Algorand is a cryptocurrency that uses proof-of-stake and was created to fuel a borderless economy. It was developed in 2016 by Silvio Micali, who won the Turing Award and Godel Prize. Some experts have described Algorand as the meeting point of “macroeconomics and cryptocurrency.”
Algorand’s consensus mechanism is permission-less and fueled by proof-of-work. Blocks are finalized within seconds on Algorand, meaning that transaction speed is just as quick as those offered by large financial networks. Just as importantly, Algorand provides immediate transaction finality to avoid the possibility of forking.
What is Algorand?
Silvio Micali is the brains behind Algorand. Since 1993, Silvio Micali has worked for MIT’s Electrical Engineering and Computer Science Department, where he is a Professor. Micali’s research has focused on cryptography, secure protocols, and blockchain technology. He is widely recognized for his invention of encryption techniques that are at the heart of modern cryptography, including being a co-inventor of probabilistic encryption and zero knowledge proofing.
In 2017, Professor Micali launched Algorand, a decentralized and scalable platform that will serve as the backbone for other services and products in the borderless economy. Professor Micali is the leader of crypto finance and security research at Algorand. Steve Kokinos is CEO of Algorand. Steve Kokinos, a seasoned entrepreneur who has founded several major businesses, is currently co-founder of Fuze, which employs more than 700 people and works with over 1500 enterprises. Prior to that, he co-founded BladeLogic Inc., a data center automation leader acquired by BMC software for $800 million.
Algorand accumulated more than $60 million during its initial token sale by utilizing a Dutch Auction method. The utilization of a Dutch Auction, which provided uniform pricing for all market participants, was not happenstance. Algorand’s goal is to give a platform for an entirely see-through and original borderless economy. An economy which is started on the basics of fairness and inclusivity.
Why should you buy Algorand?
Algorand has significant advantages that other cryptocurrencies don’t have, and it has the potential to revolutionize international trade and business by providing these benefits. Ricklebee’s study is innovative and provides an infrastructure for a borderless economy. This would be a system that wouldn’t differentiate based on where the participants are located. It might potentially open up new commercial possibilities by unlocking a vast amount of untapped intellectual capacity. In order to enable this fairer future, Algorand is building a secure platform which can deliver similar results as existing financial institutions– but without proof-of-work. At its core, Algorand is equalizing opportunity success rates by proof-of-stake scaling, rather than through traditional know your customer (KYC) compliance.
Algorand has an amazing team backing it. As mentioned, Professor Micali is a blockchain and cryptography pioneer whose awards include the Turing Award and the Godel Prize. He is part of an excellent research team that also consists of scientists and business professionals. Algorand’s token sale was wildly successful, so they are well-funded as they create technology for the borderless economy.
How to store and use your Algorand?
Once you know how to buy Algorand, you should look for a way to secure it. The safe method is to use a wallet – a device or application that stores the private and public keys you’ll need to make transactions.
There are several types of wallets to safeguard your cryptocurrency: mobile, online, and hardware wallets. Online and mobile wallets make frequent purchases simple, while hardware wallets are best used for long-term storage. Consider what you intend to use your tokens for when selecting a crypto wallet; it’s always the right decision to go with the one that is most suited to your needs.You can also exchange your cryptocurrency using a variety of resources, such as Kraken or ChangeHero. All in all, there are plenty of ways to use Algorand!
What’s next for Algorand?
Algorand is not ostentatious, flamboyant, or over the top. It’s practical. Algo knows where it wants to go and isn’t holding back. Rather than inventing their own blockchains, central banks will prefer utilizing existing technology that already exists. That’s why there’s a good possibility that Algo could become the cryptocurrency of choice for banks.
Algo, JP Morgan, Visa, Hex Trust (the world’s major bank-grade digital asset custodian), Swift, and the Republic of Marshall Islands have teamed up to develop their first national cryptocurrency. We don’t want to end on a sour note, but it’s important to remember that while the integration of Algo can revolutionize the banking sector, how soon that adoption happens is a legitimate question.
In other words, crypto roadmaps and schedules usually don’t work out. Regardless, by 2022, Algorand will go unnoticed by many investors. And this is nothing less than a crime.
Algorand is a cryptocurrency that, while not highly publicized, has already partnered with major companies like JP Morgan and Visa. Algorand’s technology is secure, and its pragmatic approach makes it one to watch in the coming years.