Algorand ALGO Price

Originally, the Algorand developers focused the blockchain platform on creating decentralized solutions in different sectors of the commercial economy. But over time, the network began to be used in the areas of real estate, government, copyright, finance, issuance of tokenized shares, etc.

The largest partnership is the development of the Marshall Islands' national digital currency based on Algorand. It was announced in March 2020 by SFB Technologies, which is involved in the project.

Algorand features:

• Reduced risk in settlement.
• Low cost of transaction processing and low entry barrier.
• Flexible implementation, with the possibility of adapting to specific conditions.
• Ability to create complex applications using TEAL.
• Scalable, fast and secure execution.

History of Algorand

• In 2017, Italian and American computer scientist and Turing Prize winner Silvio Micali, in collaboration with Professor Jin Chen, released a project white paper.
• In the summer of 2018, the development team launched a closed test network Algorand, which demonstrated to potential investors all the advantages of the new blockchain.
• In 2019, when $60 million was raised through token sales, the team launched the main network and the native coin with the ALGO ticker.

The Algorand cryptocurrency token serves the following purposes:

• Providing consensus in the network
• Transaction fees: the standard fee is approximately $0.0014.
• Management of the system development
• Rewards for staking and for voting members (the opportunity to become a blockchain validator).
• Storage in a wallet and payment for purchases.

Participants are selected according to the following principle: the more coins in the staking, the higher is the chance of the account to participate in the creation procedure; accounts with a minimum number of coins also have the chance to pass.

Algorand and Ethereum

Increasing commissions for Ethereum have caused DeFi developers to turn their attention to Algorand for app development. Transaction fees in Algorand are generally lower than in the Ethereum network.

Both Algorand and Ethereum 2.0 use Proof of Stake to generate new coins. However, participants in the Algorand network need only one ALGO coin to participate. Meanwhile, Ethereum 2.0 requires 32 Ethereums which is a much higher barrier to entry.

NFT

NFT tokens are very popular right now, and many companies are using them for a variety of purposes. Algorand is the big player in NFT industry: Italy's largest copyright agency, SIAE, creates NFTs representing authors' rights on the Algorand blockchain. Algorand also supports Fractional NFT technology, which allows several people to own tokenized assets.

DApps

Algorand supports development of decentralized applications and provides SDKs for JavaScript, Python, and Java. All this is accompanied by excellent documentation from the community. Algorand has already developed many DApps starting from crowdfunding apps to COVID tracker, and their number is constantly increasing.

Token Storage

You can create a My Algo web wallet.

Instructions on how to create one:

1. Go to the link and click "New Wallet."
2. Accept the terms of the agreement and create a strong password.
3. Click "Create Wallet", and save the seed.
4. Confirm the save and enter the password.

You can log into the interface through a browser or use the Ledger hardware safe. There is also a mobile app for Android and iOS platforms.

Pros and Cons of Algorand

At this point we can highlight the following pros and cons of Algorand

Summary

Algorand is evolving dynamically and at the moment about a thousand projects are developing applications based on its blockchain. The coin has a real demand, and the project's blockchain can be used in different spheres: from payment applications to DeFi-protocols and NFT. Among the main disadvantages of ALGO is the weak liquidity of its coin. Although the coin is traded on all major exchanges, it cannot yet boast large trading volumes and liquidity.