Algorand (ALGO) - Professor MIT's cryptocurrency

Top representatives of the world of science, innovative code and unusual public sale of tokens. Algorand is not a project similar to many cryptocurrencies, which only in theory are supposed to be better than their counterparts. Based on the latest scientific discoveries, the cryptocurrency is conquering the world of blockchain. Over the last year, its price increased by as much as 646,26%.

We continue the cycle of the Forex Club portal, in which we analyze and describe the largest, highest-valued, most interesting, most developmental, advanced and also the most controversial cryptocurrency projects around the world. Today is the time for Algorand - a project based on a really solid, scientific basis. 

How was Algorand (ALGO) created

Silvio Micali, creator of Algorand

Undoubtedly, cryptocurrencies are not created by random people. Even copying and improving open code requires a lot of technological knowledge, programming skills, economic experience and knowledge of the blockchain world. Only a few set new trends and Algorand is a cryptocurrency that can certainly be classified as one of the trends in the industry.

The Algorand Foundation initially employed 15 people. The boss is Professor Silvio Micali, who works every day at the prestigious Massachusetts Institute of Technology in the USA. He is a laureate of prestigious awards with the Turing Prize for the theoretical foundations of cryptography. He also created new methods of effective verification of mathematical proofs, but he did not end up with theoretical knowledge, but put it into practice. Together with a team of experienced mathematicians, economists and cryptographers, he created the Algorand protocol.

Unusual ICO

The sale of tokens before the launch of the project was also extraordinary. It was public and anyone could sign up for ALGO, but the price was constantly changing. They started at $ 10 per token and were lowered with subsequent subscriptions. Ultimately, 25 million ALGO tokens were sold for $ 60 million. This is an average of $ 2,4 per token, while in private sale ALGO has been priced at $ 0,1 apiece. It should also be remembered that 600 million tokens will be sold every year, and a total of 10 billion ALGOs will be on the market.

How Algorand works

The protocol is of course open source code and its main advantage is outstanding scalability. It results from the consensus mechanism based on the Byzantine agreement. It was called Pure Proof of Stake.

It wins with the speed of transactions, because transactions are not confirmed by cryptographic calculations. This allows you to transfer an average of 3 seconds, and you can make 1 thousand. the transaction. It is throwing a glove to the most famous payment systems with Mastercard and Visa at the forefront. It can also be used in Internet of Things. 

For now, Algorand cooperates with approx. 30 entities. Conversations with the biggest players - among them there was even a foundation creating a cryptocurrency for Facebook - however, stalled. It will probably be easier after subsequent issues, which will make the capitalization of the project even greater. On the other hand, potential inflation may be a deterrent, because - let us remind you - as much as 10 billion coins are to appear in circulation. 

ALGO quotes

Currently, ALGO tokens can be traded for 70 Cryptocurrency exchanges from around the world. As of April 07, 2021, you will have to pay $ 1,43 for each token. 1 of the planned 091 billion units are now traded. This translates to a capitalization of more than $ 509 billion. The peak of trading was February 900, 10, when the ALGO was traded at $ 1,55. Over the past year, the price of this cryptocurrency has increased by 12%.