What is Algorand?
Algorand was launched in June of 2019, and it has the goal of addressing the three aspects of blockchain technology that are currently issues with blockchain. These three aspects – security, scalability, and decentralization – cannot all be addressed at the same time, or so the accepted logic would indicate. You can address two of the three, but the third would have to be sacrificed in exchange. Algorand says that isn't so and is setting out to prove this. And you should listen to them because Algorand was founded by an MIT professor and a winner of the Turing Award.
Part of what sets Algorand apart from other blockchains is that they are operating as an open-door platform. This means that anyone who wants can join, and they do not need approval from a gatekeeping authority. The idea is similar to open-source software where anyone can use it as long as they meet the modest computing requirements. Because of this freedom of use, the developers of Algorand are hoping that the users would develop new market applications.
While Algorand was the beginning, it certainly is not the end for the developers. There are several forthcoming features that the developers hope to launch. Vault is a technology that is a solution to blockchain storage. This will help with the scalability aspect to the blockchain by making it easier for new users to onboard. Pixel is a digital signature scheme that is meant to minimize bandwidth demands by aggregating multiple signatures into a compact nature. They are also planning on having self-validating transactions. All of these future developments are part of their goal to deal with all three of the aspects mentioned earlier.
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What are Algorand Frequenty Asked Questions?
Where does Algorand (ALGO) rank among in terms of popularity? How relevant is it compared to competitors?
In terms of popularity, Algorand currently ranks in position 78 out of the thousands of cryptocurrencies. It is also important to consider Algorand‘s market cap – in general, the higher the market cap of a cryptocurrency, the more dominant it is considered to be in the market. Algorand has a market cap of $ 858,911,127, which compares to Bitcoin (the most popular cryptocurrency by several metrics) with a market cap of $ 894,442,186,879, Litecoin at $ 11,951,765,459, Ethereum at $ 176,119,874,028, Tether at $ 36,309,551,516, and XRP at $ 21,850,240,912.
What is the price of Algorand (ALGO) today (updated in realtime)?
The current price of Algorand is $ 1.05 in USD. (The price in Euros is 0,868807 €; and the price in Bitcoin is Ƀ 0.00002200 BTC.)
What is Algorand‘s (ALGO) market supply?
The total available supply of Algorand is 803,088,849 ALGO. The total supply of Algorand is 10,000,000,000 ALGO.
What is the 24 hour volume for Algorand (ALGO)?
The 24 hour volume for Algorand is $ 717,896,988.
How has Algorand (ALGO) performed recently?
Algorand‘s price has decreased in the last 24 hours by -10.05%. This compares with a seven day change of 7.75%. The trading volume over the last 24 hours was $ 717,896,988. Trading volume indicates how many units of a currency are being bought and sold on specific exchanges. High trading volumes are likely to drive more on-chain activity, for example when people deposit and withdraw funds. It can be a good indicator of the general interest in the cryptocurrency.
What is Algorand (ALGO) official website?
Links to Algorand‘s official website, social accounts, blockchain explorer, and Github repository if applicable.
Has Algorand (ALGO) performed well historically?
Here is a chart showing how Algorand has performed historically.
Where Can I Buy Algorand (ALGO)?
Here is a breakdown of the current market prices from top cryptocurrency exchanges.
Charts & Market Data
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