Algorand ALGO
$0.19966 0.00%
Latest Updates
Updated at 04:28$1,624,906,470.05
#60
$72,181,739.26 50.45%
+$0.000001957 0.00%
+$0.00974 4.88%
What about Algorand?
ALGO is a cryptocurrency based on the Algorand blockchain protocol. ALGO coins power the project’s network and can be used for purchasing goods and services on the Algorand platform as well as for paying transaction fees. ALGO coins are traded on a number of cryptocurrency exchanges. Moreover, they can be staked since the blockchain uses the PoS (Proof-of-Stake) consensus mechanism. ALGO is currently one of the top 30 cryptocurrencies by market capitalization.
Buy Algorand Without Any Hassle
Algorand is a blockchain-based network that provides a self-sustaining ecosystem to support decentralized applications (DApps). This innovative blockchain solution addresses several key problems faced by traditional decentralized ledgers. Systems built on top of the Algorand chain are secure, scalable and efficient, all critical properties for effective applications in the real world. Algorand will support computations that require reliable performance guarantees to create new forms of trust.
Algorand aims to address the blockchain trilemma, which involves achieving scalability, security, and decentralization simultaneously.
Algorand solves the scalability issue by utilizing a unique consensus mechanism known as pure proof-of-stake (PPoS). This ensures fast and secure transaction processing, enabling Algorand to handle high transaction volumes with minimal energy consumption.
Algorand also tackles the problem of security through its Byzantine Agreement protocol, which guarantees finality and prevents double-spending attacks.
Additionally, Algorand offers a permissionless and permissioned hybrid architecture, facilitating the creation of private DApps while maintaining the benefits of a public blockchain.
Lastly, Algorand provides built-in smart contract functionality, enabling developers to create and deploy robust applications on the network.
Technology That Powers the Algorand Blockchain
Algorand is revolutionizing the blockchain industry with its unique technology called Pure Proof-of-Stake (PPoS). This technology ensures full participation, protection, and speed in a truly decentralized network. Unlike traditional proof-of-work systems, Algorand's PPoS removes technical barriers such as centralization and scalability issues, allowing for mainstream adoption.
One of the key features of Algorand's technology is the Soft Vote. When a block proposal is made to the blockchain, a committee of voters is selected through cryptographic sortition. This committee then votes on the proposal, and if a super majority of the votes come from honest participants, the block is certified. This ensures that only legitimate blocks are added to the blockchain.
Another important aspect of Algorand's technology is its consensus-level security. The decentralized Byzantine agreement protocol employed by Algorand can withstand an arbitrary number of malicious users, as long as honest users hold a majority of the total stake in the system. This prevents powerful adversaries from corrupting enough users to control new block generation. Additionally, the privacy and individual selection of users for block certification further enhance the security of the system.
What sets Algorand apart is its community-centric approach to protocol changes. This means that decisions regarding protocol upgrades and modifications are made collectively by the community of ALGO holders, rather than being controlled by a centralized authority. This approach promotes transparency, inclusivity, and decentralization within the Algorand ecosystem. By involving the community in the decision-making process, Algorand aims to ensure that the protocol changes align with the interests and needs of its users.
Algorand Network Features and Capabilities
Algorand offers a range of features and capabilities that make it a powerful choice for building decentralized apps and executing smart contracts. Let's explore some of these features:
SMART CONTRACTS & AVM. Algorand's smart contracts are powered by the Algorand Virtual Machine (AVM). The AVM supports Turing-complete languages, larger program sizes, and advanced functionalities like functions, loops, and recursion. Developers can write smart contracts in popular languages like Python or Reach, making it accessible to a wider developer community. Smart contracts can be called remotely from any node on the Algorand blockchain, providing seamless interoperability.
ALGORAND STANDARD ASSETS. Algorand Standard Assets (ASA) are a standardized mechanism for representing various types of assets on the Algorand blockchain. ASA can include fungible (e.g., cryptocurrencies), non-fungible (e.g., unique collectibles), restricted fungible (e.g., loyalty points), and restricted non-fungible assets. Asset issuers can customize their assets with built-in functionality, such as role-based asset control (RBAC), to meet business and regulatory requirements.
ATOMIC TRANSFERS. Atomic Transfers enable secure and immediate settlement for multiparty transactions on Algorand's Layer-1. Unlike traditional escrow or hash time-locked contracts, Atomic Transfers are truly atomic, eliminating the need for additional intermediaries. It supports all Algorand assets and facilitates simplified debt settlement, efficient matched funding, and decentralized exchange scenarios.
REKEYING. Algorand's Rekeying feature allows users to change their Private Spending Key without changing their Public Address. This enables more flexibility and continuity, as regularly changing keys can disrupt automated transactions. Rekeying reduces overhead and provides users with control over their Private Spending Key. It is particularly beneficial for custody providers and higher-security scenarios where key rotation is necessary.
Currently, the Algorand Protocol is undergoing a major upgrade called Algorand Layer-2 (AL2). AL2 aims to expand the range of decentralized applications (Dapps) and processes that can be built on the Algorand blockchain, including smooth development of enterprise-scale Dapps on the world’s first pure proof of stake (PPoS) blockchain.
ALGO Cryptocurrency
Algorand’s native cryptocurrency is ALGO. It serves as a utility token within the Algorand ecosystem, enabling participation in consensus, transaction fees, and access to various decentralized applications and services built on the Algorand platform. ALGO tokens are produced through a process called "participation" or "staking."
In the Algorand network, users can stake their ALGO coins by participating in the consensus protocol. Validators (accounts that hold ALGO) are randomly selected for each round, and they propose and validate new blocks. The number of validators in each round is proportional to their stake in the network. Staking requires locking up a certain amount of ALGO tokens as collateral, ensuring the security and stability of the network.
Regarding the supply of the Algorand coin, there is a fixed max supply of 10 billion units. However, unlike some cryptocurrencies with a predetermined issuance schedule, Algorand initially released a smaller token supply and plans to distribute the remaining tokens gradually over time. This gradual distribution aims to incentivize network participation and growth while minimizing the influence of early adopters on the network's governance and market dynamics.
As for the performance of the Algorand price on the crypto market, it is important to note that cryptocurrency prices are subject to high volatility and can fluctuate significantly over time. Consider referring to a reputable cryptocurrency exchange like Changelly for the real-time ALGO price, the historical performance of the ALGO coin and other details associated with the Algorand price statistics to make an informed investment decision if you want to buy Algorand or trade it against cryptocurrencies.
Founders of Algorand (ALGO)
Founded in 2017 by MIT Professor Silvio Micali, a renowned cryptographer, Algorand has a rich history rooted in groundbreaking cryptographic advancements. Micali, a recipient of the Turing award, co-invented zero-knowledge proofs, probabilistic encryption, and verifiable random functions, among other pivotal protocols that underpin modern cryptography.
Algorand's primary objective is to democratize finance and fulfill the promises of blockchain technology. Its permissionless pure proof of stake (PoS) blockchain protocol was introduced to revolutionize the financial landscape. In collaboration with Jing Chen, a professor at Stony Brook University, Micali co-authored the white paper for Algorand in 2017.
To fund its ambitious vision, Algorand launched a public sale of its native token, ALGO, in June 2019. The sale employed a Dutch auction mechanism, enabling Algorand to raise an impressive sum of over US$60 million. This success was evident as the company managed to sell 25 million tokens in less than four hours, showcasing the immense interest and support for the project.
Algorand Ecosystem
The Algorand ecosystem is a diverse and thriving community encompassing various sectors of the blockchain industry. It has made significant strides in the realm of decentralized finance (DeFi), with platforms like Alammex and C3 providing liquidity aggregation and cross-chain settlement.
The ecosystem is also home to innovative projects in the art and music space, such as CryptoSlam, Opulous, and Republic, where users can invest in NFTs and royalty rights. Gaming enthusiasts can find solace in projects like Aegir Tactics, Alchemon, Fracctal Monsters, and Polynize, offering interactive experiences and collectible NFTs.
What is more, Algorand has forged partnerships and integrations with prominent projects like BTC, Ethereum, pNetwork, ICON, and Blockdaemon to enhance cross-chain interoperability, infrastructure development, and oracle services.
Algorand Foundation
The Algorand Foundation has built the Algorand blockchain protocol in partnership with Algorand Inc. It is a nonprofit organization that oversees and supports the development of the Algorand blockchain platform. It was established in 2018 with the goal of promoting an open and transparent system for decentralized applications and financial instruments. The foundation provides grants, research funding, and resources to developers, researchers, and organizations building on the Algorand network. Its mission is to foster innovation, collaboration, and adoption of the Algorand technology.
Live Algorand Price Today
Changelly, your reliable partner when you want to exchange, sell, or buy crypto, offers an interactive chart on the ALGO price, with the Algorand price statistics being updated in real-time.
Our Algorand price chart reflects the live price of the ALGO coin, its 24-hour trading volume, market capitalization (market cap), the Algorand price history at previous years, the ALGO USD price, as well as the total supply and current circulating supply of ALGO tokens.
By looking at these figures, you can easily work out the current market trends and leverage this information for your own Algorand price prediction.
Changelly has also prepared a detailed Algorand price forecast for the future to come, which provides insights into the potential growth and performance of the Algorand cryptocurrency in the coming years. This Algorand ALGO price prediction takes into account various factors, such as market trends, technological advancements, the market sentiment, and the overall adoption of Algorand in the cryptocurrency space. By analyzing this data, Changelly aims to assist investors and traders in making informed decisions regarding their Algorand investments.
You can also easily buy Algorand or hundreds of other digital assets (like USD Coin, Binance Coin, Bitcoin Cash, etc.) through our platform, using fiat currencies and payment methods like a credit card, debit card, wire transfer, and more. Selling Algorand for a fiat currency or exchanging it for other crypto assets is also possible on our user-friendly platform.
Trending
+$0.000000591 32.03%
+$0.77222 19.04%
+$0.00638 16.07%
+$0.6796 15.98%
+$8.2893 15.68%
+$0.00146 15.41%
+$0.37215 14.05%
+$0.03126 13.42%
+$2.2108 13.27%
+$0.03641 12.86%
FAQ
What determines the price of Algorand?
What was the starting price of Algorand?
What was the highest price of Algorand?
What was the lowest price of Algorand?
Related articles about Algorand
Subscribe to our newsletter to get the latest crypto insights and price updates.