Algorand (ALGO) Live Price

What is Algorand (ALGO)?

The decentralized network Algorand was created to address the Blockchain Trilemma of simultaneously achieving speed, security, and decentralization. Algorand is a permissionless, open-source blockchain network that anyone can build on. Algorand is intended to be a payments-focused network with quick transactions and a heavy focus on attaining near-instant finality, which entails handling over 1,000 transactions per second (TPS) and achieving transaction finality in under five seconds. 

ALGO price

ALGO is also a deflationary currency because there is a set maximum supply of 10 billion coins for it. Only 6,870,000,000 ALGO of the 7.2 billion ALGOs that are now available are actually in use.

Algorand Foundations and Algorand Inc. received 25% of the total supply. Both businesses follow a predetermined selling plan when disposing of their holdings.

The remaining 7.5 billion ALGOs, most of which were sold to the early investors powering the Algorand relay nodes, are intended to be used by the blockchain ecosystem.

A brief history of Algorand

To create a frictionless, borderless economy based on open, decentralized blockchain technology, the Algorand Foundation is a non-profit organization. The Algorand blockchain protocol was developed by the Algorand Foundation in collaboration with Algorand Inc. ALGO coin was introduced in June 2019 by computer scientist and MIT professor Silvio Micali.

What Makes Algorand (ALGO) Unique?

All ALGO coin holders receive block rewards from Algorand, giving everyone who owns an ALGO token the chance to receive benefits rather than simply block producers.

Algorand’s Compatibility with Ethereum

According to the CEO of the Algorand Foundation, Algorand is putting up $20 million in investment to hasten ecosystem growth.

Officials from the ALGO Foundation said that $10 million in awards would be given to programmers who can offer solutions for interoperability with the Ethereum Virtual Machine (EVM), a crucial component for growing networks hoping to attract well-established companies.

Applications created on Ethereum or other chains that are compatible with Ethereum can run on Algorand if they are EVM compatible.

How Is the Algorand Network Secured?

The Algorand blockchain is a pure proof-of-stake blockchain protocol that does not require authorization. In the pure proof-of-stake approach all of the validators are known to one another and simply need to agree on the next block to produce a new block. 

 For a public blockchain where all users may safely transact, hold valuable assets, and develop reliable corporate apps, security is a must-have. While ensuring the security of each user's account, Algorand ensures security against assaults at both the network and consensus protocol levels.

Where Can You Buy Algorand (ALGO)?

You can buy ALGO on the following verified cryptocurrency exchanges:

Coinbase, OKEX, Binance, Huobi, and Kraken amongst others.