Algo Coin is set to launch an ICO with a $1bn valuation.
Algo’s latest offering will be a cryptocurrency based on the algo.com blockchain, and will allow investors to earn a crypto equivalent of bitcoin, litecoin or bitcoin cash.
The company has also raised an undisclosed amount of funding from a number of angel investors.
Algos are currently valued at $1.3bn.
Algencoin was founded in February this year by two Chinese businessmen who claim to have invented the first ever digital currency.
Algoritm has raised a total of $100m, and the company recently added new features to its software to make it easier to mine coins.
It currently has two coin offerings.
CoinMarketCap is one of the top 10 cryptocurrency market cap sites, with an estimated value of $2.3 billion.
CoinmarketCap has recently been accused of bias by users who are unhappy with the algorithm it uses to analyse data.
The site uses a proprietary algorithm that takes a snapshot of a user’s online activity every hour, and attempts to predict the value of a bitcoin using their average number of transactions per hour.
In the past, users were frequently left out of the algorithm’s predictions, and some of the site’s users complained about its lack of transparency.
Algorithm-based predictions have been controversial, with some users arguing that they are biased against large companies.
“The algorithm has the potential to make cryptocurrencies like Algosh and Algokill look like gold bullion by excluding users from the algorithms analysis,” said David Wojcik, chief analyst at CryptoCompare.
“Many large businesses and institutions, especially those in tech, are not aware of the value in their investment.”
AlgoCoin is aiming to raise an initial coin offering of $1m in the next three weeks.
AlGos ICO is being backed by China’s Alibaba Group, as well as a number the most well-known investors in the crypto space.
This includes Alibaba’s Founder’s Fund, Tencent Holdings and Nasdaq.
Algotar said he would not be surprised if AlgoCoins ICO is a success.
“Algos have been the fastest-growing cryptocurrency, and are set to make up for this, by being the most successful coin,” he said.
“We believe Algo coins are a game-changer, and we will be doing everything we can to help Algocoin grow in the future.”
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