Ines AissaniToday, we're going to talk about Algorand, which you may already know but which you may not have yet invested in. We decided to do a little article about it here because casually, it is a very promising and very interesting crypto. We don't talk about it much and that's perhaps a shame.
However, it is a project which aims to democratize the use of DeFi as much as possible. Transaction speeds are very important and the speed of a transaction on the platforms is not nothing, you will agree with you, I imagine. Moreover, we often talk about Algorand as a probable Ethereum killer even if the expression is somewhat outdated now...
The Algorand project was launched in 2019 and it is still very new. We can understand that until now, we haven't heard much about it.
You will quickly understand why it is so underestimated…
Let's take a closer look.
Algorand Overview
Algorand was created by a professor at the Massachusetts Institute of Technology (MIT), Silvio Micali. Remember that this is a rather rare type of founder because usually, we tend to have established entrepreneurs or developers in the fields of tech, fintech and IT in general. The fact that Algorand is the brainchild of a computer science professor is somewhat rare, original and interesting. We may think at first glance that it is on the one hand an intelligent project and that on the other hand, the lure of profit is not the only (?) goal of society as is unfortunately very often the case. the case.
In short, if I clarify this point, it is because the doctor in computer engineering Micali is recognized in his field, as evidenced by the Turing Prize in 2012 which he received to reward his work. The scientific community has thanked him for helping to make cryptography a "more precise science." It has in fact formalized basic notions and concepts in the science of blockchain. He also co-invented probabilistic encryption to name just a small element of his work. Yes, the guy is a crack, very clearly.
And, thinking about this science, theorizing this area of expertise as well as working in general on the tokenomics general, it is really to advance the progress of this discipline. Micali is part of this movement, that's what you needed to know about him.
Finally, you should know that the Algorand white paper is one of the most complete and precise white papers in existence. It was co-written with Jing Chen who is also a professor at Stony Brook University. The white paper was also initialed and supplemented by academics and other cryptography researchers.
Algorand and the foundation behind it are based in Singapore and regularly distribute funds to advance the technology as a whole.
How can I tell you to what extent this is a conscientious project that is not there simply to spark speculation….? And, this is perhaps what indirectly explains its lack of visibility in the industry. A shitcoin or a food token who does not have a quarter of the ambitions of Algorand will be able to experience better success through Telegram marketing by displaying crazy returns rather than a serious and stable project like Algorand..
Harsh reality of the crypto business, you will tell me… But, the fact remains that we can still take the time to recognize the aspects of this blockchain here. Let's see what's under the hood, if you like.
What can be done with Algorand? What is its advantage?
Algorand is a public blockchain. This means that the code is open-source and can be cloned, copied and even used in private or authorized blockchains. Also, due to the fact that Algorand is not very well known and publicized (the fact that the founders are researchers and not does business have something to do with it?) means that we have not been able to measure the performance of this blockchain until now.
For Algorand fans, it is one of the strongest blockchains in existence with the fastest transactions and low fees.
Likewise, for application developers, Algorand is an infrastructure of choice.
Indeed, there is very qualitative Dapp support that supports developers. We provide them with a Web API Centralized applications
Finally, Algorand has first-class DApp support. Decentralized applications are a hot topic and Algorand provides a web API as well as SDKs for different languages such as JavaScript, Python, Java and Go. The documentation is very precise and the community is responsive.
Algorand is also an excellent platform for creating and deploying NFTs. Moreover, NFT projects in music have also been proposed as with the project Opulous.
Staking on Algorand
You should know that staking is a widely used service with Algorand. With each new block, participants earn a certain amount of ALGO on their wallet.
ALGO staking rewards 6% APY. Please note that there is no minimum bet, no lock-in period either. That's pretty rare to have such flexible conditions.
The ALGO token:
Like many blockchains, Algorand allows developers to create new dapps, for example. This is also the case and today Algorand is used today for services in real estate, in the creation of copyright and in microfinance as well. There are always more projects on the platform.
Moreover, more and more talented developers join the team every day to develop new products and services. Although it is possible for developers to create their own tokens on the Algorand blockchain. Remember that nevertheless the native token is ALGO. The ALGO token is used to pay the various platform fees and also to reward staking participants, for example.
Anything more usual, you tell me.
For its price, it may be surprising that the price is so low (around $1) at the time of writing this article.
Undervalued? This is indeed what we think.
The Global Distribution of ALGO Tokens:
The first thing we can clarify is that because all the tokens have not yet been put into circulation and there will be 10 billion, which means that ALGO is inflationary.
- There will be 10 billion tokens in total in circulation.
- The final token creation date is located in 2030
- 3,0 billion : Estimated total ALGO in circulation (initially by auction) during the first 5 years of network launch.
- 1,75 billion : Variable participation rewards.
- 2,5 billion: Relay node runners (distributed over time)
- 2,5 billion: Funds for the operation of the Algorand Foundation and Algorand, Inc.
- 0,25 billion: Subsidies to end users (distributed over time)
Likewise, Algorand has a block explorer, which shows an official count of its circulating supply of ALGO.
Why is Algorand said to be underrated? How powerful is it now?
For many, Algorand is one of the most underrated cryptocurrencies in existence. With a market capitalization of over $4 billion, it has already shown that it has a strong base and community.
Likewise, Algorand is perhaps the most sophisticated team in terms of intellectual work on the blockchain. Even if we are not really dealing with businessmen, we are rather dealing with mathematicians and brains to put it briefly.
When I say brain, I say it with certainty because the team seeks in particular to solve the famous blockchain trilemma. This trilemma states that it is impossible to create a stable balance between the 3 fundamental elements of blockchain, namely decentralization, scalability, and security.
Algorand solves the trilemma using a specific protocol called PPos. A sort of radical and complete Proof of stake. This protocol is lightweight and this is what makes transactions fast and inexpensive.
Here is the current performance of the Algorand network:
- Less than 5 seconds to complete a transaction completely
- Ability to execute trades with very small amounts such as 0,0001 ALGO
- Very low transaction costs (around 0,001 ALGO)
Due to its extraordinary qualities, fans of Algorand even say that it could be the ideal currency for a country, a government or a central bank. Moreover, in this regard, and you will see, that it is quite incredible, the Marshall Islands uses the Algorand network for their national and state currency: the SOV.
Rumor has it that the list is getting even bigger…
Should you invest in Algorand and the ALGO token?
Ah, well, that's always the fateful question...Is it worth the investment? Frankly, look at the project, go to the site which is clearly one of the most complete on the subject. If only other projects could be as complete and transparent!
There, frankly for Algorand, it is prodigious in terms of documentation.
Still, Algorand is not a joke dogecoin. We are even very far from this type of token. This is heavy and serious.
We must consider this investment in the long term because Algorand clearly does not yet have the aura that it fully deserves (in our opinion). Many people enter the world of cryptocurrencies to make profits and miss out on meaningful projects...
We have been fans of Algorand since the beginning, due to the incredible quality of the team behind it, the incredible performance of its blockchain and the always innovative applications it implements. For example, we have been using the Algorand application for more than a year and carry out our transactions without the slightest problem.
The ecosystem is always bigger, which reassures us and shows us that one day Algorand will have the success it very clearly deserves.
Moreover, and quite frankly, it is astonishing the number of applications built on Algorand. These are innovative and powerful. And, don't forget that a blockchain that arouses interest among developers is clearly a blockchain that can only be a hit in the future...
Well, you understand, we are very favorable to Algorand…And, what do you think of this project?
For those who want to buy and invest in Algorand, know that you can buy ALGO crypto on the vast majority of platforms such as Binance for example. You can also download the application directly to make other uses of Algorand.
👉Discover the official Algorand website (and download the application)
👉Buy ALGO on Binance (See Binance tutorial here).
Disclaimer: This does not constitute financial advice. It’s up to you to do your own research and compare reviews. All investments, whatever they may be, involve risks. Only invest what you can afford to lose.
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