Árni Guðjónsson / Nov 05, 2020


4 min read

The euro on Algorand

Our mission at Monerium is to make money smarter, so that it can be exchanged fast, with minimal friction, and without intermediaries. We also think it’s important that our e-money is accessible on all major blockchain platforms. That is why we are excited to announce that we will be offering the euro on the Algorand blockchain in Q1 2021.

Developers, get started today! We at Monerium want to hear from developers and builders that need money on blockchains for their Algorand applications. You can get test euros on the AlgoExplorer Testnet Dispenser to start experimenting. The video below shows how you can get test euros using My Algo wallet and AlgoExplorer:

Step #1 Create a non-custodial Algorand wallet

For this demo we'll use a non-custodial wallet named My Algo. Non-custodial means that you have full control of your wallet, private keys are stored locally and are encrypted with your password.

  1. Go to Myalgo.com
  2. Read and accept the terms and press continue
  3. Create a strong password and press "create"
  4. Add a wallet. You can either use a hardware wallet, but in this demo we are going to create a new randomly generated wallet. Press the "Create Wallet" button.
  5. Backup the mnemonic phrase. You need this to recover your wallet.

Step #2 Opt-in for the euro ASA

Before an account can receive a specific asset it must opt-in to receive it on Algorand. An opt-in transaction is simply an asset transfer with an amount of 0, both to and from the account opting in. For every asset an account creates or owns, its minimum balance is increased by 0.1 Algos. So in this step we'll get some test ALGO and then opt-in for the Monerium euro ASA.

  1. Switch to the testnet if the wallet is connected to the mainnet.
  2. Copy your wallet address and go to the AlgoExplorer Testnet Dispenser.
  3. Select ALGOS, paste in your address, check the reCaptcha and press the dispense button. You should receive 100 ALGOS to your account.
  4. Go back to your My Algo wallet and press the asset select field (marked "All"). Select "Add asset".
  5. Search for "Monerium" and select the "Monerium EUR emoney (test) ASA #12400859". Then press continue.
  6. Press the "Asset opt-in" button, enter your password and press the "Send" button.

Step #3 Receive test euros

  1. Go to the AlgoExplorer Testnet Dispenser again and select Test euros.
  2. Paste in your wallet address, check the reCaptcha and press the dispense button. You should receive 100 test euros to your account within 5 seconds.

So why is this important?

Algorand comprehensive smart contract capabilities enable the creation of DeFi solutions and dApps that can scale to billions of users, tens of millions of daily transactions, with negligible transaction fees. Developers can find all the resources they need to turn their ideas into full-scale applications on the Algorand Developer Portal.

What does Monerium offer?

Businesses and consumers need a proven form of authorized money, not a stablecoin that looks like money. Monerium EMI is an electronic money institution, a European regulated entity that is licensed to operate in the European Economic Area and the UK, altogether 31 countries with $20T GDP. We create an unique bank account number for your Algorand blockchain address and automatically issue the e-money ASA to your wallet. You can then send and receive money directly between your wallet and bank accounts.