What Is Algorand (ALGO)?
Algorand is an independent, decentralized, blockchain-based network that supports many applications. These systems are secure, scalable, and efficient, all critical properties for practical applications in the real world. Algorand will support computations requiring reliable performance guarantees to create new trust forms.
The ALGO mainnet became life in June 2019 and could handle almost 1 million transactions per day as of December 2020. ALGO transaction metrics can be viewed here. In addition, ALGO’s initial coin offering (ICO) was held in June 2019, with an ALGO price of $2.4 per token.
Who Are the Founders of Algorand?
Silvio Micali is a professor of computer science at the Massachusetts Institute of Technology and the founder of ALGO. He is a recipient of the Turing Award (in 2012) for his fundamental contributions to the theory and practice of secure two-party computation, electronic cash, cryptocurrencies, and blockchain protocols. This makes him one of the foremost creators of crypto in the world.
What Makes Algorand Unique?
ALGO was invented to speed up transactions and improve efficiency in response to the slow transaction times of Bitcoin and other blockchains. In addition, ALGO is designed to lower transaction fees and no mining (like Bitcoin’s energy-intensive process), as it is based on a permissionless pure proof-of-stake (PoS) blockchain protocol.
Algorand’s Compatibility with Ethereum
On Feb. 17, 2022, the ALGO Foundation announced a $10M grant to Applied Blockchain to develop the London Bridge, a trustless bridge that will bring Ethereum compatibility to the Algorand blockchain. ALGO has struggled to attract liquidity to its ecosystem, despite promising low cost transactions, low latency, and high scalability. Having a bridge to Ethereum, which currently has the most robust DApp ecosystem, would allow ALGO to connect to these applications and attract more liquidity. In the long-term, the ALGO Foundation aims to have verification of other chains be performed on ALGO’s smart contracts by incorporating state proofs in the form of Compact Certificates into the ALGO Consensus. The foundation’s goal is to solidify the DeFi ecosystem on ALGO eventually.
How Many Algorand (ALGO) Coins Are There in Circulation?
The genesis of the ALGO blockchain states that 10 billion ALGO was minted. The distribution of the fixed and immutable 10 billion ALGO will end in 2030, rather than the initial plan of 2024. For more information about ALGO’s tokenomics, see here.
How Is the Algorand Network Secured?
The Algorand blockchain is a permissionless pure proof-of-stake blockchain protocol. Unlike proof-of-work (PoW) blockchains, where the root block must be validated by randomly-selected validators (using computing power), in the pure proof-of-stake approach, all validators are known to one another and only have to agree on the next block to create a new block.
Where Can You Buy Algorand (ALGO)?
To check ALGO’s price live in the fiat currency of your choice, you can use CoinMarketCap’s converter feature directly on the ALGO price page. Alternatively, use the dedicated exchange rate converter page. Popular ALGO price pairs include ALGO/USD, ALGO/GBP, ALGO/AUD, and ALGO/EUR.