$ 0.2236 USD
$ 0.2236 USD
$ 1.7219 billion USD
$ 1.7219b USD
$ 238.067 million USD
$ 238.067m USD
$ 2.7119 billion USD
$ 2.7119b USD
8.28 billion ALGO
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
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
+0.51%
1D
-3.19%
1W
+47.78%
1M
+71.57%
1Y
+65.57%
All
-92.89%
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.
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 |
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.
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.
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.
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.
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.
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.
Algorand price continued its recovery, surging to a high of $0.2318, its highest level since April 2
2024-11-19 15:05
While Bitcoin calms after Trump-driven rallies above $93,000, Algorand (ALGO) witnesses a bullish re
2024-11-16 01:06
The crypto firm behind the largest USD-pegged stablecoin by market cap says it is shifting focus to
2024-06-25 06:52
Algorand‘s (ALGO) price reached a monthly low of $0.15 on Tuesday, June 11, despite trading around $
2024-06-12 19:47
Algorand (ALGO) stands out with peculiar statistics. Data from IntoTheBlock indicates that only 9.39
2024-06-04 23:01
Bears are in control in todays session as seen from the drop in the global market cap. The total cap
2024-05-25 05:05
Blockchain platform Algorand achieved notable gains in key metrics during the years first quarter (Q
2024-05-09 09:04
Over the last two days, the price of Algorand (ALGO) has declined on the daily chart, retracing back
2024-04-04 22:05
Amidst the altcoins that charted immense gains was Algorand, which had a good run over the last coup
2024-03-14 01:11
18 ratings