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What Is Algorand?

The Algorand is a permissionless, decentralized network that enables users to create blockchain platform. Algorand network is built to address some of the major blockchain challenges. Algorand is designed with these three features in focus- scalability, decentralization and security. These three features make Algorand, a next generation blockchain with high performance, simplicity, direct usage and adoption. Algorand uses Pure Proof of Stake (PPoS) to advance its scalability. Pure Proof of Stake (PPoS) is built on Byzantine agreement and it’s more decentralized, secure and less energy consumption than DPoS. Many called Algorand, a “Blockchain 3.0” because of its high performance.

The credibility of its founder, MIT professor Silvio Micali, has made Algorand to stand out from other blockchains.

Cryptographic sortition is the Algorand’s secret sauce. The Cryptographic sortition makes Algorand blockchain to do transactions at a very high speed.

Users participate in the Algorand network as block proposers and this is done by switching their address in the Algoexplorer from offline to online. It doesn’t matter how much Algo tokens staked, this option implements it.

What you need to get your “nodes” online is to stake ALGO token as mining is not required. We have two nodes- relay and participation nodes that are being supported on the Algorand platform. Relay nodes facilitate communication between participation nodes and don’t participate in voting. Relay nodes are hardware inclined than the participant nodes.

ALGO token is what fuels all transactions in the Algorand ecosystem.

 

ALGORAND TEAM

Algorand team is headed by a seasoned scientist; researcher and MIT professor by name, Silvio Micali. He is a world class cryptography expert and co-inventor of Verifiable Random Functions, probabilistic encryption and Zero-Knowledge Proofs. Silvio Micali superintends security, all research and crypto finance Algorand network.

Other members of the team include:

Steve Kokinos-he is the CEO and an experienced entrepreneur.

  1. Sean Ford-he is the COO

Keli Callaghan- he is the Head of Marketing.

Sergey Gorbunov-he is the Head of Cryptography

Craig Gentry-he is a Research Fellow

And many others; visit the website for more details.

 

Algorand has a foundation called “Algorand Foundation” apart from the core team.

PRACTICAL USES OF ALGORAND

  • Algorand platform is used to design other blockchains.
  • Algorand platform is used where security is paramount especially in FINTECTH.
  • ALGO token is used for all transactions within its ecosystem and in major exchanges.

MINING OF ALGORAND

ALGO token cannot be mined but only be staked. The staking is powered by Pure Proof of Stake (PPoS) consensus.

ALGO token can be purchased in major exchanges like Binance, CoinEx and KuCoin,

Notes for Investors

Algorand (ALGO) is relatively doing well in the cryptocurrency market, courtesy of its innovations and the caliber of people in

 

the team. Algorand (ALGO) is an improved version of Ethereum in addressing scability problem and this has made it popular in the “investment world”. Algorand (ALGO) may definitely be among the top 25 cryptocurrencies by the end of the year, 2020.

Presently, the unit price of Algorand (ALGO) is USD0.231876 ,the market capitalization is USD110,289,240 ,the circulating supply is 475,639,006 ALGO and is currently ranked 42nd in the cryptocurrency market.

These statistics have shown that, Algorand (ALGO) is a cryptocurrency for the future and has started gaining tractions.

Quick Disclaimer:

This report is NOT intended to advice anyone to invest in Algorand (ALGO); it’s entirely an informative report. Whatever you do with this report is solely at your discretion. Do your research and consult before investing in Algorand (ALGO).