Algorand, which was immediately listed on major stock exchanges such as Binance and Coinbase, gained attention in the crypto world, and after numerous crypto money experts criticized the price on the first day due to its supply, its price dropped from $ 2.5 to $ 0.25, but has recently begun to increase again. We concur with your assessment. What distinguishes Algorand from other blockchain projects? Is it rational to purchase ALGO while one-sixth of its total quantity is in circulation? At the conclusion of this review, you will have gained some information of Algorand…
What exactly is Algorand?
Algorand is a permissionless, public, scalable, and secure Pure Proof of Stake (PPoS) blockchain that is open source. Algorand’s primary purpose, for which the Algorand Foundation gives significant help to developers in developing the network, is to establish an environment in which anybody may participate in the network while maintaining security and performance via the PPoS consensus process. According to Vitalik Buterin, Ethereum’s founder, “Blockchain systems may have a maximum of two of the three characteristics: decentralization, security, and scalability.” He expresses a desire to own the entire trio.
The Project’s Critical Features
Economic decentralization: Decentralization is critical for businesses and consumers alike. As the economy becomes increasingly digital and transparent, firms want to leverage decentralized technology in order to maximize their potential and avoid losing strategic clout.
Security and Scalability: The Algorand protocol ensures lightning-fast payment processing from the world’s largest financial intermediaries.
Complete Transaction Complete: Algorand has innovated with this breakthrough. Blockchain technology enables transactions to occur quickly and unconditionally, without the need for branching. While other blockchains are unable to do this owing to their inherent insecurity and lack of transactional integrity, Algorand is capable of instantaneous transaction completion.
Algorand engages with reputable leading enterprises that work in world-renowned companies…
Who Is Algorand’s Team Behind Scene?
Algorand (ALGO) was established in 2017 by Silvio Micali, an MIT professor and Turing prize recipient. Steve Kokinos, the project’s CEO, is the former CEO of Boston-based technology management Fuze. Algo Capital is the foundation that is responsible for the development portion of the project.
Algorand has received $4 million in its seed fund, with Pillar and Union Square Ventures among the backers. Union Square Ventures is one of the world’s most successful investing firms. Coinbase, Duolingo, Kickstarter, Protocol Labs, and Twitter are among the companies in which this business has invested.
Algorand raised $62 million in October 2018 from 30 worldwide investment firms. Polybius Capital, NEO Global Capital, and Eterna Capital are among these investing organizations…
What is ALGO’s Purpose?
Algorand’s primary objective is to enhance the present blockchain paradigm and to offer a solid foundation for future blockchain innovations. Attempting to do this through the use of PPoS (Pure Proof of Stake), a more sophisticated variant of PoS, Algorand’s name is derived from the acronym for “algorithmic randomness.” The purpose for include algorithmic randomness in the project’s name is to refer to the randomization mechanism used to pick the validators that comprise the next valid transaction block.
Numerous organizations refer to Algorand as Blockchain 3.0. This is because ALGO is capable of resolving Bitcoin’s scaling issues while maintaining its security and decentralization.
ALGO’s market value is around 220 million dollars with just 500 million of its total supply of 3 billion in circulation. While many investors may find it surprising that a product that has not yet proven itself deserves such a high valuation, Algorand appears to merit far more than this. The ALGO blockchain is being developed by an exceptional high-quality team, and the mere existence of this team is enough to entice me as an investor. Although the coins, which were first sold for roughly $ 2.5 through Dutch Auction, drew criticism from a number of investors, including myself, I believe the current price of around $ 0.40 is rather reasonable. It would not surprise me if, in the future, this crypto currency, which is listed on the world’s main exchanges, makes its way into the top ten in CMC…