In this article, we will review Algorand Cryptocurrency. Algorand can make transactions up to 1000 times per second. At the time of writing Algorand is ranked 22nd on Coinmarketcap, with a market cap of up to $10 billion.
In the Algorand environment use the ALGO token for network governance. The ALGO token has a maximum supply of 10 billion and is currently in circulation at 61%.
- 1 What is Algorand?
- 2 How Does it Work?
- 3 Algorand founder
- 4 How Algorand governance works
- 5 Algorand wallet
- 6 Algorand block time
- 7 Is Algorand a ERC-20 token?
- 8 Algorand foundation
- 9 Algorand how to buy
- 10 Algorand coin price prediction
- 11 Algorand price chart Tradingview
- 12 Final thought
What is Algorand?
Algorand is a decentralized network built to solve the trilemma of blockchain to strive for speed, security, and decentralization at the same time.
Algorand is an open-source blockchain network that utilizes a two-tier structure and a unique variation of a consensus mechanism called Pure Proof-of-Stake to increase transaction speed and achieve finality.
In this first tier of the network, platforms and users can create new tokens, like the ERC-20 token on Ethereum. Simple smart contracts at this first level as Algorand Layer-1 Smart Contracts (ASC1s) thus achieving the same security as the consensus protocol itself.
The second tier places complex smart contracts and application development (Dapps). The separation of the two levels allows this network to process transactions efficiently. The first tier processes simple transactions and the second tier completes complex smart contacts.
Block rewards are for all ALGO coin owners and not only for blocking producers, so all ALGO investors have a chance to get rewards. The staking requirements needed to participate and help secure the network are also low, only 1 ALGO. In comparison, Ethereum 2.0 requires a minimum stake of 32 ETH.
How Does it Work?
Algorand uses a Proof-of-Stake (PoS) consensus mechanism and also distributes validator rewards to all ALGO token holders. Through strong throughput capacity and fair and equitable community incentives, this blockchain is able to manage the high throughput requirements of widespread global use with multiple use-cases.
This blockchain also creates the Algorand Standard Asset (ASA) protocol to assist developers in creating new tokens or transferring tokens to the Algorand ecosystem.
For example use cases stablecoins like USDT and USDC are also part of the ASA on the Algorand blockchain. And enjoy much higher throughput and much lower transaction fees instead of other blockchains.
What makes Algorand unique?
Algorand can speed up transactions and increase efficiency, in response to the slow transaction times of other blockchains. It is built to create lower transaction fees, as well as no mining as it is based on a pure permissionless proof-of-stake (PoS) blockchain protocol.
Algorand has a unique two-tier blockchain structure. The base layer supports smart contracts, asset creation, and atomic exchange between assets. All of these processes take place on Layer 1 of the Algorand blockchain, which helps ensure security and compatibility.
Algorand was founder by Professor Silvio Micali of the Massachusetts Institute of Technology. Professor Micali is the main initiator of the Proof-of-Stake consensus network blockchain technology. He had won the Turing Award in 2012.
The award is a very prestigious award among mathematicians and computer science scientists. It is an appreciation of people who are dedicated to the development of that science. Its status is equivalent to the Nobel Prize.
When was Algorand blockchain launched?
Silvio Micali launched Algorand in June 2019. In building Algorand he collaborated with researchers, mathematicians, cryptographers, and economists. With this collaboration, Algorand aims to build a borderless economy and continue to evolve blockchain.
Algorand is designed to deliver a scalable, secure, and decentralized blockchain. Aiming to provide opportunities for our developer community to grow and realize new opportunities. That’s why Algorand uses open sources for the success of the project.
How Algorand governance works
Algorand’s governance is governed by the Algorand Foundation. In his proposal, Algorand gives decision-making power over the Algorand Ecosystem Resource Pool (AERP) to the community, which is currently entrusted to the Foundation.
Decision-making will be in the hands of the Leaders. Algorand Ecosystem Resource Pool (AERP) in participation rewards, Research and Innovation funds, Algo Grant Program, Research, and Social Good Program, and Contingent Incentives with a total of 3.2 Billion Algo.
The Algorand governance program includes three processes:
- Governors recruitment and rewards. In this process, Governors can register at the beginning of each three-month period by entering Algos into the program and collecting their rewards at the end of the period.
- Voting. This is a process to elect a governor by determining the topic in each voting session.
- Execution of the decisions. After all the results are completed, the foundation will execute those decisions.
Furthermore, the proposed plan with the three processes can start in Q4 2021. At this stage, the program is still running off-chain. And it will be implemented on-chain later when the final system is deployed in the first half of 2022.
Algorand Wallet or is a place where you store ALGO tokens. You can choose an ALGO wallet based on your needs and usage. If you want to buy and store ALGO in bulk, using a hardware wallet provides the safest option with offline storage and backup.
Algorand has also officially launched its official publicly accessible wallet along with its codebase. Algorand Official Wallet can be accessed at Algorandwallet dot com.
The official Algorand wallet supports applications for android and IoS operating systems that can be downloaded on the App Store and Google Play store. It is also an available apk file for android which lets you install manually.
Using an official wallet allows you to receive, send and store ALGO tokens, and get rewarded for holding ALGO to staking.
Other wallets that can be an option for storing ALGO include MyALGO Wallet, Ledger hardware wallet, Atomic Wallet, and Coinomi Wallet.
Where is Algorand located?
Algorand LLC is a company based in Boston, MA, United States. Precisely at 399 Boylston St Ste 800 Boston, MA, 02116, with 40 workers according to the DNB report. Algorand revenue from sales reached $6.60 million.
Should I use the Algorand wallet?
You have a reason to use the Algorand wallet because it is a place where you store ALGO tokens that you might want to invest in long-term or to trade looking to profit from the fluctuations in the price of ALGO.
If you store large amounts of ALGO tokens for the long term, using a Ledger wallet will be safer from hackers because it uses an offline token storage method.
But if you use the official Algorand wallet, it offers several advantages:
- Fast transactions on the Algorand blockchain. You can send, receive ALGO, exchange transactions, and can also send transactions to Ledger.
- Earn ALGO rewards. By storing at least 1 ALGO in the Algorand wallet, this is automatic without having to sign up or do anything else.
- Security enhancements. You can integrate with Ledger Nano X using the Algorand wallet.
- Build applications. You can use Testnet support for application testing, smart contracts, and more.
- See real-time conversions with flat currency.
- Get up-to-date information from the Algorand wallet team.
Algorand block time
The Algorand protocol is capable of sending more than 1000 transactions/second and the block creation time is less than 4.5 seconds.
It is a fast and energy-efficient protocol, Algorand consists of a network of distributed nodes that work collaboratively to process transactions and add blocks to a distributed ledger.
Is Algorand a ERC-20 token?
Algorand has a native token which is a key feature in the Algorand environment. Token type ERC-20 ALGO tokens can make transactions quickly in just 4 seconds. And this token is also scalable, which means that even if it sends large amounts the speed remains 4 seconds.
ALGO token is a safe coin, as it uses the unique Pure Proof-of-Stake consensus to power blockchain. ALGO tokens are useful for securing network consensus and building each block. Voting right in governance.
ALGO has a maximum supply of 10,000,000,000, with a total supply of 6,710,279,894, and tokens in the circulation of 6.25 billion at the time of writing referring to Coinmarketcap.
Algorand Foundation is the company that developed the Algorand blockchain. It is a Company Limited by Guarantee (CLG) company licensed by the Accounting and Corporate Regulatory Authority (ACRA) in the Republic of Singapore.
The company has 17 team members divided into three sections in each team category. Algorand Foundation team, Algorand Foundation Board, and Algorand Foundation Advisors.
Algorand how to buy
Basically to buy Algorand using exchange platforms either through crypto wallets, crypto exchanges, and crypto multi assets platform. How to buy generally use the following steps:
- First, choose a popular crypto platform, for example, Binance, Coinbase, Trust Wallet, etc.
- Second, registrations on the platform – usually done simultaneously online.
- Third, make the deposit nominal depending on platform policy.
- Finally, make a purchase transaction on the buy menu. Besides buying, you can also sell using the sell menu.
Where to buy Algoran?
Algorand is currently available on several popular exchanges. However, you will probably pay attention to the transaction fees on each exchange.
Buy Algorand Coinbase
Coinbase is a leading exchange, you can buy Algorand on this exchange, to fund can use a credit card. Supports multiple local currencies, with a good reputation, with fees ranging from 1.49% and 3.99% depending on the country. Read Coinbase review.
Buy Algorand Binance
You can also buy or trade Algorand on the Binance exchange, with the pairs ALGO/USDT, ALGO/BTC, and ALGO/BNB. It is becoming the largest exchange with low transaction fees using BNB. Read Binance Review.
Buy Algorand Kraken
Another exchange where you can buy Algorand is Kraken, it is also a leading exchange. You can buy Algorand by registering, verifying the account, funding the account with crypto or cash, and then buying Algo.
Buy Algorand OKEx
Next, another option you buy Algorand is Okex, it is a global exchange but does not accept United States clients. You can use USDT or BTC to buy Algorand. Read OKEx review.
Buy Algorand Huobi
Huobi Global is a popular exchange in Singapore, but on the recent news that the exchange will close their Singapore account to comply with the government’s new rules. Business times reports Huobi will shut down users in March 2022. You can buy Algorand using USDT.
Algorand coin price prediction
The ALGO token price as of writing $1.99 is up 23%, with a one-month high of $2.83. ALGO is still possible to move up slowly. We have summarized the Algorand price predictions from several forecasting experts.
Wallet Investor predicts Algorand is an awesome asset, which will rise at $3,100 in 2022, and 2026 forecast $7,759. 5-year investment is expected to gain up to +289.31%
CryptonewsZ predicts the price of ALGO in 2021 to reach $2.40, and 2022 to form a high of $4, 2023 expected $4 to $5. 2024 at $5.5 and 2025 cross $6.5.
Coinpriceforecast predicts 2021 Algo price will reach $2.05, 2022 form a high of $3.26, 2023 Algo price will be $2.92, jump in 2027 $7.45 price. 2028 – 2032 predicted price $7.45 to $8.42
CoinQuora predicts ALGO price in 2021 at $3.5 resistance, end 2022 jumps $10, 2023 jumps $25
Algorand price chart Tradingview
Algorand is highly volatile, with an average daily volume of up to $3 billion. It is an asset that has the potential to generate short-term returns from price volatility but comes with high risk
It is a coin that is one of the top 100 of all crypto assets currently available. The support of the developer team by the experienced Algorand Foundation is one of the reasons for the growth of the community. Growing use cases, eco-friendly consensus, add value to Algorand.
Note: This article is just personal information and opinion, this is not investment advice, every investor is responsible for his investment.
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