The new Algorand Blockchain (ALGO) has covered the universe of cryptocurrencies. Throughout the token realization, Algorand elevated over $60 million and vended 25 million ALGOs. Beyond the finishing of the opening range of transactions, Algorand was included in the catalog of the major cryptocurrency exchanges.
The Algorand project started in 2019 and the organizers of Algorand ICO sold tokens on the principle of a Dutch auction. This means that the initial price is higher than the final. ALGO crypto at launch was priced at $10 per coin. The last offer was $2.6.
Algorand cryptocurrency attracted an investment of $ 60 million and trust exchanges immediately added the project to their list of services for trading. Users can buy Algorand coin on EXMO.
Pablo Azar is one of the founders of Algorand and thehe project’s chief economist is introducing cryptography into market mechanisms. Thus, Algorand crypto was planned as a fast and secure financial system. The founders want to make it as competitively similar as the VISA and Mastercard payment systems. In the same case, ALGO cryptocurrency is decentralized and more secure.
Algorand was established to solve the main problem of Blockchain technology. In the classic version, one of three components suffers:
For example, most reviews on the Bitcoin blockchain, including Reddit, talk about the failure of the system in terms of scalability. Developers are forced to create add-ons like Bitcoin Cash or Lightning to solve this problem.
ALGO coin prediction, as an open, transparent, and secure economic system, is based on a new way of verifying transactions. In the classic Blockchain, users mine tokens applying the Proof-of-Work algorithm. Community members mine Algorand coin through Proof-of-Stake. Transactions are self-checking.
The project pursues several long-term goals:
Proof of the transaction integrity is based on the recognition of the participant’s token ownership by other participants. Silvio Micali participated in the extension of the algorithm. He received an analog of the Nobel Prize for the first probabilistic cryptosystem with a public key and proof of a transaction with zero disclosure in cryptographic protocols.
The Pure PoS algorithm not only provides the highest level of data encryption but also significantly reduces the required computing power to confirm the transaction. And the calculations take a few seconds. For comparison, recall that the confirmation of one block of Bitcoin takes an average of 10 minutes.
Also, the security and integrity of the system depend on the integrity of the users. If most transactions are fair, fraud attempts will be automatically rejected. Each user has access to existing blocks and can record a purchase in a future block. Community members can influence the choice of a new block depending on the number of ALGO tokens in their wallets. Users confirming the transaction are appointed by the system arbitrarily.
The developers expect that large investors who own a large number of coins will not confirm deliberately fraudulent transactions. Such actions will lead to a loss of confidence in the system and the depreciation of assets.
Additional features of ALGO:
The global goal of the project’s creators is to administer and improve a stable ecosystem that is infinitely scalable. Users can create an infinite number of projects on the Blockchain using ALGO tokens. These coins are also a means of payment in themselves, and the community of enthusiasts determines their value. Compared to the standard Blockchain technology implemented in older cryptocurrencies, the network has several features, such as Bitcoin:
There is only one tool for analyzing cryptocurrencies – these are volatility charts on cryptocurrency exchanges. Ideal from the point of view of developers, the coin may not find a response in the market or develop as fast as expected.
Algorand tokens can be used not only as a means of payment but also on the Arcblock platform. This is a virtual ecosystem in which anyone can create their projects on the Blockchain.
For investors, market analysts and all enthusiasts, Algorand has published a white paper in the public domain. The technical and economic conditions of the project can be found at https://www.algorand.com/resources/white-papers.
GitHub has created 40 repositories with data about Algorand. At the same time, there is one completed project and no current events. The interest in the new Blockchain by Twitter users is also ambiguous. The opinion of individual traders is that a fall in the price of a currency indicates its value. On the other hand, large exchanges with a good reputation are actively trading ALGO tokens for BTC.
Moreover, the value of the coin lies in the ability to use it to build a transparent and controlled Internet of the future. The CEO of the Blockstack platform confirms this. The company is a provider of a decentralized computer network where data is transferred to other users only with the permission of their authors.
In 2020, the price of the token was about $0.25. Accordingly, its value can doublein 2021 and reach $0.75 in 2023. More optimistic traders believe that by the end of 2020, the coin will be $1. At the same time, the project manager believes that users will determine the fate of the token. Developers use simple HTTP and TCP protocols to ensure stable system operation. No mechanisms have been introduced to stimulate mining or artificially increasing prices.
EXMO exchange has a straightforward interface, which has been translated into the 12 most popular languages. Among them are English, German, and Russian. Immediately after registration, you can start to complete transactions. From your personal account, go to the Funding tab and deposit money into your account.
In the Trade tab at the top right is a block with currency pairs. The site offers 178 combinations. ALGO tokens are sold in exchange for BTC, USDT coins, as well as fiat currencies EUR and RUB.
Traders can create three types of orders:
The chart above the form with the currency pair shows the market performance. Each participant can evaluate the current situation and predict what changes mayl occur.