ORA, is a “mineable” Algorand Standard Asset (ASA) fully managed by an open-source smart contract. It is a meme project designed to showcase the amazing throughput of the Algorand blockchain. I have no association with this project, just admiration.
6️⃣ ORA, like Bitcoin, has no central authority. Juicers, owning the supply, steer its destiny. It's not just a meme coin; it’s a testament to Algorand’s capabilities and a reward system for top contributors. 🌟
It operates similarly to Bitcoin, where multiple parties can compete to earn a coin in a decentralized trustless manner.
The mining mechanism of ORA is based on transaction fees: whenever any account submits a “mine” (juice) application transaction, the fee paid to the Algorand protocol is saved in the contract. The miner with the total highest amount of fees paid in total that has submitted a “mine” transaction within a given period is rewarded & coins are sent automatically after the next period of juicing, while his (and only his) total amount of fees paid is reset to zero.
This means that ORA functions both as a store of value & as a way to reward users increasing the Algorand network throughput.
Every 5 blocks submitted to the Algorand blockchain the miner with the largest amount of transaction fees paid is rewarded with 1.05 ORA. After receive the reward, their paid fees total is reset to zero and the next miner with the largest amount of fees paid is rewarded with ORA. It’s balanced favoring both persistent miners and big spenders.
ORA has a capped supply at 4,000,000. After half the ORA is mined, the ORA reward is halved, similar to Bitcoin. With halvings expected to happen every ~330 days resulting in the supply lasting about 15 years.
5️⃣ ORA shares Bitcoin’s 8 decimal structure and undergoes a halving process roughly every 330 days. Its total supply of 4 million ORA will be mined over 15 years, potentially shortening as ALGO rounds get faster. ⏳
You can increase the transactions per second you submit and/or increase the fee you pay per transaction. Your fees continue to accumulate which means you can have low fees and low tps submitted over time to eventually mine an ORA or max your parameters to mint ORA quickly.
The Creator
Grzegorz Raczek (GitHub) has founded many Algorand based projects including:
John Allen Woods, Algorand’s CTO, recently was in a debate defending Algorand in Coinage’s Project of the Year Award. Where he compares Arbitrum’s TVL metrics to not hold much meaning, “like my mom has 4 oranges.” Thus the orange meme was born.
🌐 “my mom has 4 oranges”
It's not about transaction volume or TVL, but the battle of technology & innovation. @Algorand's unique approach to consensus and staking emphasizes individual participation, pushing for true decentralization. #CryptoProjectOfTheYearpic.twitter.com/BHpKOsqfc0
Whether you participate on MainNet or want to dip your toes into the waters on the TestNet it helps Algorand show its full capabilities.
MainNet is set to launch on 7 PM (EST) December 31st, 2023.
TestNet is live now and has already processed over 29 million transactions in under 3 weeks. At times easily reaching over 500 transactions per second.
You can get TestNet Algos for free at the TestNet dispenser. Follow these instructions to access your TestNet wallet in the Pera App. By having more users understand how to access TestNet, it improves the amount of knowledgeable Algorand users and improves projects as they are in development.
NFD Segment
You can also support the project by purchasing a NFD segment from orange.algo. NFDs are Non-Fungible Domains that are unique, readable identities for your wallet. For instance, I have the NFD segment algocleanup.orange.algo and by entering that wallet address into Pera or other algorand wallets it becomes easy to send assets to the correct wallets.
Community
Join the various communities and conversations. Born from an endearing meme, with the intention to showcase Algorand’s capabilities, this whole project has been fun to follow. Even the ASA ID (1284444444) was secured by the community supporting the project. Follow them on X or on discord.
