Algorand is an ecosystem focused on improving the scalability of blockchain interactions. These improvements ensure that transactions are very fast and cheap. Algorand is therefore one of the projects that has been given the name 'Ethereum killer'.
The Algorand system has its own cryptocurrency called ALGO. This coin can be used as the official currency within the Marshall Islands, can be used for staking rewards (and network security) and is used for various E-commerce platforms.
Since Alrogrand is open source, developers can even create and run dApps via the Algorand network. The system supports smart contracts and token creation.
Algorand is a technology company founded by award-winning MIT professor Silvio Micali
Algorand uses a pure proof-of-stake (PPoS) protocol based on Byzantine consensus.
The number of ALGO coins is limited to 10 billion. Not all of them have been released yet.
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Algorand statistics from the last 24 hours
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Like most coins, Algorand did not become successful overnight. Algorand has started a sold out ICO. However, the coin has not performed very well when you consider the ROI it has delivered for early investors. At the time of writing, the coin is about 90% off its all-time high since 2019. At the same time, the coin (at the time of writing) is a significant 250% off its all-time low in early 2020. The project has been in free fall right after launch, but since then the project has grown tremendously in both functionalities and users.
Algorand has proven itself in the latest bull run. The project has soared to the top 20 largest cryptocurrencies and has grown from €0.20 cents to €2 euros each.