Algorand PRICE USD CHART

Algorand (ALGO) is a decentralized blockchain network that supports a wide range of decentralized applications such as NFT platforms and DeFi protocols for lending, trading, yield farming, etc. It is an open-source, payment-focused network that aims to be simultaneously scalable, secure, and decentralized. The project developers claim that the Algorand technology is especially useful for financial services, decentralized finance (DeFi), and the fintech industry.

ALGO is the native coin of Algorand, with a maximum supply of 10 billion coins that are projected to be distributed by 2030. With each block that is forged on the Algorand blockchain, new ALGO tokens are sent to specific non-custodial wallets that hold at least 1 ALGO token. Such rewards enable ALGO token holders to earn annual rewards of around 5-8%, and thus, ALGO is also a token that can help investors earn a passive income.

Algorand was created to speed up transactions and enhance efficiency. It is based on a permissionless pure proof-of-stake (PPoS) consensus mechanism. In this mechanism, users who stake ALGO on the blockchain (lock up tokens in a smart contract) can validate transactions and create new blocks. 

The ALGO token holders who stake ALGO can become validators in the PPoS mechanism. These validators are selected randomly every time a new block is created and are responsible for ‘validating and approving’ each subsequent block in the chain. 

The chances of being chosen are directly related to the proportion of the token holder’s stake of the overall amount staked. (i.e., how many ALGO it has relative to the total supply). This is to say, the more ALGO a user holds, the more likely they are to be selected as a validator. 

On the Algorand blockchain, blocks are formed in two parts, with the first phase consisting of a single token being chosen at random and its owner proposing the next block. Following that, 1000 tokens are chosen at random, with their owners accepting the block submitted by the initial user. These phases are monitored and ensured by the core protocol known as Binary Byzantine Agreement.

Algorand was founded in 2017 by cryptography pioneer and MIT professor Silvio Micali. In the original whitepaper, Algorand was envisioned not just as a cryptocurrency but as a platform for smart contracts and one that could offer real-world utility like tracking titles of properties and their sale.

The Algorand blockchain was officially launched after the project’s first on-chain Dutch auction, where ALGO tokens were sold, and the team was able to generate over $60 million. The Algorand Mainnet was launched one week later in June 2019, as the team open-sourced the code. The Initial Coin Offering (ICO) of ALGO tokens was held around June 2019. In the ICO, around 25 million ALGO tokens were sold at $2.4 per token.

June 2021 was a huge month for the Algorand network. Six Clovers and Arrington Capital joined hands with the Algorand team in the same month. Six Clovers launched a payment system on the Algorand network, whereas Arrington Capital launched a $100 million ecosystem fund.

The Algorand Foundation awarded Applied Blockchain a $10 million grant in February, 2022, to construct the London Bridge, a trustless bridge that would provide Ethereum connectivity to the Algorand blockchain.

The Algorand blockchain protocol is a permissionless pure proof-of-stake (PPoS) blockchain. All of the validators in the pure proof-of-stake technique are known to one another and just need to agree on the next block to create a new block. According to the network’s developers, this process allows the Algorand blockchain to be global, decentralized, and secure. 

However, online theft and fraud are often conducted not by attacking the blockchain network but by targeting users’ online/hot wallets to expose their private keys. Such malicious actors trick users into revealing their private keys or attack their system with malware.

Hardware/cold wallets overcome this vulnerability by storing private keys in physical storage devices cut off from the web and, therefore, out of the reach of malicious actors.

Prominent cryptocurrencies like ALGO are available on many centralized exchanges (CEXs) and decentralized exchanges (DEXs). CEX users compromise complete ownership over their crypto assets, as they do not have access to the private keys of the wallets holding their funds. Most CEXs also require KYC information these days, which is not ideal for people seeking privacy over their online activity.

DEXs are ideal for investors who prefer privacy and ownership over their assets. However, there are still some loose ends on the security front when online wallets are used, as they may expose their private keys resulting in thefts and frauds. 

A Ledger hardware wallet keeps your private keys offline and thus makes your crypto assets inaccessible for anyone except you in the event of a computer hack. 

You can directly manage ALGO tokens with Ledger Live that lets you check balance in real-time as well as send and receive Algorand Standard Assets (ASA) and 5,500+ other assets. 

Ledger Live app gives the option to manage 1800+ coins and tokens from a mobile or desktop, making the protocol convenient. The provision to use a PayPal account or debit/ credit card to purchase fiat currencies for you to trade in exchange for ALGO tokens is very useful. Since ALGO is not directly purchasable with fiat, you must purchase another token in an ALGO trading pair.

To do so, follow these simple steps: 

1. Get a Ledger Hardware Wallet.
2. Download Ledger Live on a web or mobile device.
3. Install the Algorand app.
4. Create a designated Algorand account after setting up Ledger Live.
5. Receive some ALGO and manage your Algorand Standard Assets (ASA). 
6. Start earning Algorand rewards.