Algorand is a decentralized network that has its basis on the blockchain system which supports a variety of applications with its self-sustaining protocol. The protocols used by the Algorand ecosystem provide security, scalability, and efficiency for the delivery of real-world applications.
Algorand is one of the new generations of cryptocurrencies that are currently making waves in crypto space. The platform is currently expanding its use case by increasing the speed for the completion of transactions on the network. The system ensures its continual distribution with each new block allocated to participants who hold a certain amount of cryptocurrency in their wallets.
Algorand was created to bring about solutions on computations that require new forms of trust to be created through performance guarantees.
The Algorand system is supported by the Algorand foundation which has the organizational dedication to bringing forth blockchain technology on a global scale. The foundation is a backing for the Algorand system which fuels the growth of the decentralized platform and also gives room for money market growth and synthetic asset application on the same blockchain network.
Who are the Founders of Algorand (AGLO)?
The Algorand system launched officially in June 2019. After its launch, the platform was able to handle about 1 million transactions per day as of December of the year after its launch.
Prior to its launch, the Algorand foundation was initially founded in 2017 and was built from the foundation to handle high volumes of transactions, as would be required for the use of financial institutions and Defi platforms. Currently, the Algorand platform is the blockchain choice for almost a thousand organizations globally. Over its use time, it has proven to provide a seamless exchange of value and enables the easy creation of next-generation financial apps.
Algorand was founded by Silvio Micali, a professor in the department of computer science at the Massachusetts Institute Of Technology. In 2012, Micali received the Turning Award for his valuable contributions to practice and theory behind two-party security computation, E-cash, blockchain protocols, and cryptocurrency in general. This has made him one of the pioneer names in the world of cryptocurrency at large.
What is Algorand (AGLO) used for?
The Algorand system was created to tackle a series of issues facing the world of cryptocurrency in general. However, in its provision of cryptocurrency solutions, the platform provides an Avenue for the easy creation of decentralized applications which can be applied as solutions to a series of secondary real-world problems.
Apart from serving the purpose of decentralized app creation, the Algorand protocol also works as cryptocurrency as it was originally intended and can be traded for financial value in the cryptocurrency market. This gives the network participants who are interested in trading their AGLO coins for other cryptocurrency pairs with the aim of making a profit.
The public version of the Algorand blockchain holds value for a series of reasons. However, the most evident source of its value is due to it being the likely choice of developers looking to apply cryptocurrency to different aspects of the economy including real estate, microfinance, and several other aspects.
What Is the Unique Point of Algorand (AGLO)?
Algorand is in the business of providing financial services which cut across several aspects of the world. The design of the system was built to speed up cryptocurrency transactions while also ensuring the highest level of efficiency. The need for a system that provides this level of speed is due to the dominant slow transaction time of most of the top cryptocurrencies like Bitcoin.
The operation protocol of the Algorand system is designed to execute transactions at significantly low transaction fees. The system also focuses on improving the shortcomings of its predecessors such as Bitcoin. Due to this, there is no mining on the network which is needed for high levels of energy consumption as in the case of the Bitcoin network. Using this system, the platform has been able to attain high levels of efficiency and bring its white paper statement into existence.
How many Algorand (AGLO) coins are in circulation?
The Algorand platform is unique because it provides a series of services all on the same blockchain. According to the Aglorand system, there were 10 billion AGLO tokens minted. The total tokens minted will be distributed among the participants on the network and other involved parties. Initially, the network planned for the distribution of the network to end in 2024. However, now it has been reported to end in 2030.
The Algorand foundation is a supporter of the platform at large and due to this, the foundation is considering a 100 million AGLO tokens addition to the network. This amount is approximately 200 million dollars worth of cryptocurrency being pumped into the system to support and make liquidity provisions on the Algorand ecosystem.
Is the Algorand (AGLO) Network secured?
Security is one of the points on the white paper statement of the Algorand network. The platform is secured through a permissionless proof of stake blockchain protocol.
The proof of stake system is different from the traditional proof of work system used by most of the first generation cryptocurrencies such as Bitcoin in the validation process being used. In the proof of work system, the roots have a validation requirement of randomly selected validators on the network through the use of computing power. However, in the permissionless proof of stake system used by the Aglorand network, all the involved validators know each other and only need to approve of the next block in unison in order for a new block to be created.
How do I buy Algorand (AGLO)?
Being in the business of providing solutions to several problems faced in the world of cryptocurrency has led to an increased level of adoption of the Algorand token all over the world. This has also made obtaining its tokens significantly easier. To buy AGLO tokens, the steps below provide the right direction.
* Open an account with any crypto trading platform that offers AGLO.
* Transfer the specific amount of your fiat currency to the trading platform account.
* Wait for your deposit to be confirmed and Buy AGLO through the trading platform account.