ALGO
Reputation Ratings

ALGO

Algorand 5-10 years
Cryptocurrency
Website http://algorand.foundation
Browser
OTH RELPs
Github
White Paper
ALGO Avg Price
-3.19%
1D

$ 0.2236 USD

$ 0.2236 USD

Market Cap

$ 1.7219 billion USD

$ 1.7219b USD

24h trading volume

$ 238.067 million USD

$ 238.067m USD

7d Vol

$ 2.7119 billion USD

$ 2.7119b USD

Circulating supply

8.28 billion ALGO

Related information

Issue Time

2019-06-17

Platform pertained to

--

Current price

$0.2236USD

Market Cap

$1.7219bUSD

Volume of Transaction

24h

$238.067mUSD

Circulating supply

8.28bALGO

Volume of Transaction

7d

$2.7119bUSD

Change

24h

-3.19%

Number of Markets

452

Github Messages

More

Warehouse

Algorand

Github's IP Address

[Copy]

Codebase Size

48

Last Updated Time

2020-05-18 16:01:15

Language Involved

--

Agreement

--

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ALGO Price Chart

Introduction

Markets

3H

+0.51%

1D

-3.19%

1W

+47.78%

1M

+71.57%

1Y

+65.57%

All

-92.89%

AspectInformation
Short NameALGO
Full NameAlgorand Token
Founded Year2019
Main FoundersSilvio Micali
Support ExchangesKuCoin, Binance, Coinbase, etc.
Storage WalletCoinbase Wallet, TrustWallet, Ledger, etc.

Overview of ALGO

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.

ALGO's home page

Pros and Cons

ProsCons
Pure proof-of-stake consensus protocolMarket volatility
Offers higher transaction speedCompetitive cryptocurrency market
Scalability possibilitiesDependant on internet connectivity
Reduced carbon footprintRegulatory uncertainties
Widely available on various exchangesRisky for inexperienced investors

What Makes ALGO Unique?

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.

What Makes ALGO Unique?

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.

How Does ALGO Work?

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.

Exchanges to Buy ALGO

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.

StepActionDetails
1Register on BinanceCreate a free account on Binance via the app or website, providing necessary details and verifying your identification.
2Choose AlgorandClick “Buy Crypto,” explore options to buy Algorand, considering stablecoin like USDT for better compatibility.
3Payment MethodChoose from options: A. Credit/Debit Card - Easy for new users; B. Bank Deposit - Transfer fiat via SWIFT; C. Third-party Payment - Check available channels.
4Check Details and FeesConfirm order within 1 minute at the current price. Refresh if needed.
5Store or Use AlgorandAfter purchase, store in Binance wallet. Options: personal crypto wallet, Binance account, trade, or stake for passive income.
6Explore FurtherTrack 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.

StepActionDetails
1Create Coinbase AccountSign up or download the app. Have a valid ID for verification. Process may take a few minutes depending on your location.
2Add Payment MethodConnect a bank account, debit card, or initiate a wire transfer in the payment method section.
3Start a TradeOn Coinbase.com, select Buy & Sell. On the app, tap the “+” Buy on the Home tab.
4Select AlgorandClick Buy, search and select Algorand. On the app, search “Algorand” and tap to open the purchase screen.
5Enter AmountInput spending amount in local currency. App auto-converts to Algorand. Adjust using arrow buttons if needed.
6Finalize PurchaseTap “Preview buy,” review details, and confirm by clicking “Buy now” when ready.
7DoneAfter 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.

Exchanges to Buy ALGO

How to Store ALGO?

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.

How to Store ALGO?

Is It Safe?

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.

How to Earn ALGO?

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.

FAQs

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.

User Reviews

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18 ratings

Participate in evaluation
Ufuoma27
algoraAlgorand seeks to address some of the scalability and decentralization challenges associated with earlier blockchain platform. algorand is a stable coin and reliable as well.
2023-12-22 22:32
3
leofrost
In my personal review of Algorand (ALGO), I appreciate its commitment to scalability, security, and decentralization. Algorand's pure proof-of-stake consensus mechanism and focus on creating a borderless economy set it apart. Continuous developments, partnerships, and the adoption of Algorand in various applications contribute to its significance in the blockchain space.
2023-11-24 05:36
5
Windowlight
Algorand (ALGO) employs a proof-of-stake consensus algorithm, aiming to create a scalable and secure blockchain.
2023-12-21 23:23
5
Lala27
Algorand (algo) is a cryptocurrency that is an autonomous, distributed network of blockchains. Provides faster transaction speed with increased efficiency and it provides a non-forkable network of blockchains.
2023-11-24 10:48
3
Ishola7352
Algorand's pure proof-of-stake consensus algorithm ensures security and decentralization. The platform's focus on building a borderless economy is aligned with the ethos of cryptocurrency.
2023-12-25 19:13
2
wenngtgg
Nice! let's go to the moon 🚀🌝
2022-10-25 08:12
0
hselnuts
ALGO TO THE MOON
2022-10-24 15:18
0
winnih
let's go up again algo🔥🔥🚀🚀🚀
2022-10-24 13:16
0
Khai Satoshi Nakamoto
good
2022-04-11 11:50
0
Araminah
Algorand (ALGO): A scalable, secure, and decentralized digital currency and transactions platform.
2023-10-09 08:10
4
Jay540
$ALGO highly secure, scalable, lightning-fast and cost-efficient, as all good tokens should be.
2023-11-01 05:01
6
Windowlight
Algo, the native token of Algorand, is gaining momentum in the crypto world. Its fast transaction speeds and focus on scalability make it a strong contender. However, like any cryptocurrency, market volatility is a factor to consider. Keep an eye on its growing ecosystem and adoption.
2023-11-06 02:12
2
Dazzling Dust
ALGO secure, scalable and efficient, all the features required for effective practical applications
2023-09-08 07:18
6
mudeok
amazing Algo... to the moon
2023-01-13 21:06
0
Jenny8248
ALGO, or Algorand, is a blockchain platform recognized for its focus on scalability, speed, and decentralization. Its consensus mechanism, Pure Proof of Stake (PPoS), ensures high throughput, quick transaction finality, and energy efficiency.
2023-11-21 22:24
4
h2woiswater
HOLDING THIS TOKEN FOR A YEAR NOW. IM BULLISH ON THIS TOKEN. SO WHAT IS ALGO Algorand's technology provides a collection of high-performance layer 1 blockchains that offer security, scalability, privacy and transaction finality. A layer-1 blockchain is a collection of solutions that improve the fundamental protocol to make the system more scalable.
2023-10-26 02:35
5
chi9832
Algorand is the best.
2023-09-15 07:54
3
hardwork
Algorand is a great choice for people who need a fast and secure blockchain platform for their dapps or smart contracts. It is also a good option for people who want to invest in a cryptocurrency with a strong team and technology.
2023-11-04 00:54
6

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