Cryptocurrency Algorand (ALGO): project overview, course, schedule, forecast and prospects

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Algorand is a blockchain that aims to create a transparent system in which anyone can succeed through decentralized projects and applications. The Algorand Foundation assists developers in launching and developing the network. The main mission is to make a reliable, seamless economy a reality.

You can buy or sell Algorand (ALGO) cryptocurrency on the Binance exchange (binance.com). Pairs available: ALGO / BNB, ALGO / BTC, ALGO / USDT, ALGO / TUSD, ALGO / BUSD.

The fundamental aspect here is considered to be a public clean blockchain with open source code. The Algorand consensus mechanism promotes the performance, security and openness of the decentralized network. With a new consensus, Algorand’s transaction throughput competes freely with established financial and payment systems, and is also designed to scale to billions of nodes.

Name Price Market Cap Supply Change % (7D) Performance
1
$0.22
$1,624,715,802.70 7272675929.7287 ALGO
-5.22%

Information

Indicators of Algorand cryptocurrency as of June 27, 2019:

NameAlgorand
TickerALGO
Capitalization86 498 500 $
Course1,43 $
Current issue60 096 540 ALGO
Maximum emission10 000 000 000 ALGO
Websitehttps://algorand.foundation/
Twitterhttps://twitter.com/algorand
ExchangesBinance, KuCoin, Bitfinex, CoinEx, Hotbit, etc.
Launch year2019

Schedule

ALGO features

The Algorand blockchain has its own native official Algo token. For its initial distribution, the IEO of the Binance exchange was used. Tokens were distributed through a Dutch auction, because the creators are sure that the market itself should determine the value of the coin. Dutch auction – this means that the price was named not in ascending order, but on the contrary, in descending order.

The main features of the network:

✅ Decentralized economy. Decentralization is very important for business and all consumers of goods and services. As the economy becomes more digital, seamless and transparent, businesses need to embrace technologies that imply decentralization in order not to lose their strategic importance and strive to maintain potential.

✅ Security and scalability. The protocol guarantees a high speed of payment processing, comparable to the financial systems of world importance.

✅ Complete completion of the transaction. This is an innovative development by Algorand. The blockchain provides instant and unconditional completeness of transactions without forking. Other blockchains suffer from uncertainty and lack of transactional integrity, and here this problem is being addressed.

✅ Leveraging scientific research and influential business partners. Algorand cooperates with proven business leaders working in world famous companies.

ALGO Auctions

The key role of the Algorand Foundation is the distribution of ALGO tokens. In addition to using the Dutch auction mechanism to establish a fair price, the fund also offers a return policy to all auction participants.

The first auction took place on June 19, 2019, and sold 25 million tokens at a cost of $ 2.4. Transparent sales results can be found on the official website. Participants, whose application was successful, received tokens to the wallet after the completion of the auction. After that, Algo began to be officially listed on exchanges.

Advantages and disadvantages

Pros:

✅ Nearly limitless scalability. To seal each block of transactions, the system selects a group of nodes that are hidden until the block is confirmed. Also, a group of verifiers is randomly formed. No matter how the network grows, the size of this group is always fixed.

✅ Lack of transaction forks. In other blockchains, usually several nodes compete at once for which of them will close the next block, which creates the possibility of simultaneous closure with a difference of hundredths of a second. As a result, a fork is created. One of the created blocks, as expected, is placed in the blockchain, and the second is discarded. Transactions in it cannot be considered reliable. Algorand removes this ambiguity with a thoughtful consensus mechanism.

✅ Safety. Algorand guarantees security at all three levels of the blockchain – network, protocol, user.

✅ Lack of censorship. Algorand is highly decentralized and maintains absolute transactional neutrality. All decisions are made by the will of the majority.

✅ Low fees. At Algo, the amount of computation does not change as the network grows, so transaction fees remain minimal no matter how many customers use the network. The plus is that both large payments and microtransactions can be processed on equal terms.

✅ Easy system evolution. Any technical or financial changes, thanks to the innovative protocol, are very easily implemented on the blockchain. This does not require a hard fork.

Cons:

❌ Experts studying the structure of the Algo blockchain have identified a number of technical inconsistencies, due to which the network can be attacked by intruders who want to deliberately fork it.

Wallets

Algorand has a wallet that can be downloaded for free on an Android device.

It allows you to:

✅ quickly create an account;

✅ instantly send and receive ALGO;

✅ create requests to receive currency or respond to them;

✅ store and view transaction history;

✅ save frequently used contacts for quick access to them.

Safety is a priority. Private keys are stored exclusively on the device and no personal information is collected.

Buy or sell ALGO cryptocurrency

You can buy ALGO tokens on the Binance crypto exchange or another site convenient for you that supports it. Algo is traded in the following pairs: ALGO / BNB, ALGO / BTC, ALGO / PAX, ALGO / TUSD, ALGO / USDC, ALGO / USDT.

To buy or sell cryptocurrency, use the order creation forms at the bottom of the page.

Perspectives

Many projects from all of these try to create artificial incentives that govern user behavior. Algorand in this regard openly and honestly says that users can decide for themselves what to do with the coin, as well as how much it will cost. The protocol is simple and predictable, similar to classic protocols such as HTTP or TCP, in which we only care about packets traveling through the network normally, not some incentive.

The creator of the project, scientist Micali, says that he will use incentives only as a last resort, if without them the network will not work. Mikali is an experienced cryptographer like the rest of the team. The architecture developed by them commands respect for its conservatism. All that remains is to stand the test of time.

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