Algo.land is an autonomous algorithmic trading blockchain pool. Find out how it works today in our review.
What Is Algo.Land?
Algo.land is a trading pool that trades in the forex market using bots. The platform was announced online in October 2017, with a token sale taking place from November to December.
Algo.land aims to facilitate participation in trading algorithms while giving contract holders power over the pool. The pool is governed by majority rule, and a >50% majority makes decisions on the types of bots to use, the funds allocated to specific bots, and other rules.
Using Ethereum smart contracts, Algo.land decentralizes its fund and governs the pool through voting. The available profitable trading algorithms trade the most liquid markets in the world, including forex pairs and indices.
How Does Algo.Land Work?
With Algo.land, participants can contribute trading bots, then the owners of tokens will vote on proposals to decide the trade size of each bot and the payout of profits.
The end result is a trading pool with bots that operates in a democratic environment. Participants have control over the funds controlled by the bots, while the bots are still free to engage in trading activity.
One of the unique things about Algo.land is that the brokerage account is in the hands of a trustee (specifically, a Swiss lawyer). The base currency of the account is denominated in bitcoin or gold, “so we can be free of fiat currency with the safety of a bank account.”
The entire Algo.land system is built on Ethereum smart contracts and the Ethereum blockchain. The fixed rules and online execution of the smart contract dictate algorithmic trading.
Algorithmic trading or bot trading is the trading of securities and derivatives through programmed rules. The smart contract enables the managing of a common account including risk management and payout management.
To facilitate trading on the platform, the developers created their own token called the Plasmon.
Obviously, Ethereum smart contracts aren’t the most secure mechanism, and similar platforms have run into issues in the past (i.e. The DAO). Algo.land specifically addresses this issue by keeping the smart contracts simple:
“The contract is kept as simple as possible to prevent DAO-like [disasters]. No split-offs, no different accounts in the contract, no curators etc.”
The first step for Algo.land is to launch a token sale, during which 1 ETH = 100 Plasmons. From there, the algorithm-based trading pool can begin operations. In Algo.land, decisions are made by voting and a >50% majority. Once a >50% majority has made the decision, the Algo.land bots can go to work.
Participants who change their mind may want to get their Ether back. These participants can sell Plasmons on a cryptocurrency exchange where Plasmons are listed. Algo.land’s administrators will try to supply a good liquidity for this purpose.
Ultimately, the trading bots are expected to make trades. Of the Ethers that flow in during the crowdfunding phase, 100% of it is used for trading equity. If you deposit 10 ETH, for example, then you have 10 ETH worth of trading equity. However, Algo.land will deduct 20% of all trading profits for pool programming and administration, while 80% is distributed to participants in the pool.
The Algo.Land ICO
The Algo.land ICO is underway from November 1 to December 10, 2017. During the ICO, you can exchange 1 ETH = 100 Plasmon.
Tokens will be distributed on December 20.
Who’s Behind Algo.Land?
Algo.land was launched by a team that has years of experience in algorithmic trading. That team includes Eddi Salm (founder and professional algo trader), Jefferson Davis (main developer), and Dieter Bratschi (data analysis expert).
The company is headquartered in Zurich.
Algo.land is an algo trading platform based on majority rules governance. A >50% majority makes decisions for the algo pool – including the trading robots to use, as well as the amount of funds allocated to trading robots. Investors can participate in the Algo.land trading pool by purchasing Plasmon tokens, available during the ICO for 0.01 ETH per token. Each Plasmon token represents 100% trading equity. Algo.land charges a 20% fee on all profits, while 80% of profits are distributed to fund participants.
To learn more about Algo.land, visit the platform online today at Algo.land.