The live price of Algorand is - per (ALGO / USD) with a current market cap of $1.90B USD. 24-hour trading volume is - USD. ALGO to USD price is updated in real-time. Algorand is -% in the last 24 hours with a circulating supply of 8.60B.
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Algorand is a blockchain founded in 2017 by MIT computer scientist Professor Silvio Micali. The mainnet was launched in June 2019, along with the native cryptocurrency ALGO. The blockchain aims to improve the scalability issues of older blockchains while supporting smart contracts. Algorand's blockchain is decentralized and public, and is a pure proof-of-stake blockchain. You can also use Algorand to create a custom layer 1 blockchain.
The blockchain's pure proof-of-stake consensus mechanism helps to decentralize power in the traditional proof-of-stake model. Anyone who wants to participate and stakes (even a small amount) has the opportunity to be randomly selected as a validator or block proposer.
ALGO is Algorand's native token with a maximum supply of 10 billion. The project aims to fully distribute it by the end of 2030. You can earn ALGO by holding at least 1 ALGO in a non-custodial wallet. This happens every time a new block is successfully added, and the APY can be expected to be around 5-8%. ALGO is a popular token for investors who want to earn a passive return without staking the token. You can also use the token to pay network transaction fees and stake when consensus is generated.
The current circulating supply of ALGO tokens is about 7.07 billion tokens. This is about 70% of the total ALGO supply of 10 billion tokens.
The Algorand Foundation holds the remaining ALGO tokens in a secure wallet. The main goal of the foundation is to enable an inclusive and borderless global economy through Algorand's blockchain technology.
1,775,726 million tokens are allocated for community and governance rewards, 117,605 million tokens are allocated for ecosystem support, and 363 million tokens are for foundation donations.
Seed and pre-sale investors can sell their ALGO token allocation back to the Algorand Foundation at 90% of the initial purchase price. The tokens are then destroyed by the founding team, effectively reducing the supply. This deflationary mechanism is designed to increase the scarcity of the token and drive Algorand's price appreciation.
In June 2019, Algorand raised more than $60 million through a public sale of its native ALGO token through a Dutch auction. 25 million tokens were sold in less than 4 hours.
Algorand was founded by Silvio Micali, the co-inventor of probabilistic cryptography, zero-knowledge proofs, verifiable random functions, and other protocols that have made significant contributions to modern cryptography.
Micali founded Algorand to oversee all research, including theory, securities, and crypto-finance. He is also the winner of the Turing Award in computer science, the Gödel Prize in theoretical computer science, and the RSA Prize in cryptography.
Micali has been a professor in the Department of Electrical Engineering and Computer Science at the Massachusetts Institute of Technology (MIT) since 1983. His research interests include cryptography, zero-knowledge, pseudo-random generation, security protocols, mechanism design, and blockchain.
Algorand is a decentralized blockchain network capable of executing smart contracts. Algorand's low cost, fast completion, and high transaction throughput have attracted the interest of some countries looking for central bank digital currency (CBDC) solutions.
ALGO has three main use cases:
1. Pay transaction fees on the Algorand blockchain.
2. Stake and potentially become a block proposer or validator.
3. Hold ALGOs in a non-custodial wallet and receive ALGO rewards for each successfully added block.
At EUREX, we recommend that you research any cryptocurrency before investing in it objectively. Cryptocurrency is considered a high-risk asset that is prone to large price fluctuations. Therefore, we hope that you only invest in assets that you are willing to take risks on.
Also, like all cryptocurrencies, ALGO is volatile and carries investment risk. Therefore, you should do your own research (DYOR) and assess your risk appetite before investing.
ALGO is a digital currency with its own pure proof-of-stake blockchain.
The Algorand to other currencies exchange rate?
