Algorand /ALGO

What is Algorand (ALGO)?

Algorand is a  Layer 1 self-sustaining, decentralized blockchain platform built to deliver secure, scalable, and efficient demands. Algorand works on the backbone of its native cryptocurrency, ALGO, which powers the network 

This Algorand technology was launched in 2019 to address the scalability issues of blockchain, enabling speed and low-cost transactions while effectively keeping everything decentralized. 

Using a Pure Proof-of-Stake (PPoS) system, this energy-efficient protocol could be one of the most sustainable alternatives for the cryptocurrency space. In addition, it supports creating new digital assets, smart contracts, and decentralized applications (dApps), making it versatile for a decentralized economy. It has a unique approach that ensures quantum security measures and instant transaction finality, solidifying it to be at the top of blockchain technology.

The Foundation of Algorand

The Algorand Foundation fosters innovation and growth in the ecosystem while ensuring scalability and security while at the same time standing for decentralization.

Key Features of the Algorand Blockchain

High Transaction Speed: Handles around 10,000 transactions per second while providing instant finality.

Low Transaction Fees: Cost-effective for users and developers.

Security and Decentralization: Ensures data integrity through a unique consensus mechanism and decentralized validators.

What is ALGO?

ALGO Coin is the native cryptocurrency of the Algorand blockchain. It empowers the decentralized economy by facilitating transactions and enabling users to participate in governance.

ALGO Usage Scenarios

Governance Staking: Decision-making in the protocol can be participated by ALGO holders contributing to a truly democratic ecosystem.

Rewards Mean: Users earn rewards for holding and staking their ALGO, incentivizing the security of the network.

Application Utility: ALGO powers the engine for application-specific smart contracts, tokenization, and decentralized trading platforms within the Algorand ecosystem.

That's a fairly compact structure to grasp the essence, relevance, and even the main functionalities of Algorand, putting it in a much more engaging and informative way to your audience.

How does Algorand (ALGO) Blockchain Work?

The algorithm works on a Pure Proof-of-Stake (P POS) consensus mechanism to provide security, scalability, and decentralization. This protocol randomly selects validators according to the amount of ALGO held. It is energy-efficient compared with Proof-of-Work systems.

Implementing the Byzantine agreement protocol will protect users' stacked ALGO from being compromised by compromised nodes. Since the power of Malicious activities results in the asset's devaluation, creating a financial disincentive.

The architecture allows the processing of 10,000 transactions in a second (TPS) and instant finality, facilitating very fast and cost-efficient processes. All ALGO tokens were already pre-minted to the network's launch and as a result, have implemented controlled supply as well as anti-inflation mechanisms.

Smart contracts, tokens, and decentralized application (dApps) deployment are made simple through its two-tier architecture since different projects can adopt different business cases around these. Algorand's co-storage also realizes scalability since storage costs can now be allocated per participant. 

Good integration of such features makes Algorand an offering for a blockchain-wise secure, fast, and decentralized solution, most appropriate for a global decentralized economy.

Who is the Founder of Algorand (ALGO)?

Algorand was founded by Silvio Micali in the year 2017 who is a famous cryptographer and professor at the Massachusetts Institute of Technology (MIT). Micali is known for his Turing award-winning efforts and spearheading cryptographic technologies that began in the 1980s. HE co-created important works like zero-knowledge proofs, verifiable random functions, and other protocols that the blockchains widely use.

Micali has been inspired by Bitcoin's ambient ministries but has not trusted them regarding scalability, security, and decentralization. He envisioned a blockchain network eventually capable of overcoming all these disadvantages. After years of thorough research, this eventually evolved into Algorand, which was meant to deliver the blockchain trilemma, balancing scalability, security, and decentralization to create a truly borderless and decentralized economy.

A Brief History of Algorand

2017: Micali formulated the idea of Algorand to rectify the deficiencies of Bitcoin.

2019: The Algorand testnet opened to public participation and submissions for feedback on network iterations.

June 2019: The official mainnet launch was the culmination of extensive testing and the first public access to Algorand as a fully functional blockchain platform.

Backed by the Algorand Foundation, the platform supports developers through open-source tools and partnerships with organizations like Flipside Crypto. The launch itself promises a blockchain system for speed, security, low cost per transaction, and yes, without complicit decentralization, setting high standards within the changing context of the entire cryptocurrency ecosystem.

ALGO Token History and Fundraising.

Native of the Algorand blockchain: ALGO has a deep history of both fundraising and development.

Seed Round (Q1 2018): Algorand raised $4 million from notable investors United square Ventures Capital and Pillar VC. 

Venture Round (Q4 2018): raised $62 million from Multicoin Capital, Union Square Ventures, and Others. 

Initial Coin Offering: From the public sale of coins on June 19, 2019, for a token of $2.40 per ALGO, Algorand raised $60 million.

Token Generation Event (June 22, 2019): ALGO launched at a listing price of $3.28, with a total supply of 25 million tokens for this round. 

The grants are allocated by the Algorand Foundation for the team members, foundation operations, and participation rewards. All 2.5 billion tokens are fully unlocked as regards recent updates. The grants for node-running, end-user allocations, and participation rewards illustrate the community-focused vision of Algorand.

Innovative fundraising strategies: private fundraising rounds, and an ICO best form part of internal commitments for the development of a sustainable blockchain ecosystem that's accessible to individuals in need. Early investors who have dabbled in the company include DWF Lab, Borderless Capital and Continue Capital.

Early rounds and public token sales pre-valued the project at $24 billion, making it possible for rapid scaling and adding respected partners.

ALGO Tokens Supply and Performance (2024)

Currently, as of 2024 Algorand token metrics :  

Max Supply: 10 billion ALGO

Total Supply: 10 billion ALGO

Circulating Supply: 8.3 billion ALGO

Performance Highlights:

All-Time High (ATH): $3.56 on June 20, 2019, accounting for an 83.99% fall against the peak value as of 2024. 

All-Time Low (ATL): $0.08751 on September 12, 2023, and hence increased by 551.37% after that.

Algorand (ALGO) Wallets:

Pera Wallet(Formerly known as Algorand Wallet) is the official wallet for the currency ALGO. It can be used to securely and conveniently store, buy, and exchange coins like ALGO or other assets, in addition to serving as a portal to decentralized applications. Other wallets that support Algorand include Ledger Nano X which provides hardware security, MyAlgo Wallet which provides access via a browser, and mobile support by Trust Wallet.

ALGO Trading Overview

ALGO is traded on 140+ exchanges, covering a mix of centralized (CEX) and decentralized (DEX) platforms.

How Many are CEXs?

Approximately 80% of the exchanges trading ALGO are centralized.

Top Centralized Exchanges (CEXs) Trading ALGO

1. Binance

2. Coinbase

3. Kraken

4. KuCoin

5. OKX

These platforms offer significant trading volumes and liquidity for ALGO, making them ideal for active traders.

Exchanges Available in the US

Several exchanges support ALGO trading in the United States. Prominent examples include:

1. Coinbase

2. Kraken

3. Binance.US

4. Gemini

5. eToro

These platforms comply with U.S. regulations, providing secure trading environments for American users​