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Algorand Has Serious Plans to Transform the DeFi Sector

Algorand Has Serious Plans to Transform the DeFi Sector

What if cryptocurrency investors were aware of “perhaps one of the most important native tokens (coins) in the world of cryptocurrencies today?” This isn’t a clickbait marketing question, but it’s how the Algorand Foundation in Singapore describes Algorand (CCC: ALGO-USD). The foundation was established to improve the platform’s ecosystem’s technology as well as Algo, the Algorand blockchain’s native currency. It boasts of being lightning fast, scalable, and secure.

The Algorand blockchain is intended to assist developers in creating apps based on the Algo currency, which is currently trading at around 95 cents as of January 27. On CoinMarketCap, ALGO is ranked number 25 with a market value of $6 billion and a fully diluted market capitalization of $9.2 billion. It has a total quantity of 10 billion coins, of which about 65 percent are now in circulation.

The cryptocurrency has lost a little more than 44% year to far. Algorand was selling at $2.38 at one time in September 2021. It occurred in the aftermath of the broad cryptocurrency market crash in late 2021 and early 2022, which was predictable. Coins and unpleasant investment sentiments or a lack of momentum for hazardous assets have a significant association.

Important Information On Algorand

We know next to nothing about the creators and history of a variety of tokens and currencies. But such isn’t the case with Algorand’s founder, Silvio Micali, a computer science professor at the Massachusetts Institute of Technology. CoinMarketCap goes into further detail on his experience:

He is a recipient of the Turing Award (in 2012) for his fundamental contributions to the theory and practice of secure two-party computation, electronic cash, cryptocurrencies, and blockchain protocols. This makes him one of the foremost creators of crypto in the world.

The algorithm contains a number of unique and crucial properties. To begin with, it is extremely quick, taking only roughly four seconds on average to make a transaction with Algo. Second, it is very scalable, with no limits on the number of transactions it can handle. There are no delays or sacrifices in the transaction speed of the currency.

Third, it is quite safe. Proof-of-stake (PoS) consensus is used to power the Algorand blockchain. This implies that the consensus protocol picks validators at random based on their staked ALGO cryptocurrency.

Fourth, unlike other blockchains, the cost of utilizing Algo is relatively low. It also offers a high level of transparency; real-time measurements are available at all times, allowing anybody to effortlessly monitor circulation and liquid supply. According to this Algorand price prediction, ALGO is all set to trade past $2.5.

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