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.
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.
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.
Switch to the testnet if the wallet is connected to the mainnet.
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.