Bitcoin, Ethereum, USDT, and Dogecoin are always mentioned when talking about cryptocurrencies. Algorand, a permissionless pure proof-of-stake blockchain protocol is another top crypto to watch out for.
Algorand is expected to be on the lips and watchful eyes of millions of people in the coming months. The blockchain protocol has partnered with the world’s football governing body, FIFA.
The collaboration between FIFA and Algorand has been predicted to impact the crypto world. Becoming the next big cryptocurrency should be a matter of time with its latest move.
In this post, we’ll see why Algorand will be the next big crypto asset. Before then, let’s learn more about cryptocurrency and Algorand.
What is Cryptocurrency?
Cryptocurrency is a digitally encrypted, decentralized currency that is not linked to or regulated by any government or central bank.
It is based on blockchain technology, which is a distributed ledger framework. Bitcoin is the first cryptocurrency created which has led to the creation of others alike known as altcoins.
Cryptos are categorized as virtual or digital currencies. They were originally developed to provide an alternative mode of payment for online transactions.
What is Blockchain?
A blockchain is a distributed database that is shared among the nodes of a computer network. It is a type of shared database that is different from a typical database in the way its stores’ information. Blockchain stores data in blocks that are then linked together via cryptography.
Blockchain can be used to store different types of information but the most common use so far has been as a ledger for transactions.
A blockchain collect information together in groups known as ‘’block’’. They hold a set of information when this block reaches its storage limits, they are closed and linked to the previously filled block, forming a ‘’Chain’’ of data hence the name ‘blockchain’.
What is Algorand?
Algorand is a self-sustaining, decentralized, blockchain-based network that supports a wide range of applications. These systems are secure, scalable, and efficient, all critical properties for effective applications in the real world.
Algorand was founded in 2019 by Silvio Micali, a professor of computer science at the Massachusetts Institute of Technology. He is a recipient of the Turing Award (in 2012).
The native token trades by the symbol ”ALGO”. As of writing, ALGO is ranked number 30 among thousands of crypto assets.
Algorand blockchain is the technology of choice for over 2000 global organizations, governments and digital-native DeFi applications. In particular, Algorand helps organizations in finance, gaming, music, art and the sports world that seek to adopt Web3 digital capabilities as a path to accelerate growth, inclusiveness, transparency and innovation in an environmentally responsible way.
What Makes Algorand Unique?
Crypto projects have many things in common but are however different in the problems they solve-differences in blockchain.
Algorand was created to speed up transactions and improve efficiency, in response to the slow transaction times of Bitcoin and other blockchains. As it is based on a permissionless proof-of-stake blockchain protocol, it is designed to have lower transaction fees.
What is Algorand’s Worth in the Crypto Market Today?
Algorand is currently ranked 3rd among thousands of crypto assets by CoinMarketCap. The live price of ALGO is $0.325653 USD with a 24-hour trading volume of $109,934,999 USD. It is currently up 4.44% in the last 24 hours.
ALGO has a live market cap of $2,262,908,009 USD. It has a circulating supply of 6,948,828,582 ALGO coins and a max. supply of 10,000,000,000 ALGO coins.
You can purchase ALGO on some of the leading crypto exchanges in the world such as Binance, OKX, FTX, and so on.
Why Algorand Will Be the Next Big Crypto
Cryptocurrency has had it tough this year as the collapse of Terra Luna and other issues led to a bearish market. Despite some negative comments coming up about the future of these digital assets, it has continued to grow and become popular.
Talking about popularity, Algorand is set to be in the league of Bitcoin, Ethereum & Dogecoin in the coming months. This is a result of its collaboration with the world’s football governing body, FIFA. Algorand is the official blockchain platform of FIFA and provides the official blockchain-supported wallet solution.
The partnership that could cement Algorand as one of the biggest cryptos was announced by FIFA President Gianni Infantino and Algorand founder Silvio Micali in May 2022.
With Algorand in the picture to feature in the Mundial in Qatar, it is well noted that the blockchain protocol and its token will get more standing in the crypto community. Many people might get to know more about the protocol and have its users increased.
Millions of people all over the world are watching the biggest sporting event on the planet which has Algorand as one of the official sponsors. This is a major reason Algorand has been tipped to become bigger in the crypto community
Algorand’s partnership with FIFA to make it a big crypto
.
What You Need to Know About FIFA & Algorand Partnership
1. Algorand will become the official blockchain platform of FIFA and provide the official blockchain-supported wallet solution.
2. Algorand will be a FIFA World Cup Qatar 2022™ Regional Supporter in North America and Europe, and a FIFA Women’s World Cup Australia and New Zealand 2023™ Official Sponsor.
3. Algorand will also assist FIFA in further developing its digital assets strategy. FIFA will provide sponsorship assets including advertising, media exposure, and promotional opportunities.
4. Algorand was chosen to help FIFA achieve its goals. These consist of its strive to identify and explore the most cutting-edge, sustainable, and transparent means of increasing revenues to continue to support global football development.
Should You Invest in Algorand (ALGO)?
Investing in Algorand like every other crypto project is very risky. In fact, investment in crypto is the riskiest form of investment.
If you must invest, you must do research on your own, study the time, and do your best to know about its investment opportunities.
Have it at the back of your mind that you would invest what you can afford to lose if you must invest.
Conclusion
Algorand is tipped to become the next big crypto after partnering with FIFA as its official blockchain partner. The blockchain protocol was designed to speed up transactions and improve efficiency, in response to the slow transaction times of Bitcoin and other blockchains.
Blockchain has several uses out of which its part in the creation of cryptocurrencies make it popular.
Read Also- 5 Events That Could Put An End To The Current Bear Crypto Market
If you’ve decided to be involved in crypto trading, Prestmit is one of the best places to do so. Bitcoin (BTC), Dogecoin (DOGE), Litecoin (LTC), and Tether (USDT).
