What Is Algorand
Algorand is a project that aims to accelerate transaction speeds and reduce the time it takes transactions to be final on its network. It was originally launched in 2019 with the intention to achieve these goals through decisions that are slightly different from traditionally designed blockchains.
Algorand enables users to create smart contracts as well as tokens that can represent new alongside existing assets.
The unique part about it is the fact that it features a two-tier blockchain structure, where the base layer supports smart contracts, atomic swaps between assets, and asset creation, while the second layer is reserved for complex dApp development. This is why Algorand processes transactions so efficiently.
Algorand uses a variation of Proof of Stake known as Pure Proof of Stake (PPoS), which is a highly democratized PoS consensus mechanism that has a low minimum staking requirement when it comes to participation and security of the network.
Algorand Founders
Algorand was created by Silvio Micali, who is a computer scientist as well as a professor at the Massachusetts Institute of Technology (MIT). It is important to note that he is the recipient of the 2012 Turing Award. Algorand is a company that lives up to Micali's vision.
How Does ALGO Work
ALGO is the native cryptocurrency that runs on ALGORAND and fills the role of the reward, which is paid out to validators that produce blocks as well as the users. The reward is actually split and distributed across all ALGO coin holders and isn't just awarded to the block producers.
This, in turn, essentially means that each and every ALGO coin holder can earn an annual percentage yield (APY). This means that not only the producers accept the coin, but the holders as well.
The distribution of the reward takes place every 10 minutes and encourages users to join the Algorand staking platform and accelerate decentralization. It is fully decentralized, and through its pure proof of stake algorithm is efficient, and every new block is created efficiently, so ALGO goes at a good price, and the company behind it constantly develops the blockchain further for scalability while it remains decentralized.
What Is Algorand Used For
Algorand is a blockchain that is designed to enable and accept developers to create new kinds of applications that are powered by cryptocurrency. The platform is used in microfinance, copyright, and a lot more. Furthermore, the code for Algorand is fully open-source and can be cloned, copied, and used in private or permission blockchains. The ALGO token powers all of this and provides rewards to the holders; this is why it has built up quite the market cap.
Where Can You Buy Algorand
If you want to buy, sell or trade Algorand (ALGO), you can do so on exchanges such as Binance Futures, Binance, Coinbase Pro, OKEX, BitZ, HuobiGlobal, and Hotbit. Keep in mind that due to the fact that it's an entire blockchain, the native token ALGO has a large market cap.
Our step-by-step guide on how to buy Algorand will help you get started!
Algorand has an available supply of 3,107,844,065 and a total supply of 10,000,000,000 coins. The Algorand blockchain allows for efficient transfers.
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