Algorand is a new cryptocurrency that has recently been listed on the stock exchange Binance and it immediately became the tenth largest cryptocurrency in terms of market capitalization. What is this SOMETHING? What distinguishes this project? Why did he hit the top with a hit? Read our description and review of the Algorand project.
What is Algorand (ALGO)?
Algorand is a foundation, as well as related to it new, scalable, secure and decentralized cryptocurrency and payment platform. Sounds plain. How many times have you heard this? Therefore, listen further, because in the next sentence of the description of this cryptocurrency we will write that creator of the project jest professor of MIT i he has won many prestigious awards, including the famous one Turing Awards for the theoretical foundations of cryptography and the development of new methods for effective verification of mathematical proofs.
The new blockchain created by his team is to set new standards for cryptocurrency. The open code protocol is supposed to be infernally fast and incredibly scalable, thanks to new mechanism of consensuswho is a bit like Tangle IOTA. It is based on Byzantine agreement and he was named Pure Proof-of-Stake.
To confirm the transaction, no resource-consuming cryptographic calculations are required. Thanks to this, transfers are approved in less than 5 seconds, and scalability is to allow 1000 to perform transactions per second. Thanks to this, Algorand cryptocurrency can find application as global payment system, competitive for VISA and MasterCard, as well in micropayments and IOT (Online of Things).
Public sale of ALGO tokens took place in the form of an auction. The token price decreased from 10 $ until the pool of all tokens was sold.
25 million ALGO tokens sold for 60 million dollars, which gives the average price of the 2,4 $ ICO token. However, it should be remembered that this was only the first of the scheduled auctions. ICO Algorand will be similar to the ICO of the EOS project. 600 million tokens will be sold each year, but their total number in circulationafter five years will reach 10 billion!
How many tokens is currently in circulation? How will this number change? Who has how much ALGO and how much will it spend? See the graphic below.
In addition to auctions for ordinary investors. Algorand Tokens (ALGO) were also sold in private sale, at 0,1 $ for 1 ALGO.
Algorand - team
The Algorand team consists of fifteen people. In addition to the aforementioned project founder, Prof. Silvio Micali, the team consists of experienced scientists, cryptographers, mathematicians and economists.
They are supported by a team of cryptocurrency market advisers, economists and scientists. You can read more on the official site Algorand project website.
Algorand - project partners
Algorand on its website praises the cooperation with over thirty institutions. Most of them are little known projects and investment funds, which probably bought ALGO tokens as part of private sales.
By reading carefully all reports about the Algorand cryptocurrency (ALGO), you can find rumors about the links between Algorand and Facebook cryptocurrency, or Libra. Allegedly Libra was to be based on the Algorand blockchain, however, both sides eventually did not agree and did not cooperate. Libra will have its own blockchain.
Algorand (ALGO) - is it worth investing?
Algorand is undoubtedly a very interesting project worth watching in the coming months. It has solid foundations created based on current scientific discoveries, as well as an excellent team of specialists. The ICO auction model will provide excellent financial opportunities, thanks to which the currency will have a chance to break the market.
Investors can be deterred by high inflation, as the target number of coins in circulation is 10 billion. In addition, the price of ALGO in private sale (0,1 $) sets the project partners and investment funds to the ideal situation, as opposed to ordinary individual investors who buy ALGO on the stock exchange or in the ICO auction.
Is it worth buying Algorand? As always, judge for yourself.
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