Algorand is a crypto that operates on its own blockchain. Algorand's native token, ALGO, has been accepted as a national currency in the Marshall Islands. According to experts, Algorand is resistant to inflation. Algorand guarantees decentralisation, speed and security. Algorand achieves this thanks to its Pure Proof of Stake (PPoS) algorithm. PPoS is similar to Ethereum's Proof-of-Stake (PoS) algorithm but has one major difference. The blocks of Algorand are validated by everyone who owns Algorand coins. This is different from normal PoS, because there you have to lock in your coins to help the network by validating blocks. This also means that the reward system is different. In PPoS, anyone who owns ALGO coins gets paid between 4-6% per year in ALGO coins.
The abbreviation for Algorand coins is ALGO. The coins are used to validate new blocks of the network, allowing transactions to take place. Thanks to the PPoS algorithm, all PPoS coins are used to enable the validation of transactions. In total there are 10 billion ALGO coins, of which more than 7 billion are currently in circulation. Algorand is in the top 30 in CoinMarketCap with a market capitalisation of over $3 billion dollars.
Anycoin Direct offers the ability to store Algorand tokens in your Anycoin account. In the dashboard of your account you will find the Anycoin Vault. The Vault is linked to your account and displays your digital assets in a clear overview. In the Anycoin Vault you can purchase, store and swap tokens against any other token available in the Vault.
Pera Wallet is an app developed by Algorand. The predecessor of the Pera Wallet is the Algorand Wallet. The app has been relaunched and has a serious roadmap, partner integrations and a community. The development of the app was done in collaboration with Hipo. They take care of the partner integrations and continue to improve the app. The advantage of storing Algorand coin in the Pera wallet is that the app is developed Algorand and therefore perfectly connected to the network. However, the app is centrally managed by a third party. This is also the disadvantage, because an app can be vulnerable to hacking by malicious parties.
Software and mobile wallets are extensions to your browsers and can be downloaded (for free) onto your device. These can also be apps that you can download from the Google play store and Apple store. You can store various cryptocurrencies on the wallets and they are more user-friendly than hardware wallets, because you can access your crypto quickly. The security of your devices is very important, because your wallets are always accessible on your devices. The risk of losing your crypto through hacking or pishing is therefore higher.
Using a hardware wallet is the safest way, because you keep your crypto offline. An example of a hardware wallet is a Ledger. A Ledger is a physical wallet on which you can store a number of cryptocurrencies at the same time. This is also the disadvantage, because you cannot store an infinite number of cryptocurrencies on one Ledger. In that case you will have to purchase an extra Ledger and these Ledgers can easily cost €100,- per Ledger. A hardware wallet is a lot safer, because it can only be hacked if the wallet is linked to your device. That's why you should secure your devices well! To get into your wallet, several actions are required. This is safe, but takes more time.
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Store your coins in our secure Vault or send them to your personal wallet. You decide how your coins are stored.
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The Vault is a safe alternative to the traditional crypto wallet for those who want to buy, sell and swap their coins on Anycoin Direct. Within the Vault you can store all your digital assets and swap them against one another. Still want to send crypto to an external wallet like your Ledger? No problem, the Vault is an additional feature. The choice is yours.
Balances in the Anycoin Vault, are kept in a foundation. This foundation has only one purpose, to preserve our customer funds. This construction ensures that customers are entitled to compensation in the unlikely event of Anycoin Direct's bankruptcy. In addition, we want to reiterate that we always want to give customers a choice between using the Anycoin Vault and sending coins to an external wallet.
Algorand's network processes 1000 transactions per second (TPS) and takes less than five seconds to finalise a transaction. The network is a lot faster than Ethereum (15 TPS) and Bitcoin (7 TPS).
The Algorand blockchain can be used to carry out transactions by sending or receiving ALGO coins. The PPoS algorithm allows you to receive 4-6% of ALGO coins per year when you store them in a wallet. The Algorand network uses your coins to facilitate transactions and rewards you for doing so.
Algorand is highly scalable because they make use of multiple layers, namely layer-1 and layer-2. These layers are built on the mainchain and ensure scalability of the platform.
The first layer allows to execute smart contracts such as NFTs. The network can be used to create, store and transmit digital artwork.
The second layer is for smart contracts that are too complex for the first layer. Complex contracts like other protocols are difficult to read, so more computing power is needed. Layer-2 is the solution that Algorand is developing.
Algorand was founded in 2017 by Silvio Micalo. He is a computer researcher specialised in cryptography. He is also a professor at Massachussets Institute of Technology (MIT). In 2012, he received a Turing Award. This is comparable to a Nobel Prize, but focuses on computer science.