Algorand – ALGO
Algorand self-proclaims itself to be the world’s most powerful and sustainable blockchain.
This is a Project Review on $ALGO.
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Algorand is a Proof-of-Stake (PoS) blockchain that was founded by Silvio Micali in 2017, who developed the whole protocol from scratch, focusing on decentralisation making $ALGO one of the time-tested #cryptocurrencies in this space.
The network is designed to combine the powers of both traditional and decentralised finance by focusing on the blockchains’ three largest problems: security, speed and decentralisation!
The Algorand network focuses on decentralised finance like many other major chains but on being a green blockchain. Algorand is said to be carbon-negative, as it purchases more carbon credits than offsets carbon emissions.
In Q3 of 2022, they received an incredible upgrade that now allows the network to achieve up to 6,000 transactions per second (TPS) and has a minuscule transactional fee of $0.0002, which proves that Algorand is designed to be extremely scalable!
Algorand is a direct competitor to Ethereum, as it allows other blockchains and cryptocurrencies to be hosted on its network, similar to Ethereum and its EVM compatibility amongst other major chains like Fantom or Polygon.
Instead, they use their own similar but improved technology, the Algorand Virtual Machine (AVM) which is said to be faster, cheaper and more secure than the Ethereum Virtual Machine (EVM).
Algorand is actually the first blockchain that finalises transactions immediately!
As the network is permissionless and uses the Proof-of-Stake (PoS) consensus mechanism, it allows users to participate and stake $ALGO in governing the entire blockchain and receive staking rewards for doing so.
The network uses consensus-level security, the Byzantine agreement protocol which is designed to combat malicious users trying to corrupt the network. For every change or upgrade the blockchain makes, Algorand always uses a consensus approach.
The ecosystem is forever growing and is home to over 500 dApps like Metaverses, NFTs, decentralised exchanges, investment funds and so much more! Even Limewire is on the Algorand network, which if you were born in the 90s or before, you would know who they are…
The network has just under 30 million wallet addresses connected and averages around 150k transactions per day! Looking at Algorand’s statistics, the growth of their blockchain is increasing rapidly as more users and developers discover their full potential…
If you’re looking to get started on your Algorand journey, you will need to use the Pera Wallet and you can buy $ALGO tokens on ByBit, which we currently have some amazing promotions – https://partner.bybit.com/b/ACGYoutube
At the time of writing, the $ALGO token is sitting at a price of $0.1678 with a market cap of $1.2 billion. $ALGO has seen an ATH of over $3 when the market cap reached just under $13B. $ALGO has the power to exceed its previous ATH, it’s just a matter of time…
Links
Twitter – @Algorand
Twitter – @AlgoFoundation
Website – Algorand.com
