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What is Algorand(ALGO)| A Beginners Guide to Algorand

Snapshot:

  • What is Algorand(ALGO)? 
  • How does Algorand work? 
  • Key features of Algorand

What is Algorand? 

Algorand is a decentralized, self-sustaining blockchain-based network. It supports a wide range of applications that are efficient, secure, and scalable. It was the world’s first pure proof-of-stake foundational blockchain that was designed for the future of finance. The technology at Algorand enables a set of high-performing Layer 1 blockchains providing scalability, security, privacy, and complete transaction finality. 

The Algorand Blockchain is overseen by the Algorand foundation and is open to every organization and individual who wishes to interact with it. The main focus of the Algorand technical innovation development is on interoperability, performance, and scaling, Layer 2 smart contracts, and private and public models. 

The native token of the Algorand network is the ALGO coin. The price of ALGO coin when it was first launched was $2.19 and after 4 years since its inception, the current price of the ALGO coin is $1.66 with $3.28 being the all-time high. 

Who are the founders of the Algorand blockchain?

Professor of Computer Science at Massachusetts Institute of Technology (MIT), Silvio Micali is the founder of Algorand. He has been the faculty at Electrical Engineering and Computer Science Department at MIT since 1983. The research interest of Silvio is zero-knowledge, Cryptography, secure protocols, and pseudorandom generation.

Many innovations that are the foundation of modern-day cryptography such as zero-knowledge proof, verifiable random functions, and other protocols have been co-invented by Silvio. Algorand was founded by him in 2017 and it was a fully decentralized, secure, and scalable blockchain that served as a medium to provide a common platform for building services and products for the borderless economy. The prime focus of Silvio at Algorand is to look after large research including security, theory, and crypto finance. 

How does Algorand work? 

Algorand uses the proof-of-stake (PPoS) protocol that is built on the Byzantine consensus. Every user’s influence on the choice of this new block is proportional to the number of ALGO coins on stake. The users are very randomly chosen to propose blocks and vote on these block proposals. 

The primary purpose of the PPoS approach of Algorand is to tie the security of the whole economy to the honesty of the majority of the economy. With other approaches such as proof-of-work, a small subset of the economy determines the security of the whole economy. This gives the power to only a few users who can prevent other users from conducting transactions. 

Key Features of Algorand 

The key features of the Algorand blockchain are: 

Smart Contracts & AVM 
Algorand Standard assets 
Atomic Transfers 
Rekeying 

Smart Contracts & AVM: Developers use smart contracts to automatically execute transactions using a few simple lines of code stored on the blockchain. However, first-generation blockchains are typically slow, unscalable, and costly for DApps that are used to solve real-world use cases. Algorand focuses on removing these impediments. Algorand Virtual Machine (AVM) supports smart contracts with Turing-complete languages, more states, numerous opcodes, larger program sizes and offers developers the ability to use loops, recursions, and functions. 

Algorand Standard Asset: Algorand’s standard asset provides a standardized Layer-1 mechanism that represents any type of asset on the blockchain. These include all fungible, non-fungible, restricted fungible, and non-fungible assets. 

Atomic Transfers: In a blockchain system, atomic transfers provide a trustless solution in Layer-1. These atomic transfers offer a very secure way to simultaneously transfer numerous assets among various parties. Many transactions get grouped and either all of them are executed at once or none of them get executed. 

Rekeying: Algorand Rekeying solves operational inefficiencies by letting the users change their Private spending ket without any change in their public address. This enables more continuity, flexibility, and less overhead with any changes in the private spending key. 

New Algorand Upgrade 2021

Upgrade  Launch Date 
Algorand Virtual Machine (AVM) launch  June 30, 2021

How to buy ALGO cryptocurrency? 

If you are currently hooked to the ALGO coin chart and wondering how to buy an Algorand cryptocurrency, download the CoinDCX app and get started. The current ALGO price is $1.66 or 133.21 INR(December 8, 2021).

 The steps to create an account on CoinDCX and get your crypto journey started are: 

Sign Up to CoinDCX

To buy an AlGO coin, you must sign up to CoinDCX using a verified email ID and set a strong password to ensure that there are no security breaches from your end. 

Add bank details 

Once signed up, the next step is to add bank details to your account. Complete your KYC to ensure that your portfolio does not get restricted to 10,000 INR. Once the bank details have been added, you can add fiat currency to your crypto wallet using various payment methods which include Mobikwik wallet enjoying ZERO transaction fees, UPI, debit card, or credit card.

Buy Algorand 

Once the KYC is complete the user can transfer an amount of fiat currency to the wallet using any suitable payment method and use the same reflected amount to buy your favorite crypto coin. Always ensure to check the ALGO coin price before making a purchase. The ALGO crypto price is as volatile as any other cryptocurrency and the investor must be aware of it. 

Additional Read: Algorand Technical Analysis & ALGO Coin Price Prediction

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