Description

Orange (ticker: ORA) is a "mineable" Algorand Standard Asset fully managed by an open-source smart contract. It operates similarily to Bitcoin (ticker: BTC), 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 submittted 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.