The Algorand project is not only a hot new altcoin – it is an entire system created to improve a lot of things. In the blockchain news, Algorand is described as a company that is building the first open, permissionless and Proof of Stake (PoS) blockchain protocol.
Basically, Algorand is a decentralized and permissionless public blockchain – and the main aim of the project is enabling a borderless economy by creating an advanced blockchain platform. The development philosophy is based on building a blockchain which provides a sustainable and boundless opportunity for everyone. The core principles of the development, on the other hand, are the performance, direct usage and adoption, as well as the instant verifiability and simplicity.
To put it simply, Algorand is a coin that has an ecosystem designed to solve many blockchain challenges. Namely, the coin can help build fast and scalable cryptocurrency without trading off decentralization. In this aspect, the importance of scalability is very high considering the further adoption of blockchain technology.
Aside from the scalability which is linked to the cost of decentralization and security, Algorand minimizes the computational cost of blockchain participation and means low transaction fees. In other words, it is a scalable, secure and decentralized blockchain with low transaction fees.
The team at Algorand is very strong in the blockchain space. Founded by the MIT professor Silvio Micali, the team is full of scientists and researchers based out of Boston, Massachusetts.
With a native token ALGO, Algorand is trading on multiple exchanges including Binance, KuCoin and CoinEX. Recently, the source-code for ALGO was made available, allowing everyone to see the code of Algorand.
Other than this, the consensus protocol for ALGO is unique and called Pure Proof-of-Stake (PPoS), praised because it can achieve consensus without a central authority and tolerate all malicious actors as long as major part of the stake is not that malicious.
The advantages of PPoS are decentralization, low energy consumption and speed. From another perspective, the advanced PPoS protocol is aimed to turn Algorand into the medium of exchange (like Bitcoin) but with more scalability in mind.
Currently, the latest altcoin news show that ALGO is trading at $0.3319 with a market cap of $186 million.
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