One of the projects where several other crypto projects are building today is Algorand. It is no doubt one of the projects to watch out for in the crypto industry.
Many projects are being built today on the blockchain and they all have a goal(s) to achieve in the industry. Investors, therefore, look out for projects that can be profitable to them just as the early investors in BTC made a fortune.
Although BTC, ETH, USDT, and others are still on top of investors’ lists, diversifying into other altcoins has been profitable.
In this post, we’ll discuss Algorand and see its possibilities for crypto investors and why many are investing in it. This will be a guide for beginners as well as veterans in the crypto industry.
What is Algorand (ALGO)?
Algorand is a self-sustaining, decentralized, blockchain-based network that supports a wide range of applications. The platform’s token trades by the symbol ALGO. It made it official debut as it was launched in June 2019.
The founder of Algorand is Silvio Micali, a professor of computer science at the Massachusetts Institute of Technology. He is one of the foremost creators of crypto in the world. He is a recipient of the Turing Award (in 2012) for his works in the crypto industry.
Algorand ecosystem is known to be secure, scalable and efficient. It aims to support computations that require reliable performance guarantees to create new forms of trust.
The Algorand platform supports smart contracts. It’s consensus mechanism is based on proof of stake and a Byzantine agreement protocol.
What you need to know about Algorand
What is Algorand’s (ALGO) Worth in the Crypto Market?
Algorand is one of the fastest growing projects in the crypto world today. ALGO is currently ranked 31st among 19, 063 coins and 551, 498 on watchlist according to CoinMarketCap.
As of today, the price of ALGO is $0.722580 USD with a 24-hour trading volume of $209,621,113 USD. It has a live market cap of $4,849,102,542 USD. It has a circulating supply of 6,710,821,844 ALGO coins and a max. supply of 10,000,000,000 ALGO coins.
Like many of the top cryptocurrency, ALGO can be purchased in some of the top crypto exchanges worldwide. You can just get your wallet ready and buy some $ALGO.
Algorand (ALGO) Among Other Top Cryptocurrency
It is important to know that several crypto projects follow the template of an existing cryptocurrency. As an altcoin, ALGO is not different in its functionalities and operation.
Algorand is compatible with Ethereum as it make use of the proof-of-stake consensus mechanism. Algorand has struggled to attract liquidity to its ecosystem, despite promising low cost transactions, low latency and high scalability. Having a bridge to Ethereum would allow the Algorand to connect to these applications and attract more liquidity.
The company aim to have verification of other chains be performed on Alogrand’s smart contracts. This is to be achieved by incorporating state proofs in the form of Compact Certificates into the Algorand Consensus. The foundation’s goal is to eventually solidify the DeFi ecosystem on Algorand.
What Makes Algorand Unique?
Although crypto projects have things in common, they are however unique in their own way. Good projects always have a problem to solve (they can solve the shortcomings of an existing project).
As for Algorand, it aims to solve blockchain trilemma. This the claim that any blockchain system can have at most two of three desirable properties: decentralization, scalability, and security.
It was invented to speed up transactions and improve efficiency, in response to the slow transaction times of Bitcoin and other blockchains. It is also designed to have lower transaction fees. Processes like mining does not exist as it is with BTC as is based on proof-of-stake consensus mechanism.
How is the Algorand Network Secured?
As stated earlier, Algorand is a pure proof-of-stake blockchain crypto protocol. It doesn’t function like the proof-of-work where the root block must be validated by randomly-selected validators (using computing power).
As a proof-of-stake based, all of the validators are known to one another. They only have to agree on the next block in order to create a new block.
Where To Buy Algorand (ALGO)
Algorand is one of the fastest growing small-cap altcoins in the crypto market that can be purchased in several exchanges.
ALGO is available on Coinbase, Binance, OKEx, Kraken, Huobi and some other exchanges in the world. Peer-to-peer platforms are the other option for buying ALGO.
Is it Safe To Invest In Algorand (ALGO)?
Cryptocurrency in general is not without risk. In fact, crypto investment is the most risky form of investment. Nevertheless, cryptocurrency such as BTC, ETH and others are gradually taking over from fiat currency.
As projects are being created on a daily basis, it is very important to study which one is okay to invest in. Many fake projects are out there which have been hyped to scam people.
Algorand on its own have a clearly defined vision and its creators are well known. This is not enough to state that it is safe for investors but the fact that other projects are building on it make it one to consider.
This is not a bait for you to put all your hard-earned money in the project. If you must invest, you need to make more research on your own. Then if you’re ready to invest, you should put what you can afford to lose.
Conclusion
Algorand is one of the fastest growing projects in the crypto industry since making its official debut in 219. ALGO, the native cryptocurrency is currently buzzing in the crypto market.
The project is enticing investors and developers are building on it. These however doesn’t make it one to lose focus on as crypto investment is very risky due to its volatile nature and rate of adoption worldwide.
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