Launched in June 2019, Algorand is similar to Ethereum with its smart contract feature (agreements coded to create decentralized finance applications); It is a decentralized, secure and scalable cryptocurrency project and blockchain network. Detailed information about what is Algorand (ALGO) coin and how it works is in the continuation of the content. If you are wondering about Chiliz (CHZ) coin, you can take a look here.
What is Algorand (ALGO) coin and how does it work?
Algorand is a cryptocurrency similar to Ethereum with its smart contract feature (agreements coded to build decentralized finance applications). Launched in June 2019, ALGO is a decentralized, secure and scalable cryptocurrency project and blockchain network. Algorand (ALGO) is able to compete with global and traditional payment networks, without compromising its decentralized and secure structure, with a capacity of 1,000 transactions per second.
Due to the programming behind Algorand, it distinguishes itself from its competitors, especially due to its transaction speed and low transaction fees. While sending from an account to an account on Algorand takes place in as little as 4 seconds, low-fee transactions sometimes wait for approval for days, due to high transaction fees (gas fee) on Ethereum. Algorand is an alternative to decentralized finance transactions with its low transaction fee as well as improved transaction time.
Just as Ethereum has Vitalik Buterin, Silvio Micali is behind the Algorand project. Micali, a professor at MIT, is actually a well-known, Turing-award-winning cryptographer and has spent many years working on blockchain. When starting the Algorand project, many economists, mathematicians and software developers were behind it, and the project is being developed by a team of experts who know what they are doing.
In Algorand, users are randomly, continuously and secretly selected to participate in the consensus protocol. A new electoral system emerges in each block in Algorand. In the protocol, participants change rounds at each block selection to protect the network. Before joining, no one has any idea who the users are. After joining the round, everyone sees who is in that round, so the attackers are blocked.
Is Algorand mining possible?
Unlike traditional proof of work (PoW), Algorand uses a Pure Proof of Stake (PPoS) algorithm. You have the power to issue blocks according to the ratio of ALGO coins in your hand, such as PPoS algorithm, proof of stake (PoS) algorithm. Thus, it prevents rising activities due to high energy expenditure and equipment renewal requirements as in traditional mining activities.
How much is Algorand (ALGO)?
Like other cryptocurrencies, the value of Algorand varies. As of June 2, 2021, the price of 1 ALGO is around 0.9097 USD.
For information about crypto currency: https://en.wikipedia.org/wiki/Cryptocurrency