What is Algorand Cryptocurrency (ALGO)? Algorand coin and blockchain features

The Algorand business was founded back in 2017, and in 2019, in June, it already launched a decentralized blockchain network and its own algo token.

Blockchain Algorand

Algorand is a new modern blockchain, the development of which was focused on security, decentralization and scalability. It creates a common platform for the operation, use and sale of services and products. Compared to the blockchains of the first generation - Bitcoin and the second - Ethereum, the algo blockchain differs significantly from its predecessors in that it has an individual consensus mechanism "Pure Proof-of-Stake (PoS)", which is quite often also called "pure". Consensus provides the ability to complete all processes on blocks in the shortest possible time and ensures that transactions complete quickly without problems. Also, this blockchain provides the ability to connect smart contracts with universal settings for tokenized assets or phased transfers. The startup of the Massachusetts Institute of Technology S. Mikali in Boston is engaged in the development of all innovations and changes. They are actively engaged in social education and attracting new users and investors to digital technologies through public speeches. At one of these events, the startup managed to raise about $ 120 million from investors Brainchild and Union Square.

An overview of the cryptocurrency and its features

ALGO is a digital currency that was created on its own blockchain, which we mentioned above, which has an open source code. The Algorithand Foundation company is responsible for the development and support of the cryptocurrency functionality, the main director of which is the winner of the Silvio Micali Prize, who has devoted his activities to research in the cryptographic field.

The main idea of creating a cryptocurrency is to combine the positively proven positive aspects of other networks, namely: decentralization; transactions that are not subject to central authorities; tokens with additional speed. According to the capitalization of many world crypto exchanges, today the algorithand cryptocurrency occupies a leading position, and is also considered the thirtieth largest crypto coin from the total price of all tokens. The lowest price of the token was fixed at 12 cents, now the cost is 32 cents.

How can Algorand crypto and blockchain be used?

Like many other platforms, they are trying to create a common ecosystem of applications where coins can be used. Many people use coins quite primitively, buy and sell, but there are many options for their use in addition to this. You can buy real estate for cryptocurrency, you can pay with it in stores, you can use it to invest in projects you are interested in, engage in trading or mining in order to increase your income.

As for the blockchain, the developers of the algo ecosystem have hosted smart contracts that will act as a regulator of the client's digital property in the virtual world, as well as control the use of these assets in real life. Take for example ANote Music, this application allows listeners, investors, musicians to make purchases of royalties and rights based on the algorand blockchain. If we consider the Republic investment platform, then the blockchain is connected here to distribute dividends among investors. It has also been used before to publish chess player ratings and much more.

Positive aspects of ALGO:

• a highly qualified and respected development team led by the world's leading cryptographer;
• many users claim that this cryptocurrency is significantly faster and more efficient than its competitors. The transaction processing speed is only 5 seconds, while Litecoin takes 2.5 minutes, and BTC takes 8.5 minutes;
• the architecture of the project attracts users with its modernity and convenience;

Negative aspects of the project:

• high level of competitive environment, which offer identical services for creating applications and financial products;
• at the moment, it is not the most attractive coin for investors, because it has not reached the maximum of the price that was originally at issue;
• like all crypto coins, algo is influenced by the rules of the crypto market, which can change at any moment.

Algorand 2.0

In 2019, an update for Algorand 2.0 was released, which brought some changes and additional features to the token and blockchain ecosystem. One of the significant innovations was joining the smart contract system. They were introduced to the first level of the blockchain, which allowed it to process transactions in an accelerated, as well as the most secure way. The new smart contracts support Go, Python, JavaScript, and Java. This contributes to the opening of access to them for developers. Smart contracts of this type make it possible to implement a variety of financial scenarios in the DeFi, these are: connected assets and stablecoins, exchanges on cryptocurrency exchanges, escrow accounts, margin trading, algorand mining, loans and much more.

What is Vault?

Vault is a compressed blockchain specially developed by the company's programmers, the technology of which allows you to:

• reduce the load on transaction nodes through adaptive sharding. All information of the user and his financial transactions is not stored on one node, but is equally distributed between the network nodes;
• use the network memory equally and not be tied to past transactions. Nodes do not store data about the user's previous operations, each of which is valid for a limited period of time. Thus, the current account balance is not linked to previous transactions, and accounts where the balance is not replenished can be deleted without consequences.

To add such a block to the blockchain, the following actions must take place on the part of the user and in the system itself:

• the time spent by the transaction in the block itself must not end or expire. This can be verified by remembering the numbers of the first and last node in the transaction and the time they appeared on the blockchain;
• all added accounts on the blockchain must have a balance greater than zero;
• transactions in a block should not be repeated;
• the system must analyze the incoming information in order to correctly reflect all the blocks.

Price and how to buy Algorand token?

Today, in total, there are about 7-8 billion Algorand coins in circulation. The maximum offer is 10 billion tokens. The developers plan to do the following: use approximately 30% of the entire offer as a distribution of rewards for those coin holders who are actively involved in the development, support and improvement of the project.

In order to purchase a coin, you need to have a sufficient amount of fiat, equivalent to your future purchase. Then you can use the services of exchanges and exchangers that support the ALGO coin: Coinbase, Kraken, Binance, KuCoin, Huobi, SoFi and many other platforms. You will also need an algorand wallet, as some exchanges require cold or hot wallets from the client. Then decide on the purchase amount and become the proud owner of your first cryptocurrency, or replenish your cryptocurrency portfolio with a new coin.

Algorand project prospects and forecasts

Before investing in any cryptocurrency or acquiring it, you need to analyze in great detail all possible information about it, as well as trace the capitalization of the coin on the exchanges over the past couple of years in comparison with other coins.

The algorand project can be called quite reliable due to a professional team and a universal idea, and successfully traded tokens on exchanges once again confirm the prospects for the further development of the project.