Cryptocurrency and blockchain technology has continued to be in the limelight in recent times. Although the crypto market has been on red indexes for many weeks, Algorand is one crypto gaining popularity.
The main reason Algorand is becoming popular is its partnership with the world’s football governing body, FIFA as an official blockchain partner.
In this post, we’ll learn about the Algorand blockchain protocol. For the sake of beginners, we’ll learn about cryptocurrency and blockchain technology.
What is Cryptocurrency?
Cryptocurrency is a digitally encrypted, decentralized currency that is not linked to or regulated by any government or central bank.
It is based on blockchain technology, which is a distributed ledger framework. Bitcoin is the first cryptocurrency created which has led to the creation of others alike known as altcoins.
Cryptos are categorized as virtual or digital currencies. They were originally developed to provide an alternative mode of payment for online transactions.
Watch All You Need to Know About Algorand Here
What is Blockchain?
A blockchain is a distributed database that is shared among the nodes of a computer network. It is a type of shared database that is different from a typical database in the way its store’s information. Blockchain stores data in blocks that are then linked together via cryptography.
Blockchain can be used to store different types of information but the most common use so far has been as a ledger for transactions.
A blockchain collect information together in groups known as ‘’block’’. They hold a set of information when this block reaches its storage limits, they are closed and linked to the previously filled block, forming a ‘’Chain’’ of data hence the name ‘blockchain’.
What is Algorand?
Algorand is a self-sustaining, decentralized, blockchain-based network that supports a wide range of applications. These systems are secure, scalable, and efficient, all critical properties for effective applications in the real world.
Algorand was founded in 2019 by Silvio Micali, a professor of computer science at the Massachusetts Institute of Technology. He is a recipient of the Turing Award (in 2012).
The native token trades by the symbol ”ALGO”. As of writing, ALGO is ranked number 30 among thousands of crypto assets.
Algorand blockchain is the technology of choice for over 2000 global organizations, governments, and digital-native DeFi applications. In particular, Algorand helps organizations in finance, gaming, music, art, and the sports world that seek to adopt Web3 digital capabilities as a path to accelerate growth, inclusiveness, transparency, and innovation in an environmentally responsible way.
What Makes Algorand Unique?
Crypto projects have many things in common but are however different in the problems they solve-differences in the blockchain.
Algorand was created to speed up transactions and improve efficiency, in response to the slow transaction times of Bitcoin and other blockchains. As it is based on a permissionless proof-of-stake blockchain protocol, it is designed to have lower transaction fees.
What is Algorand’s Worth in the Crypto Market Today?
Algorand is currently ranked 30th among thousands of crypto assets by CoinMarketCap. The live price of ALGO is USD 0.325653 with a 24-hour trading volume of $109,934,999. It is currently up 4.44% in the last 24 hours.
ALGO has a live market cap of $2,262,908,009 USD. It has a circulating supply of 6,948,828,582 ALGO coins and a max. supply of 10,000,000,000 ALGO coins.
You can purchase ALGO on some of the leading crypto exchanges in the world such as Binance, OKX, FTX, and so on.
Should You Invest in Algorand (ALGO)?
Investing in Algorand like every other crypto project is very risky. Crypto investment is the riskiest form of investment.
If you must invest, you must do research on your own, study the time, and do your best to know about its investment opportunities.
Have it at the back of your mind that you would invest what you can afford to lose if you must invest.
The Bottom Line
Algorand blockchain protocol was designed to speed up transactions and improve efficiency, in response to the slow transaction times of Bitcoin and other blockchains.
Its features and benefits have made it one to watch out for even as it gets closer to the world via its collaboration with FIFA.
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