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The decentralized network of Algorand was designed to solve three main problems faced by the first generation of cryptocurrencies: achieving high transaction speed, security, and adding decentralization to ensure that these three crucial elements work smoothly together.
Algorand was founded in 2019 by Silvio Micali🇮🇹. He is a professor of computer science at MIT and the creator of the Algorand Foundation. In past years, Micali has received the Turing Award (2012) to celebrate his significant contributions in the field of secure two-party computation, e-cash, as well as blockchain protocols and cryptocurrencies. Algorand is therefore fortunate to have as its founder one of the most sophisticated experts in cryptocurrency.
The initial coin offering (ICO) took place in June 2019 when ALGO was sold at the expected price of $0.24 set by Algorand. During the distribution, $122,400,000 was raised.
Algorand was created to solve the problem of slow transactions provided by the early giant blockchains Bitcoin and Ethereum and those that followed in their footsteps.
Its native token ALGO operates with a pure proof-of-stake consensus algorithm and is completely environmentally friendly, unlike Bitcoin, Litecoin, and many other coins that were created to operate with the proof-of-work mechanism.
ALGO ranks 58th on CoinMarketCap with a market capitalization of $1,863,766,477. It is one of the most promising cryptocurrencies that traders are keeping an eye on.
Algorand (ALGO) as the main rival of Ethereum
The decentralized network of Algorand was designed to solve three main problems faced by the first generation of cryptocurrencies: achieving high transaction speed, security, and adding decentralization to ensure that these three crucial elements work smoothly together.
Algorand was founded in 2019 by Silvio Micali. He is a professor of computer science at MIT and the creator of the Algorand Foundation. In past years, Micali has received the Turing Award (2012) to celebrate his significant contributions in the field of secure two-party computation, e-cash, as well as blockchain protocols and cryptocurrencies. Algorand is therefore fortunate to have as its founder one of the most sophisticated experts in cryptocurrency.
The initial coin offering (ICO) took place in June 2019 when ALGO was sold at the expected price of $0.24 set by Algorand. During the distribution, $122,400,000 was raised.
The price forecast for ALGO has been set by its creators at 10 billion coins. It is expected to circulate 3 billion coins within five years of launch, including the 25 million ALGO sold during the ICO. About 1.25 billion coins are gradually distributed as rewards for participation nodes.
2.5 billion ALGO are gradually distributed to Relay Nodes. 2.5 billion ALGO have been reserved for the needs of the Algorand Foundation and Algorand Inc. Finally, 0.25 billion have been set aside for grants to end users.
Algorand was founded as a cryptocurrency payment-focused network, capable of handling more than 1,000 transactions per second and verifying each transfer in less than five seconds. As it can be seen, it is capable of meeting the needs of a high throughput of transactions in today's crowded and competitive digital environment. Additionally, it easily manages the hosting of numerous decentralized applications (dapps) to allow developers to build on top of it.
Algorand ($ALGO ) provides the necessary degree of scalability. This has proven useful as operators in the decentralized finance (DeFi) sector are constantly looking for viable alternatives to Ethereum, and many have turned to Algorand as the chain on which to build their dapps and DeFi applications.
