ORA is an Algorand based meme project designed to showcased Algorand’s incredible transaction throughput (while paying homage to John Allen Wood’s “four oranges” meme).
The mining of ORA is based on transaction fees — each fee that a miner pays adds up, and after 5 Algorand blocks (~15 seconds), the miner with the largest number of transaction fees paid is rewarded with 1.05 ORA. After being rewarded, their total fee paid is reset to zero, and the next highest miner is rewarded.
ORA is built to be somewhat deflationary, with a capped supply of 4,000,000. After half the ORA is mined, the amount of ORA paid out to the block winner is also halved. In this way, as the mining continues, the number of ORA introduced will continuously decrease. With ~331 days to each halving, the ORA supply is expected to last for roughly 15.4 years.
This means that ORA is fully decentralized. The creator cannot pull or earn ORA even if he wanted to. The distribution of ORA is fully locked by smart contracts, meaning that no individual can rug-pull it and the market will be entirely self created. This can be seen in the tealscript code, and the full script will be released upon ORA launch.
How to Mine $ORA
You can start mining $ORA at https://oranges.meme/#/mainnet.
Step 2. Send Algo to the local browser hot wallet on the Juicer page. Do not send a very large amount incase you accidentally clear your cookies. Below is an example of my juicer. Do not send Algos to this address, you will have your own juicer.
Step 3. Start juicing! Select the amount of transactions per second you would like. More transactions per second means more $ALGO spent per second. It is recommended to keep the fee per transaction at the minimum.
Strategies for Juicing and Earning More $ORA
The best way to earn ORA… will be entirely dependent on what other people do. ORA is awarded to the wallet the most fees spent, so maxing out on transactions is one way to earn ORA quick, but it might not be the most cost efficient method. In the testnet, as the number of people juicing decreased, the algo cost per ORA went down. That said, the expectation that mainnet will follow testnet is not likely to hold true.
Where can I buy $ORA/Oranges?
Eventually, you can buy ORA from other people on an Algorand DEX such as Tinyman/Pact. Make sure the ASA ID you are swapping for is 1284444444.
Don’t want to juice, just want to watch Algorand go crazy?
You can follow along with the insanity in the following locations
Frequently Asked Questions about $ORA
$ORA was created to show off the insane amount of transactions per second the Algorand blockchain can handle. It is a reference to Algorand CTO John Allen Woods when discussing Algorand versus Arbitrum.
Grzegorz Raczek, founder of Vestige
John Allen Woods saying “my mom has four oranges“
No. Ora is distributed by open sourced tealscript contracts. Zero is held by the creator or any other person.
By setting the transactions per minute and fees to the maximum.