Letter #210: $ALGO - Pre-Mines And Decentralization Don’t Mix

Read now to learn how a pre-mine made Algorand's centralization all but a foregone conclusion.

Dear Readers,

In last Friday’s article, we discussed at length a number of factors that make the claimed “decentralization” of the Algorand blockchain little more than a pipe dream. The reality is though that the Algorand Foundation rules over the blockchain, even after public actions that were carried out with the professed intent of making Algorand decentralized.

As it turns out, there was one aspect of Algorand’s centralization that we didn’t discuss, and it honestly may be more devastating to any preconceived notions about Algorand’s “decentralization” than anything else: