The price Algorand today is 1.15 USD, and the trading volume in 24 hours - 561,865,087 USD. The crypto asset has grown by -11.54% over the day. Currently, the coin’s market capitalization is 7,499,498,185 USD, and has 6,529,888,153 coins in circulation with the max supply of 6,971,005,767 coins ALGO.
What is an Algorand (ALGO)?
Algorand is a new project aimed at expanding the possible use cases of cryptocurrency by increasing the speed of transactions and reducing the time it takes for transactions to be considered final on its network.
Officially launched in 2019, Algorand aims to achieve these attributes through solutions that are different from how cryptocurrencies have traditionally been developed.
Most notably, Algorand distributes the ALGO cryptocurrency, which it introduces into its economy with each new block, to everyone who has a certain amount of currency in their wallets.
Algorand also enables the user to create smart contracts (software agreements for creating decentralized applications) and tokens representing both new and existing assets.
Such features allowed many venture investors to be attracted to the early private sales of ALGO held to finance the development of the platform.
Who created the ALGO?
Created by computer scientist and Massachusetts Institute of Technology (MIT) professor Silvio Micali, Algorand is arguably a rarity, as it was founded by a well-known academic who already had a distinguished career at the time of its launch.
In 2017, Mikali, together with Stony Brook University Professor Jing Chen, together with Stony Brook University Professor Jing Chen, became the author of the block project Algorand. This work was funded by the Algorand Foundation, a Singapore-based corporation founded to develop the technology and awarded ALGO tokens for its efforts.
What makes Algorand unique?
Algorand is a new public blockchain, which means that its technology, although new, has not yet been seriously tested in real market conditions.
Users can find the value of the ALGO cryptocurrency if they believe that the technical features of Algrorand will make it the preferred blockchain for developers who want to develop and launch new types of decentralized applications.
Investors may also view Algorand as a viable part of a cryptocurrency portfolio if they believe that proof-of-ownership blockchains that reduce the cost of participating in the blockchain will eventually prove more successful in the market.
How many coins of Algorand? (ALGO) are in circulation?
The Algorand Foundation states that only 10 billion units of the ALGO cryptocurrency will ever be created.
Algorand has a block browser that keeps an official count of its working resources. Currently there are 1 911 204 542 coins in circulation.
The fund expects to complete the total distribution of tokens within five years after the launch of the protocol. The fund also published additional information about how payments work, and about the time during which users can expect to receive new funds for their participation in the blockchain.
- To own your crypto assets, you need to manage your own private keys.
- Ledger hardware wallets make private key management easy and secure.
- Each unique 24-word recovery phrase creates a new set of private keys.
- Make sure you secure your 24-word recovery phrase properly.