What is Algorand (ALGO) Coin? ALGO Coin Review
Thousands of investors, like you, our valued readers, are investigating the Algorand project, which we often hear in the cryptocurrency world. “What is Algorand (ALGO) Coin?” the question is cryptocurrency This is a question many investors ask. Because Algorand Coin is a project created to solve the problems of speed, security and decentralization. Ever since it was launched as a competitor to Ethereum, investors are often curious and researched.
What is the Algorand project?
Algorand, the top 3 major problems in blockchains; It was created to solve the triad of speed, security and decentralization. The Algorand project was initiated in June 2019 by Silvio Micali, professor of computer science and MIT.
ALGO is an open-source blockchain network in a way that anyone can build on. Algorand promises its users fast transactions (1,000 transactions per second) and security. ALGO shares common features with Ethereum, but differs from Ethereum in one very important feature. Algorand works with an infrastructure called Pure Proof of Stake. Thanks to this infrastructure, mining operations consume much less energy than other blockchain networks. Thanks to this feature, the costs of miners are significantly reduced. Native cryptocurrency of the Algorand blockchain ALGO Coinis .
What is ALGO Coin?
ALGO is a blockchain project supported and funded by the Algorand Foundation, a Singapore-based company. Algorand opened to users in 2019, but the project started in 2017. algorithm About two years after the investigation, it made a presale, raising $60 million.
Participants in his network, Algorand .’s own cryptocurrency ALGO rewarded with. You can also use ALGO Coin to pay transaction fees. ALGO was created as a competitor to the Ethereum blockchain. Both blockchains provide infrastructure and use smart contracts to support the development of projects built on their own infrastructure.
Who is the founder of Algorand?
The Algo project was started by Silvio Micali as an open source project.
Silvio Micali is a professor of computer science at MIT. Known for his professorships in cryptography and computer science, Micali, along with Stony Brook, played an important role in the process from the basic infrastructure of the project to the final product itself.
When the idea for Algorand was first proposed, Micali and his team decided they wanted more than just a coin. Instead of working on a coin project, they wanted to create a platform based on smart contracts and they successfully completed it. algorithm The support of the Algorand Foundation cannot be ignored to bring the project to this point. The Algorand Foundation supports and finances the ALGO project.
About ALGO Coin
- Algo is Algorand’s native cryptocurrency.
- The Algorand blockchain is run by smart contracts, similar to the Ethereum blockchain in this regard.
- It was founded to solve security, speed, and decentralization issues.
- Distributed as a reward to participants in the Algorand network.
ALGO Coin Distribution
- As we said about ALGO Coin, the maximum supply is limited to 10 billion units.
- The number of ALGO coins released in the first five years is 3 billion.
- The estimated reward paid out to ALGO network participants is 1.75 billion.
- ALGO subsequently allocated a total of 2.5 billion to relay nodes.
- Algorand Foundation and Algorand Inc. 2.5 billion ALGOs are reserved for
- 0.25 billion has been reserved for subsidies to end users.
How to buy Algorand (ALGO)?
Cryptocurrency Investors “How to Buy ALGO Coins?” They often wonder and explore the question. There are 2 ways to have ALGO Coin;
- Mining; ALGO Coin is a mining cryptocurrency.
- You can become ALGO Coin Owner by mining Algorand.
Buying on a cryptocurrency exchange; ALGO Coin is listed on almost all major exchanges (Binance, Coinbase, Mexc, FTX, Gate.io, KuCoin). You can buy ALGO Coins safely and easily on these exchanges.
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