$ 0.1328 USD
$ 0.1328 USD
$ 997.984 million USD
$ 997.984m USD
$ 21.67 million USD
$ 21.67m USD
$ 141.929 million USD
$ 141.929m USD
8.252 billion ALGO
Issue Time
2019-06-17
Platform pertained to
--
Current price
$0.1328USD
Market Cap
$997.984mUSD
Volume of Transaction
24h
$21.67mUSD
Circulating supply
8.252bALGO
Volume of Transaction
7d
$141.929mUSD
Change
24h
+1.84%
Number of Markets
439
More
Warehouse
Algorand
Github's IP Address
[Copy]
Codebase Size
48
Last Updated Time
2020-05-18 16:01:15
Language Involved
--
Agreement
--
Current Rate0
0.00USD
3H
+2.17%
1D
+1.84%
1W
+0.47%
1M
+0.23%
1Y
+33.64%
All
-95.76%
Aspect | Information |
---|---|
Short Name | ALGO |
Full Name | Algorand Token |
Founded Year | 2019 |
Main Founders | Silvio Micali |
Support Exchanges | KuCoin, Binance, Coinbase, etc. |
Storage Wallet | Coinbase Wallet, TrustWallet, Ledger, etc. |
Algorand Token, generally referred to as ALGO, is a kind of De-fi token that was founded in 2019 by Silvio Micali. The main goal of ALGO is to solve several fundamental challenges faced by networks such as Bitcoin and Ethereum, particularly in regard to scalability and speed of transactions. ALGO operates on a pure proof-of-stake (PPoS) consensus protocol, which relies on a randomized selection mechanism for block proposals and voting to reach consensus.
This digital asset is listed on several exchanges, with KuCoin, Binance, and Coinbase being some of the notable ones. Various wallets, including Coinbase Wallet, TrustWallet, and Ledger, also support the storage of ALGO tokens. Do keep in mind that like all cryptocurrencies, the value of ALGO can fluctuate, and it's vital to conduct your own research before deciding to invest in it.
To obtain more information, you can visit their website:https://algorand.foundation and try to log in or register to use more services.
Pros | Cons |
---|---|
Pure proof-of-stake consensus protocol | Market volatility |
Offers higher transaction speed | Competitive cryptocurrency market |
Scalability possibilities | Dependant on internet connectivity |
Reduced carbon footprint | Regulatory uncertainties |
Widely available on various exchanges | Risky for inexperienced investors |
Pros:
1. Pure Proof-of-Stake Consensus Protocol: Algorand's pure proof-of-stake (PPoS) consensus protocol ensures full participation, protection, and speed within a truly decentralized network. With PPoS, every holder of ALGO can propose blocks or vote on block proposals, making the system more democratic and equitable.
2. Higher Transaction Speed: Compared to many other cryptocurrencies, ALGO's transaction speed is notably higher. The network's design allows for quick processing of transactions, making it more efficient especially for scaling operations.
3. Scalability: The ALGO blockchain is designed for a high level of scalability. As more users join the network, the protocol is intended to handle the increased traffic whilst maintaining its level of performance and security.
4. Reduced Carbon Footprint: Compared to Proof-of-Work (PoW) consensus mechanisms seen in other cryptocurrencies, Algorand's PPoS is much more energy-efficient, making it environmentally friendly.
5. Wide Availability: ALGO is listed on numerous exchanges, which provides greater accessibility for potential users and investors worldwide.
Cons:
1. Market Volatility: Like all cryptocurrencies, ALGO's value can fluctuate greatly in a short period, leading to potential investment risks.
2. Competitive Cryptocurrency Market: ALGO faces fierce competition in the cryptocurrency market. There are several other options available to investors, including larger, more established cryptocurrencies.
3. Dependency on Internet Connectivity: As with any digital currency, ALGO relies on internet connectivity. In areas with unstable or no internet, using or trading ALGO may be challenging.
4. Regulatory Uncertainties: The future of cryptocurrencies remains uncertain with legislation varying across different countries. Changes in regulatory frameworks around the world could impact ALGO and its users.
Founded by Silvio Micali, Algorand Token (ALGO) introduced a range of innovative features that distinguish it from many other digital currencies.
1. Pure Proof-of-Stake (PPoS) Consensus Mechanism: ALGO's PPoS mechanism allows each token holder to participate in the network. This differs from many other cryptocurrencies that utilize proof-of-work (PoW) or delegated proof-of-stake (dPoS) systems, which can centralize power among miners or a select group of validators. PPoS ensures an equitable and democratic sharing of power among all network participants.
2. Scalability and Speed: ALGO has been designed with high scalability in mind, aimed at handling high transactional volume without compromising speed. This assuages the issues of scalability and slow transaction times encountered by some earlier cryptocurrencies like Bitcoin and Ethereum.
3. Reduced Carbon Footprint: Algorand's PPoS system is more energy efficient than the PoW systems used by Bitcoin and other cryptocurrencies. This focus on environmental sustainability adds to its unique attributes in the cryptocurrency market.
4. Immediate Transaction Finality: Unlike some other cryptocurrencies, ALGO ensures immediate transaction finality. This means that once a transaction is added to the blockchain, it cannot be rolled back or forked, which brings about more security and certainty.
5. Atomic Transfers: Algorand supports an advanced form of bundled transactions called Atomic Transfers that provides a more secure and efficient method for conducting complex multi-party, multi-asset transactions.
It's important to note that despite these distinctive features, ALGO, like any cryptocurrency, does possess potential risks and challenges, including market volatility and regulatory uncertainties. Thus, it's crucial for potential investors and users to conduct thorough research.
Coin airdrop
In 2023, a notable coin airdrop occurred within the Algorand ecosystem, with a total of 200 million ALGO tokens being distributed to ALGO holders. To participate, users needed to hold a minimum of 25 ALGO tokens in their Algorand wallets and register their wallets by submitting a microtransaction of 0.000001 ALGO to a specific address. This airdrop was designed to incentivize participation in the Algorand ecosystem and reward early adopters.
Price of ALGO
Algorand (ALGO) has experienced significant price fluctuations since its launch in 2019. Its all-time high of $3.28 was reached in July 2021, followed by a sharp decline to around $0.10 in January 2022. The price has since recovered somewhat, trading at around $0.13 as of October 2023. These fluctuations are common in the cryptocurrency market and are driven by a variety of factors, including market sentiment, technological developments, and regulatory changes.
Algorand operates on a pure proof-of-stake (PPoS) consensus mechanism. Unlike proof-of-work systems where miners compete to solve a mathematical problem, or delegated proof-of-stake systems where a select group of nodes validate transactions, Algorands system gives all ALGO holders the potential to propose and vote on blocks.
The working principle of Algorand is based on two main cryptographic sorts: secret cryptographic sortition and verifiable random functions (VRF). The secret cryptographic sortition is a process that randomly, secretly, and automatically selects users to propose blocks and vote on block proposals in the Algorand network. The VRF allows the selected user to create a proof that they were chosen for the task without revealing their identity.
In terms of block creation and validation, a single token is randomly selected from the total tokens in the Algorand network. The owner of this selected token gets to propose the next block. To vote on this proposed block, a committee of owners of 1,000 tokens is randomly selected. The block is confirmed once more than two-thirds of the committee approve it. The block is then added to the blockchain, and the process starts again for the next block.
Transitioning to the next set of users is done rapidly in Algorand to prevent attackers from influencing the selected proposers and voters. This makes the Algorand blockchain efficient, secure and relatively more decentralized as each ALGO holder can potentially be selected to confirm transactions, regardless of the number of tokens they hold.
Also, as for its transaction confirmation, Algorand blockchain has a unique feature called “Instantaneous Transaction Finality”, meaning that as soon as a transaction is performed and put into a block, it is final and cannot be forked. This brings a higher degree of certainty and security to the users of the ecosystem.
Lastly, Algorand supports “Atomic Transfers” which is an advancement on the traditional smart contracts. These are essentially bundled transactions which get approved all at once, enabling more secure, efficient, and complex operations.
The Algorand Token (ALGO) is listed on numerous exchanges. Here are 10 exchanges with the various currency and token pairs that they support:
1. Binance: This exchange offers a variety of pairs for trading ALGO. These include ALGO/BTC, ALGO/ETH, ALGO/USDT, and ALGO/BUSD.
Step | Action | Details |
---|---|---|
1 | Register on Binance | Create a free account on Binance via the app or website, providing necessary details and verifying your identification. |
2 | Choose Algorand | Click “Buy Crypto,” explore options to buy Algorand, considering stablecoin like USDT for better compatibility. |
3 | Payment Method | Choose from options: A. Credit/Debit Card - Easy for new users; B. Bank Deposit - Transfer fiat via SWIFT; C. Third-party Payment - Check available channels. |
4 | Check Details and Fees | Confirm order within 1 minute at the current price. Refresh if needed. |
5 | Store or Use Algorand | After purchase, store in Binance wallet. Options: personal crypto wallet, Binance account, trade, or stake for passive income. |
6 | Explore Further | Track coin prices, explore more on Binance Earn, or consider Trust Wallet for decentralized exchange options. |
Buying link: https://www.binance.com/en/how-to-buy/algorand
2. Coinbase : Here, users can trade ALGO using pairs like ALGO/USD, ALGO/EUR, and ALGO/BTC.
Step | Action | Details |
---|---|---|
1 | Create Coinbase Account | Sign up or download the app. Have a valid ID for verification. Process may take a few minutes depending on your location. |
2 | Add Payment Method | Connect a bank account, debit card, or initiate a wire transfer in the payment method section. |
3 | Start a Trade | On Coinbase.com, select Buy & Sell. On the app, tap the “+” Buy on the Home tab. |
4 | Select Algorand | Click Buy, search and select Algorand. On the app, search “Algorand” and tap to open the purchase screen. |
5 | Enter Amount | Input spending amount in local currency. App auto-converts to Algorand. Adjust using arrow buttons if needed. |
6 | Finalize Purchase | Tap “Preview buy,” review details, and confirm by clicking “Buy now” when ready. |
7 | Done | After processing, view confirmation screen. Congrats, you've bought Algorand on Coinbase. |
Buying link: https://www.coinbase.com/how-to-buy/algorand
3. Kraken: On Kraken, ALGO can be traded with the following pairs: ALGO/USD, ALGO/EUR, and ALGO/BTC.
4. Bithumb: This exchange supports ALGO trading with pairs including ALGO/USD and ALGO/USDT.
5. Kucoin: Kucoin lists ALGO with trading pairs such as ALGO/BTC and ALGO/USDT.
6. Bitmax: On Bitmax, users can trade using ALGO/BTC, ALGO/ETH, and ALGO/USDT pairs.
7. Gate.io: ALGO can be traded on Gate.iousing the ALGO/USD pair.
8. Huobi Global: ALGO can be purchased on Huobi Global using pairs such as ALGO/USDT, ALGO/BTC, and ALGO/ETH.
9. OKEx: This exchange supports the ALGO/USDT, ALGO/BTC and ALGO/ETH trading pairs.
10. Bitstamp: On Bitstamp, ALGO is tradable with the ALGO/USD and ALGO/EUR pairs.
There are several methods and wallets for storing ALGO, each with its own level of security, ease of use, and features. Among them are:
1. Coinbase Wallet: If you are using Coinbase as an exchange, you also have the option to store ALGO in the integrated Coinbase Wallet. This provides the convenience of storing, trading, and investing all in one place.
2. Atomic Wallet: Atomic Wallet is a third-party desktop wallet that supports ALGO alongside hundreds of other cryptocurrencies. It is known for its security features and clean user interface.
3. Ledger: Ledger devices are hardware wallets that offer an added degree of security. The Ledger Nano S and Ledger Nano X both support ALGO and can be used in combination with Algorand Wallet or MyAlgo Wallet for additional security.
4. Trust Wallet: Trust Wallet is a secure multi-coin wallet that supports ALGO alongside other cryptocurrencies. It is available on both Android and iOS.
5. Exodus Wallet: Exodus is a software wallet that provides support for a multitude of cryptocurrencies, including ALGO. It has a user-friendly interface and offers features like exchange functionality and portfolio tracking.
Algorand (ALGO) is a cryptocurrency that has gained popularity due to its unique consensus mechanism, Pure Proof of Stake (PPoS), which provides both security and efficiency.
PPoS utilizes Verifiable Random Function (VRF) technology to randomly select a committee of validators who are responsible for approving transactions. This approach is designed to address the potential drawbacks of traditional Proof of Stake (PoS) systems, such as the risk of centralization and the need for large stakes.
Algorand also boasts a decentralized governance model that empowers token holders to participate in decision-making processes. This feature aligns with the decentralized ethos of blockchain technology and aims to ensure that the network's development is guided by the community.
Algorand's security features and decentralized governance model make it a compelling investment option, but it is important to acknowledge that cryptocurrency investments are inherently risky and subject to market fluctuations. As with any investment, it is crucial to conduct thorough research and exercise caution before making any decisions.
Earning ALGO, the native cryptocurrency of the Algorand blockchain, can be achieved through various methods. Staking, governance participation, airdrops, liquidity provision, and token lending are some popular options.
Staking offers a passive income stream, while governance rewards active participation. Airdrops provide free tokens, and liquidity provision and token lending generate interest. Diversification, patience, and reputable wallet or validator selection are crucial for successful ALGO earning.
Algorand (ALGO) is a novel cryptocurrency that aims to address some of the key challenges faced by its predecessors such as speed, scalability, and decentralization. As a digital currency, it has potential for growth driven by its unique pure proof-of-stake (PPoS) consensus mechanism, reduced carbon footprint, and high transaction speed capabilities. However, like all cryptocurrencies, its future success is subject to various factors including technological adoption, market dynamics, regulatory environment, and more.
The financial potential of investing in ALGO, as with any cryptocurrency, is not guaranteed. Its value can appreciate or depreciate depending on market conditions, investor perceptions, and broader economic factors. Therefore, prospective investors should carefully consider their risk appetite and do thorough research before investing in ALGO or any other cryptocurrency.
While development prospects for ALGO seem promising due to its innovative features, it operates within an extremely competitive and volatile cryptocurrency market. Investors should keep in mind that while the rewards can potentially be considerable, so too can be the risks. As such, comprehensive understanding of the cryptocurrency market and sound financial planning are indispensable for individuals considering investing in ALGO.
Q: How does ALGO's consensus mechanism work?
A: ALGO operates on a pure proof-of-stake (PPoS) mechanism, where each token holder has the potential to propose and vote on blocks.
Q: What are some notable exchanges where I can buy ALGO?
A: Some key exchanges where you can purchase ALGO include Binance, Coinbase, and KuCoin, among others.
Q: Which wallets are suitable for storing ALGO?
A: ALGO can be stored in several wallets like the Ledger Nano S/X, Atomic Wallet, Coinbase Wallet, Trust Wallet, and Exodus Wallet.
Q: What are the development prospects of ALGO?
A: Algorand (ALGO) has significant development potential owing to its unique features, although its success is subject to variables such as technological acceptance, market trends, and regulatory compliance.
Q: How does ALGO differentiate itself from other cryptocurrencies?
A: ALGO stands out for its pure proof-of-stake consensus mechanism, high transaction speed, an emphasis on scalability, and reduced carbon footprint.
Investing in cryptocurrencies requires an understanding of potential risks, including unstable prices, security threats, and regulatory shifts. Thorough research and professional guidance are advised for any such investment activities, recognizing these mentioned risks are just part of a wider risk environment.
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