ALGO
Reputation Ratings

ALGO

Algorand 5-10 years
Website http://algorand.foundation
Browser
OTH RELPs
Github
White Paper
Avg Price
-14.88%
1D

$ 0.185 USD

$ 0.185 USD

Market Cap

$ 2.3316 billion USD

$ 2.3316b USD

24h trading volume

$ 204.717 million USD

$ 204.717m USD

7d Vol

$ 1.4566 billion USD

$ 1.4566b USD

Circulating supply

8.0628 billion ALGO

Related information

Issue Time

2019-06-17

Platform pertained to

--

Current price

$0.185USD

Market Cap

$2.3316bUSD

Volume of Transaction

24h

$204.717mUSD

Circulating supply

8.0628bALGO

Volume of Transaction

7d

$1.4566bUSD

Change

24h

-14.88%

Number of Markets

399

Github Messages

More

Warehouse

Algorand

Github's IP Address

[Copy]

Codebase Size

48

Last Updated Time

2020-05-18 16:01:15

Language Involved

--

Agreement

--

Token conversion

BTC
LTC
XRP
DASH
XMR
XLM
USDT
XEM
ETH
WAVES
ETC
NEO
ZEC
MIOTA
EOS
BCH
BNB
TRX
LINK
ADA
XTZ
REV
FIL
THETA
ZIL
HT
SNX
CEL
VET
INO
CRD
USDC
BSV
CRO
WBTC
ATOM
LEO
BUSD
DAI
HEX
XT
CCXX
IZE
YFI
DOT
UNI
AAVE
DYDX
/
USD
AUD
BRL
CAD
CHF
CLP
CNY
CZK
DKK
EUR
GBP
HKD
HUF
IDR
ILS
INR
JPY
KRW
MXN
MYR
NOK
NZD
PHP
PKR
PLN
RUB
SEK
SGD
THB
TRY
TWD
ZAR
AED
BGN
HRK
MUR
RON
ISK
NGN
COP
ARS
PEN
VND
UAH
BOB
ALL
AMD
AZN
BAM
BDT
BHD
BMD
BYN
CRC
CUP
DOP
DZD
EGP
GEL
GHS
GTQ
HNL
IQD
IRR
JMD
JOD
KES
KGS
KHR
KWD
KZT
LBP
LKR
MAD
MDL
MKD
MMK
MNT
NAD
NIO
NPR
OMR
PAB
QAR
RSD
SAR
SSP
TND
TTD
UGX
UYU
UZS
VES

Current Rate0

Available

0.00USD

Calculate

Historical Price

Introduction

Markets

3H

-0.06%

1D

-14.88%

1W

-17.83%

1M

-38.6%

1Y

-14.15%

All

-93.66%

Aspect Information
Short Name ALGO
Full Name Algorand Token
Founded Year 2019
Main Founders Silvio Micali
Support Exchanges KuCoin, Binance, Coinbase, etc.
Storage Wallet Coinbase Wallet, TrustWallet, Ledger, etc.

Overview of ALGO

Algorand Token, generally referred to as ALGO, is a kind of De-fi token that was founded in 2019 by Silvio Micali. The main goal of ALGO is to solve several fundamental challenges faced by networks such as Bitcoin and Ethereum, particularly in regard to scalability and speed of transactions. ALGO operates on a pure proof-of-stake (PPoS) consensus protocol, which relies on a randomized selection mechanism for block proposals and voting to reach consensus.

This digital asset is listed on several exchanges, with KuCoin, Binance, and Coinbase being some of the notable ones. Various wallets, including Coinbase Wallet, TrustWallet, and Ledger, also support the storage of ALGO tokens. Do keep in mind that like all cryptocurrencies, the value of ALGO can fluctuate, and it's vital to conduct your own research before deciding to invest in it.

To obtain more information, you can visit their website:https://algorand.foundation and try to log in or register to use more services.

ALGO's home page

Pros and Cons

Pros Cons
Pure proof-of-stake consensus protocol Market volatility
Offers higher transaction speed Competitive cryptocurrency market
Scalability possibilities Dependant on internet connectivity
Reduced carbon footprint Regulatory uncertainties
Widely available on various exchanges Risky for inexperienced investors

Pros:

1. Pure Proof-of-Stake Consensus Protocol: Algorand's pure proof-of-stake (PPoS) consensus protocol ensures full participation, protection, and speed within a truly decentralized network. With PPoS, every holder of ALGO can propose blocks or vote on block proposals, making the system more democratic and equitable.

2. Higher Transaction Speed: Compared to many other cryptocurrencies, ALGO's transaction speed is notably higher. The network's design allows for quick processing of transactions, making it more efficient especially for scaling operations.

3. Scalability: The ALGO blockchain is designed for a high level of scalability. As more users join the network, the protocol is intended to handle the increased traffic whilst maintaining its level of performance and security.

4. Reduced Carbon Footprint: Compared to Proof-of-Work (PoW) consensus mechanisms seen in other cryptocurrencies, Algorand's PPoS is much more energy-efficient, making it environmentally friendly.

5. Wide Availability: ALGO is listed on numerous exchanges, which provides greater accessibility for potential users and investors worldwide.

Cons:

1. Market Volatility: Like all cryptocurrencies, ALGO's value can fluctuate greatly in a short period, leading to potential investment risks.

2. Competitive Cryptocurrency Market: ALGO faces fierce competition in the cryptocurrency market. There are several other options available to investors, including larger, more established cryptocurrencies.

3. Dependency on Internet Connectivity: As with any digital currency, ALGO relies on internet connectivity. In areas with unstable or no internet, using or trading ALGO may be challenging.

4. Regulatory Uncertainties: The future of cryptocurrencies remains uncertain with legislation varying across different countries. Changes in regulatory frameworks around the world could impact ALGO and its users.

What Makes ALGO Unique?

Founded by Silvio Micali, Algorand Token (ALGO) introduced a range of innovative features that distinguish it from many other digital currencies.

1. Pure Proof-of-Stake (PPoS) Consensus Mechanism: ALGO's PPoS mechanism allows each token holder to participate in the network. This differs from many other cryptocurrencies that utilize proof-of-work (PoW) or delegated proof-of-stake (dPoS) systems, which can centralize power among miners or a select group of validators. PPoS ensures an equitable and democratic sharing of power among all network participants.

2. Scalability and Speed: ALGO has been designed with high scalability in mind, aimed at handling high transactional volume without compromising speed. This assuages the issues of scalability and slow transaction times encountered by some earlier cryptocurrencies like Bitcoin and Ethereum.

What Makes ALGO Unique?

3. Reduced Carbon Footprint: Algorand's PPoS system is more energy efficient than the PoW systems used by Bitcoin and other cryptocurrencies. This focus on environmental sustainability adds to its unique attributes in the cryptocurrency market.

4. Immediate Transaction Finality: Unlike some other cryptocurrencies, ALGO ensures immediate transaction finality. This means that once a transaction is added to the blockchain, it cannot be rolled back or forked, which brings about more security and certainty.

5. Atomic Transfers: Algorand supports an advanced form of bundled transactions called Atomic Transfers that provides a more secure and efficient method for conducting complex multi-party, multi-asset transactions.

It's important to note that despite these distinctive features, ALGO, like any cryptocurrency, does possess potential risks and challenges, including market volatility and regulatory uncertainties. Thus, it's crucial for potential investors and users to conduct thorough research.

Market & Price

Coin airdrop

In 2023, a notable coin airdrop occurred within the Algorand ecosystem, with a total of 200 million ALGO tokens being distributed to ALGO holders. To participate, users needed to hold a minimum of 25 ALGO tokens in their Algorand wallets and register their wallets by submitting a microtransaction of 0.000001 ALGO to a specific address. This airdrop was designed to incentivize participation in the Algorand ecosystem and reward early adopters.

Price of ALGO

Algorand (ALGO) has experienced significant price fluctuations since its launch in 2019. Its all-time high of $3.28 was reached in July 2021, followed by a sharp decline to around $0.10 in January 2022. The price has since recovered somewhat, trading at around $0.13 as of October 2023. These fluctuations are common in the cryptocurrency market and are driven by a variety of factors, including market sentiment, technological developments, and regulatory changes.

How Does ALGO Work?

Algorand operates on a pure proof-of-stake (PPoS) consensus mechanism. Unlike proof-of-work systems where miners compete to solve a mathematical problem, or delegated proof-of-stake systems where a select group of nodes validate transactions, Algorands system gives all ALGO holders the potential to propose and vote on blocks.

The working principle of Algorand is based on two main cryptographic sorts: secret cryptographic sortition and verifiable random functions (VRF). The secret cryptographic sortition is a process that randomly, secretly, and automatically selects users to propose blocks and vote on block proposals in the Algorand network. The VRF allows the selected user to create a proof that they were chosen for the task without revealing their identity.

In terms of block creation and validation, a single token is randomly selected from the total tokens in the Algorand network. The owner of this selected token gets to propose the next block. To vote on this proposed block, a committee of owners of 1,000 tokens is randomly selected. The block is confirmed once more than two-thirds of the committee approve it. The block is then added to the blockchain, and the process starts again for the next block.

Transitioning to the next set of users is done rapidly in Algorand to prevent attackers from influencing the selected proposers and voters. This makes the Algorand blockchain efficient, secure and relatively more decentralized as each ALGO holder can potentially be selected to confirm transactions, regardless of the number of tokens they hold.

Also, as for its transaction confirmation, Algorand blockchain has a unique feature called “Instantaneous Transaction Finality”, meaning that as soon as a transaction is performed and put into a block, it is final and cannot be forked. This brings a higher degree of certainty and security to the users of the ecosystem.

Lastly, Algorand supports “Atomic Transfers” which is an advancement on the traditional smart contracts. These are essentially bundled transactions which get approved all at once, enabling more secure, efficient, and complex operations.

Exchanges to Buy ALGO

The Algorand Token (ALGO) is listed on numerous exchanges. Here are 10 exchanges with the various currency and token pairs that they support:

1. Binance: This exchange offers a variety of pairs for trading ALGO. These include ALGO/BTC, ALGO/ETH, ALGO/USDT, and ALGO/BUSD.

Step Action Details
1 Register on Binance Create a free account on Binance via the app or website, providing necessary details and verifying your identification.
2 Choose Algorand Click “Buy Crypto,” explore options to buy Algorand, considering stablecoin like USDT for better compatibility.
3 Payment Method Choose from options: A. Credit/Debit Card - Easy for new users; B. Bank Deposit - Transfer fiat via SWIFT; C. Third-party Payment - Check available channels.
4 Check Details and Fees Confirm order within 1 minute at the current price. Refresh if needed.
5 Store or Use Algorand After purchase, store in Binance wallet. Options: personal crypto wallet, Binance account, trade, or stake for passive income.
6 Explore Further Track coin prices, explore more on Binance Earn, or consider Trust Wallet for decentralized exchange options.

Buying link: https://www.binance.com/en/how-to-buy/algorand

2. Coinbase : Here, users can trade ALGO using pairs like ALGO/USD, ALGO/EUR, and ALGO/BTC.

Step Action Details
1 Create Coinbase Account Sign up or download the app. Have a valid ID for verification. Process may take a few minutes depending on your location.
2 Add Payment Method Connect a bank account, debit card, or initiate a wire transfer in the payment method section.
3 Start a Trade On Coinbase.com, select Buy & Sell. On the app, tap the “+” Buy on the Home tab.
4 Select Algorand Click Buy, search and select Algorand. On the app, search “Algorand” and tap to open the purchase screen.
5 Enter Amount Input spending amount in local currency. App auto-converts to Algorand. Adjust using arrow buttons if needed.
6 Finalize Purchase Tap “Preview buy,” review details, and confirm by clicking “Buy now” when ready.
7 Done After processing, view confirmation screen. Congrats, you've bought Algorand on Coinbase.

Buying link: https://www.coinbase.com/how-to-buy/algorand

3. Kraken: On Kraken, ALGO can be traded with the following pairs: ALGO/USD, ALGO/EUR, and ALGO/BTC.

4. Bithumb: This exchange supports ALGO trading with pairs including ALGO/USD and ALGO/USDT.

5. Kucoin: Kucoin lists ALGO with trading pairs such as ALGO/BTC and ALGO/USDT.

6. Bitmax: On Bitmax, users can trade using ALGO/BTC, ALGO/ETH, and ALGO/USDT pairs.

7. Gate.io: ALGO can be traded on Gate.iousing the ALGO/USD pair.

8. Huobi Global: ALGO can be purchased on Huobi Global using pairs such as ALGO/USDT, ALGO/BTC, and ALGO/ETH.

9. OKEx: This exchange supports the ALGO/USDT, ALGO/BTC and ALGO/ETH trading pairs.

10. Bitstamp: On Bitstamp, ALGO is tradable with the ALGO/USD and ALGO/EUR pairs.

Exchanges to Buy ALGO

How to Store ALGO?

There are several methods and wallets for storing ALGO, each with its own level of security, ease of use, and features. Among them are:

1. Coinbase Wallet: If you are using Coinbase as an exchange, you also have the option to store ALGO in the integrated Coinbase Wallet. This provides the convenience of storing, trading, and investing all in one place.

2. Atomic Wallet: Atomic Wallet is a third-party desktop wallet that supports ALGO alongside hundreds of other cryptocurrencies. It is known for its security features and clean user interface.

3. Ledger: Ledger devices are hardware wallets that offer an added degree of security. The Ledger Nano S and Ledger Nano X both support ALGO and can be used in combination with Algorand Wallet or MyAlgo Wallet for additional security.

4. Trust Wallet: Trust Wallet is a secure multi-coin wallet that supports ALGO alongside other cryptocurrencies. It is available on both Android and iOS.

5. Exodus Wallet: Exodus is a software wallet that provides support for a multitude of cryptocurrencies, including ALGO. It has a user-friendly interface and offers features like exchange functionality and portfolio tracking.

How to Store ALGO?

Is It Safe?

Algorand (ALGO) is a cryptocurrency that has gained popularity due to its unique consensus mechanism, Pure Proof of Stake (PPoS), which provides both security and efficiency.

PPoS utilizes Verifiable Random Function (VRF) technology to randomly select a committee of validators who are responsible for approving transactions. This approach is designed to address the potential drawbacks of traditional Proof of Stake (PoS) systems, such as the risk of centralization and the need for large stakes.

Algorand also boasts a decentralized governance model that empowers token holders to participate in decision-making processes. This feature aligns with the decentralized ethos of blockchain technology and aims to ensure that the network's development is guided by the community.

Algorand's security features and decentralized governance model make it a compelling investment option, but it is important to acknowledge that cryptocurrency investments are inherently risky and subject to market fluctuations. As with any investment, it is crucial to conduct thorough research and exercise caution before making any decisions.

How to Earn ALGO?

Earning ALGO, the native cryptocurrency of the Algorand blockchain, can be achieved through various methods. Staking, governance participation, airdrops, liquidity provision, and token lending are some popular options.

Staking offers a passive income stream, while governance rewards active participation. Airdrops provide free tokens, and liquidity provision and token lending generate interest. Diversification, patience, and reputable wallet or validator selection are crucial for successful ALGO earning.

Conclusion

Algorand (ALGO) is a novel cryptocurrency that aims to address some of the key challenges faced by its predecessors such as speed, scalability, and decentralization. As a digital currency, it has potential for growth driven by its unique pure proof-of-stake (PPoS) consensus mechanism, reduced carbon footprint, and high transaction speed capabilities. However, like all cryptocurrencies, its future success is subject to various factors including technological adoption, market dynamics, regulatory environment, and more.

The financial potential of investing in ALGO, as with any cryptocurrency, is not guaranteed. Its value can appreciate or depreciate depending on market conditions, investor perceptions, and broader economic factors. Therefore, prospective investors should carefully consider their risk appetite and do thorough research before investing in ALGO or any other cryptocurrency.

While development prospects for ALGO seem promising due to its innovative features, it operates within an extremely competitive and volatile cryptocurrency market. Investors should keep in mind that while the rewards can potentially be considerable, so too can be the risks. As such, comprehensive understanding of the cryptocurrency market and sound financial planning are indispensable for individuals considering investing in ALGO.

FAQs

Q: How does ALGO's consensus mechanism work?

A: ALGO operates on a pure proof-of-stake (PPoS) mechanism, where each token holder has the potential to propose and vote on blocks.

Q: What are some notable exchanges where I can buy ALGO?

A: Some key exchanges where you can purchase ALGO include Binance, Coinbase, and KuCoin, among others.

Q: Which wallets are suitable for storing ALGO?

A: ALGO can be stored in several wallets like the Ledger Nano S/X, Atomic Wallet, Coinbase Wallet, Trust Wallet, and Exodus Wallet.

Q: What are the development prospects of ALGO?

A: Algorand (ALGO) has significant development potential owing to its unique features, although its success is subject to variables such as technological acceptance, market trends, and regulatory compliance.

Q: How does ALGO differentiate itself from other cryptocurrencies?

A: ALGO stands out for its pure proof-of-stake consensus mechanism, high transaction speed, an emphasis on scalability, and reduced carbon footprint.

Risk Warning

Investing in cryptocurrencies requires an understanding of potential risks, including unstable prices, security threats, and regulatory shifts. Thorough research and professional guidance are advised for any such investment activities, recognizing these mentioned risks are just part of a wider risk environment.

User Reviews

More

18 ratings

Participate in evaluation
Araminah
Algorand (ALGO): A scalable, secure, and decentralized digital currency and transactions platform.
2023-10-09 08:10
4
Ufuoma27
algoraAlgorand seeks to address some of the scalability and decentralization challenges associated with earlier blockchain platform. algorand is a stable coin and reliable as well.
2023-12-22 22:32
3
Jay540
$ALGO highly secure, scalable, lightning-fast and cost-efficient, as all good tokens should be.
2023-11-01 05:01
6
leofrost
In my personal review of Algorand (ALGO), I appreciate its commitment to scalability, security, and decentralization. Algorand's pure proof-of-stake consensus mechanism and focus on creating a borderless economy set it apart. Continuous developments, partnerships, and the adoption of Algorand in various applications contribute to its significance in the blockchain space.
2023-11-24 05:36
5
Windowlight
Algo, the native token of Algorand, is gaining momentum in the crypto world. Its fast transaction speeds and focus on scalability make it a strong contender. However, like any cryptocurrency, market volatility is a factor to consider. Keep an eye on its growing ecosystem and adoption.
2023-11-06 02:12
2
Windowlight
Algorand (ALGO) employs a proof-of-stake consensus algorithm, aiming to create a scalable and secure blockchain.
2023-12-21 23:23
5
Lala27
Algorand (algo) is a cryptocurrency that is an autonomous, distributed network of blockchains. Provides faster transaction speed with increased efficiency and it provides a non-forkable network of blockchains.
2023-11-24 10:48
3
Dazzling Dust
ALGO secure, scalable and efficient, all the features required for effective practical applications
2023-09-08 07:18
6
Ishola7352
Algorand's pure proof-of-stake consensus algorithm ensures security and decentralization. The platform's focus on building a borderless economy is aligned with the ethos of cryptocurrency.
2023-12-25 19:13
2
Jenny8248
ALGO, or Algorand, is a blockchain platform recognized for its focus on scalability, speed, and decentralization. Its consensus mechanism, Pure Proof of Stake (PPoS), ensures high throughput, quick transaction finality, and energy efficiency.
2023-11-21 22:24
4
h2woiswater
HOLDING THIS TOKEN FOR A YEAR NOW. IM BULLISH ON THIS TOKEN. SO WHAT IS ALGO Algorand's technology provides a collection of high-performance layer 1 blockchains that offer security, scalability, privacy and transaction finality. A layer-1 blockchain is a collection of solutions that improve the fundamental protocol to make the system more scalable.
2023-10-26 02:35
5
chi9832
Algorand is the best.
2023-09-15 07:54
3
hardwork
Algorand is a great choice for people who need a fast and secure blockchain platform for their dapps or smart contracts. It is also a good option for people who want to invest in a cryptocurrency with a strong team and technology.
2023-11-04 00:54
6
wenngtgg
Nice! let's go to the moon 🚀🌝
2022-10-25 08:12
0
hselnuts
ALGO TO THE MOON
2022-10-24 15:18
0
winnih
let's go up again algo🔥🔥🚀🚀🚀
2022-10-24 13:16
0
Khai Satoshi Nakamoto
good
2022-04-11 11:50
0
mudeok
amazing Algo... to the moon
2023-01-13 21:06
0

News

TokenAlgorand (ALGO) Could Fall to $0.20 After Breaking This Support Level

Over the last two days, the price of Algorand (ALGO) has declined on the daily chart, retracing back

2024-04-04 22:05

Algorand (ALGO) Could Fall to $0.20 After Breaking This Support Level

TokenAlgorand (ALGO) Price Soars 71%: What Does It Mean for These 16 Million Investors?

Amidst the altcoins that charted immense gains was Algorand, which had a good run over the last coup

2024-03-14 01:11

Algorand (ALGO) Price Soars 71%: What Does It Mean for These 16 Million Investors?

TokenAlgorand (ALGO) Stuns In Q4: Market Cap Soars, TVL Doubles, And User Base Skyrockets

According to a recent report by Messari, smart contract platform Algorand (ALGO), showcased notable

2024-01-20 11:04

Algorand (ALGO) Stuns In Q4: Market Cap Soars, TVL Doubles, And User Base Skyrockets

IndustryThese 3 Cryptocurrencies Can Spike In Value In 2023: Algorand (ALGO), Stellar (XLM) and TMS Network (TMSN)

Cryptocurrency investors and traders are constantly looking for the next big cryptocurrency that can leave a major effect across the blockchain space and provide a lot of value to them. Recently, the TMS Network (TMSN) token has been causing a lot of buzz within the Web3 space.

2023-03-22 06:11

These 3 Cryptocurrencies Can Spike In Value In 2023: Algorand (ALGO), Stellar (XLM) and TMS Network (TMSN)

Defi Maple Finance 2.0 overhaul aimed at speeding up the defaulting process

Defaults and liquidations were slower to implement under the previous version of Maple Finance.

2022-12-14 23:43

 Maple Finance 2.0 overhaul aimed at speeding up the defaulting process

Defi Chainlink Labs offers proof-of-reserve service for embattled exchanges

Chainlink said its product is useful for “for verifying centralized exchange asset reserves, off-chain bank account balances” and others

2022-11-10 22:19

 Chainlink Labs offers proof-of-reserve service for embattled exchanges

Industry Key on-chain metric shows Bitcoin miners in ‘massive’ BTC accumulation mode

Data shows lost and held Bitcoin hitting a one-year high, while miners opened the year by accumulating “massive” amounts of BTC.

2022-01-11 22:30

 Key on-chain metric shows Bitcoin miners in ‘massive’ BTC accumulation mode

Defi DeFi protocol Grim Finance lost $30M in 5x reentrancy hack

An external attacker exploited the DeFi platform Grim Finance, stealing over $30 million through a reentrancy exploit of the platform’s vaults.

2021-12-20 08:58

 DeFi protocol Grim Finance lost $30M in 5x reentrancy hack

Defi Altcoin Roundup: Three smart contract platforms that could see deeper adoption in 2022

2021 is coming to a close and the Ethereum network still has a fee problem. Here’s how competitor networks attempted to capitalize on Ethereum’s unresolved issues.

2021-12-17 20:05

 Altcoin Roundup: Three smart contract platforms that could see deeper adoption in 2022
View More