaction finality. No forking. No uncertainty.
Why is Algorand Such a Unique Blockchain?
Decentralization: The Algorand blockchain is entirely decentralized, which means there is no powerful central authority or single point of control. A unique committee of users is randomly and secretly selected to approve every block. Nodes are run by entities representing diverse backgrounds across many different countries.
Fair & Transparent: Control is distributed among all individual network participants.
Accurate: No risk of data being manipulated, lost or destroyed.
Secure: Fault tolerant with no special group of users for an attacker to target.
Permissionless - Public & Open to All: Users do not need the approval of a trusted authority to use the Algorand blockchain. There is a single class of users and no gatekeepers. Every participant can read every block and have the opportunity to write a transaction in a future block.
Low Cost to Participate and to Transact: The Algorand platform requires minimal processing power and modest IT resources to join. All online users who possess algos are automatically eligible to participate in block consensus. Any transaction on the Algorand blockchain costs 0.001 Algo, no matter the size or value of the transaction. Not only is every transaction treated the same in cost, they are also treated the same in timing and priority – every transaction is guaranteed to complete and be finalised in under 4.5s.
Pure Proof-of-Stake: Algorand uses a pure proof-of-stake (PPoS) consensus protocol built on Byzantine agreement. This means the system can achieve consensus without a central authority and tolerate malicious users as long as a supermajority of the stake is in non-malicious hands. The users’ influence on the choice of a new block is proportional to their stake in the system (number of algos). Users are randomly and secretly selected to both propose blocks and vote on block proposals. This random selection uses a unique cryptography tool called VRF (Verifiable Random Function). All online users have the chance to be selected to propose and to vote. The likelihood that a user will be chosen is directly proportional to its stake.
Rewards: In Algorand, the power is in the hands of the users holding stake. Every user receives an amount of rewards proportional to their stake for every block that is committed to the chain. We do so to encourage users to join the Algorand platform and accelerate our path to decentralization.
Open Source: The Algorand node repository is open sourced and publicly available for anyone to audit, use, and build upon. The platform is founded in principles of transparency, inclusivity, and collaboration and maintained by a dedicated community with a shared vision of a decentralized, borderless future.
Protocol Evolution: Algorand is rooted in the idea that the system should allow for changes and avoid inflexible policies—enabling both the community and the protocol to evolve. The Algorand platform takes a consensus approach to protocol changes, which facilitates continuous evolution of the protocol and eliminates potential hard forks that could fracture the community. This ability is powered by the Algorand consensus protocol that enables the users to reach consensus on anything. Not just on the next block, but also on a protocol upgrade. Proposed changes are posted on the blockchain. The community uses Algorand’s consensus protocol to vote to accept or reject the change. When accepted, the community agrees on the block where the change happens and everyone switches to the new protocol at the same time.
Growth of Algorand: Having launched in June 2019, the Algorand blockchain has grown dramatically in size and scale over the last 18 months. The Algorand blockchain is now handling about 5 million transactions per week (or about 700,000 transactions per day) and is doing so without a single interruption in service since launch. This is 100% uptime on a global platform from day 1.
Since launch, developers and innovators have begun to understand the amazing potential of the Algorand blockchain. The Algorand ecosystem now contains over 600 companies who are building and developing on the Algorand ecosystem. This makes Algorand the fastest growing blockchain development platform in the world today. Included in these 600 partners are the world's 2 leading stablecoins, USDT and USDC. Running on Algorand gives these stablecoins the truly global, scalable, low cost platform that will bring stablecoin technology into the mainstream.
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