Cryptocurrencies have been around us for quite some time now and honestly, they have been more than successful in capturing the entire global marketplace and have managed to make a name for themselves worldwide. Since it all started a couple of years ago, crypto has had a surge in its growth and popularity, and that too at a rate that was never really anticipated.
Having said that, I believe most of you present here today are already aware of the basics of the industry but, if for some reason you are still not familiar with the concept of virtual currencies, I think it is best if we talk about that first.
To begin with, crypto is nothing but a form of digital currency which can easily be used for a variety of purposes including the purchase and sale of goods and services as well as for the purpose of trade and exchange over cryptocurrency exchanges online.
In technical terms, cryptocurrencies are simply blockchain-based platforms that are known to be decentralized to their very core. Being decentralized, the industry is more than capable of stepping outside the overall control and jurisdiction of central authorities and can work freely without any unnecessary government interferences.
For those of you wondering what blockchain is? Allow me a chance to explain. Blockchain is nothing but a commonly known technology, especially in the crypto world, and is used to record and verify each and every transaction that occurs over the network along with being more than useful in completely eliminating the risk of double-spending and counterfeiting.
Moving further, it is worth noting that, when the industry was first introduced, there were not many investors looking to invest in virtual currencies back then, and honestly, not many currencies were available either as it was all very new and people were not very sure about the return they would get on their investments and the safety of their money too.
On the contrary, today, the cryptocurrency industry is booming like anything and the number of currencies available today in the marketplace is astonishing, with newer ones coming in every single day and numerous new investors joining in from all over the globe with each passing hour.
Speaking of a lot of currencies available today in the marketplace, some of the most popular currencies for you to choose from includes Bitcoin, Cardano, Ethereum, Binance Coin, Dogecoin, Polkadot, Baby Doge as well as EverGrow Coin to name just a few of course.
Also, you should be aware of the fact that some of the major contributing factors for the industry being such a huge success include its portability, ease of use, intuitive nature, high-profit margins, volatility, as well as the convenience it offers of course.
Not just that, as per the chatter amongst some of the leading experts on the field, it has come to our notice that, crypto is rapidly progressing towards completely revolutionizing the global payment system and from where I stand, it looks like it has already started to do so as many merchants and businesses have started accepting crypto as an official mode of payment from their customers.
Now that you have a brief backstory about the crypto world, you will be able to have a much better understanding of what we have with us today, Algorand. To know more, I suggest you read further!
Everything to know about Algorand (ALGO)
Algorand or as commonly referred to as ALGO is nothing but simply a decentralized, self-sustaining, blockchain-based platform that is known to support a wide range of applications. In other words, Algorand is a blockchain protocol as well as a cryptocurrency that focuses on being decentralized, scalable as well as secure, all at the same time.
Before we move any further, it is worth noting that, Algorand was founded by Silvio Micali, who is a professor of computer science at the Massachusetts Institute of Technology. Not just that, the mainnet of the platform became live around two years ago, back in June 2019 and as per reports, it has been able to handle nearly a million transactions per day.
Other than this, the initial coin offering (ICO) for the platform was held in June 2019, with a price tag of about 2.4 dollars per token. Also, Algorand is said to support computations that need reliable performance guarantees in order to create new forms of trust.
Basically, the platform is an open-source and permissionless blockchain network upon which anyone can build. In addition to this, Algorand is designed such that, it is seen as a payment focused network with faster transactions as well as a strong focus on achieving near-instant finality, which means that the platform would be able to process over a thousand transactions per second (TPS) and achieve transaction finality and that too in less than five seconds which is drastically fast.
Moving further, the platform uses a Proof of Stake (PoS) consensus mechanism and is known to distribute validator rewards to all holders of its native utility token, ALGO. Apart from this, with the help of strong throughput capacity as well as equitable community incentivization, Algorand is one such platform that is more than capable of managing the high throughput requirement of widespread usage all across the world and a variety of use cases of course.
Furthermore, it is worth mentioning that, according to recent reports, a member of Blockchain and Crypto Assets Council (BACC) said that, Algorand is known to serve as nothing but the infrastructure layer on which we as users can easily build decentralized applications (DApps), cryptocurrency network as well as crypto tokens and is one of the most prominent layer 1 blockchains that are available in the entire ecosystem.
As mentioned, being a public smart contracts blockchain that is dependent on staking, Algorand is more than capable of hosting the development of decentralized applications and providing scalability. Not just that, you should probably be aware of the fact that, with the rising gas fees of the popular Ethereum network, it has led many decentralized application developers and traders of decentralized finance (DeFi) to look for alternative blockchain solutions, with some of them turning to Algorand.
Having said that, Algorand also enables creators to make use of the Algorand Standard Asset (ASA) protocol in order to create new tokens or to transfer existing ones to the Algorand ecosystem. However, as central banks continue to research networks in order to host their central bank digital currencies (CBDCs), the platform has managed to become a viable option.
Now that we have talked much about Algorand, some of you must be wondering, whether or not it is a good idea to invest in the platform? If that’s the case, then let’s find out, shall we?
Investing in Algorand (ALGO)
As of today, the price of Algorand is about 1.74 US dollars with a twenty-four-hour trading volume of 888,614,699 dollars. Not just that, in just the past twenty-four hours, the value of Algorand has gone up by 4.64 percent, and with the current market cap of 11,223,569,252 US dollars, ALGO is currently placed at #19 position as per the CoinMarketCap rankings.
Also, it is worth mentioning that, the current circulating supply of Algorand is 6,447,718,034 ALGO coins with a maximum lifetime supply of about 10,000,000,000 ALGO coins. In just the past week alone, the price of the platform has risen by 12.00 percent.
Reading so far, you must have gotten a fair understanding of the platform and by now, you should be able to figure out on your own whether or not investing in Algorand is the right thing for you to do. Seeing what it has to offer when combined with its performance in the recent past as well as its plans for the near future, I certainly believe that Algorand can prove to be a profitable investment in the near future, which is likely to provide you with higher returns and it is a possibility that your current investment may increase in value. But again, nothing can be said or sure!
If still not convinced, see it this way that, if say you buy Algorand worth a hundred dollars today, you will receive nearly 57.015 ALGO. According to the analysis done by experts on the field, after five years of your investment, the return is expected to be about +344.53 percent and thus, your current hundred dollar investment will be nearly 444.53 US dollars in 2026.
As mentioned at the very beginning, crypto is a highly volatile marketplace and is extremely uncertain. Thus, It is very important for you to understand the fact that just like any other currency in the crypto marketplace, Algorand does have its own risks as well and you should invest only if you are willing to take those risks and bear any and all losses if at all necessary.
If you are wondering, where can you buy Algorand? Let me help you with that. Currently, Algorand is available on all major crypto exchanges but, some of the popular exchanges that have ALGO listed on them include Binance, OKEx, Huobi Global, FTX as well as Bybit to name a few.
In conclusion, what are your thoughts on Algorand? Do let us know in the comments area below. To know more about various cryptocurrencies, do check out other articles we have on our website. Thank you for your time & if you found our content informative, do share it with your investor friends!
Also read: Powerledger: Everything you need to know