We present a complete guide to understanding Algorand Crypto and it’s technology in the field of cryptocurrency development. We include helpful explanations, illustrated guides, historical data, and technical details. This article is brought to you by Digital Financial Market
Last Updated: 4/6/2022
Algorand Cryptocurrency
Algorand (ALGO) is a blockchain cryptocurrency that uses a novel Pure-Proof-of-Stake consensus to structure its blockchain network. Algorand competes with other scalable blockchains like Ethereum because it offers secure smart contracts for a low transaction price.
Algorand has an extremely efficient blockchain network that allows for transactions to complete in about 4 seconds. In addition, Cryptocurrencies can be built and launched on the Algorand Blockchain, meaning that Algorand is a foundational network that operates its own mainnet.
The maximum supple of ALGO is stated to max out at 10 billion tokens.
Key Points of Algorand
- Very secure by using Pure-Proof-of-Stake as its consensus protocol
- Very fast transaction time of under 5 seconds
- Transactions are very cheap, costing less than one cent per transaction
See Algorand Official Whitepaper
Algorand Price Chart
Algorand (ALGO) Historical Price Chart
History of Algorand
The Algorand cryptocurrency was first created when MIT Computer Science Professor Silvio Micali and Jing Chen wrote the Algorand Whitepaper in 2017. They spent years developing the prototype and the Algorand Foundation was founded in Singapore before the public launch.
The Algorand Network went live in June 2019 as the ALGO token had its first public sale. The price of ALGO quickly dropped in months after, however a comeback in 2021 had it reach a height of over $2.00 USD, Which is just shy of the price of the token at ICO.
Algorand Decentralized Exchanges
Algorand offers a platform for cryptocurrencies to be developed and networked on the Algorand Blockchain. These Digital Assets and Cryptocurrencies can be purchased and sold on decentralized exchanges such as Tinyman.
Tinyman Decentralized Exchange
Tinyman DEX
Tinyman allows for platforms derived from Algo to have a DeFi exchange for their tokens. On tinyman, you can trade ALGO for projects crypto tokens. Some examples include:
- Blockcreate.io – $Block = A Hardware Crypto Mining game.
- PlanetWatch – $Planet = An air pollution monitoring Dapp Project
- AlgoGems – $GEMS = Algorand NFT Marketplace
- AlgorandDoge – $Pup = Algorand’s fun internet currency
See Tinyman DEX Official Website
Algorand FAQ
What is Algorand?
What is Algorand Crypto?
What is Algorand Blockchain?
What is Algorand Coin?
What is ALGO Crypto?
What is Tinyman Exchange?
What is Tinyman Crypto?
What is an Algorand Decentralized Exchange?
Is ALGO A Good Investment?
What is Unique About Algorand?
Algorand Crypto Analysis
Image Source: Algorand & Ethereum – Medium.com
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