Market Discovery of the most influential projects in the cryptocurrency world.
What is Algorand (ALGO) and how does it work?
Algorand (ALGO) is a decentralized, proof-of-stake blockchain network that has a protocol able to support a wide range of applications. The network is able to secure the system, making it scalable and efficient, the key critical properties that effective blockchains need to have to be applied to real-world use cases. It does so by supporting computations that require reliable performance guarantees to create new forms of trust, done so with the support of its blockchain.
Algorand crypto mainnet was originally launched in June 2019 and was already able to handle nearly 1 Million transactions per day by the end of the following year (December 2020). Its original launch was held through an ICO (initial coin offering) where traders were able to buy the Algorand coin for around $2.40 each, before being listed publicly on crypto exchanges.
What makes Algorand really unique is its efficiency. ALGO was invented with the aim to speed up transactions and improve efficiency, as a way of offering similar features as other blockchains such as Bitcoin, with a higher transaction speed and a faster block validation. By design, the transaction fees were lower, as well as not requiring any mining (PoW blockchain…
