Algorand (ALGO) is a pure, proof-of-stake protocol designed to deliver on the promise of a borderless economy. Created in 2016 Algorand was developed by Professor Silvio Micali winner of the Turning Aware and Godel Prize. Algorand is described by experts as being where “macroeconomics meets cryptocurrency”.
Algorand uses a consensus mechanism which is permission-less and based on proof-of-sake. Blocks on Algorand are finalised within seconds, meaning that transaction throughput is the equivalent of that offered by large scale, traditional financial and payment networks. Equally importantly Algorand provides immediate transaction finality with the no possibility of forking.
What is Algorand?
Algorand is the brainchild of Silvio Micali. Since 1983 Professor Micali has worked on the Electrical Engineering and Computer Science Department at MIT. Professor Micali’s work has focused on cryptography, secure protocols and blockchain technology. He is perhaps best known for his development of protocols that sit at the foundation of modern cryptography. This include being the co-inventor of probabilistic encryption and zero knowledge proofs.
In 2017 Professor Micali founded Algorand. Algorand is a completely decentralised and scalable platform. It is designed to function as a framework on top of which other services and products can be built which will deliver the borderless economy. Professor Micali continues to function as the head of research at Algorand including areas of crypto finance and security.
CEO of Algorand is Steve Kokinos. Kokinos is a long-time entrepreneur and founder of a number of major companies. Most recently Kokinos co-founded the company Fuze which currently employs more than 700 people and works with 1500 enterprises. Prior to this he co-founded BladeLogic Inc, a leader in data center automation, which was acquired by BMC software for $800 million.
Algorand raised more than $60 million during its initial token sale using a Dutch Auction method. The use of a Dutch Auction, which ensured uniform pricing for all market participants, was no accident. The goal of Algorand is to provide a platform for an entirely transparent and innovative borderless economy. An economy which is built on the concepts of fairness and inclusivity.
Where to buy Algorand
Algorand can be purchased on a number of different cryptocurrency exchanges. These include:
- Huobi Global
- Coinbase Pro
Why buy Algorand
There are few blockchain projects which offer the same level of potential as Algorand. Algorand isn’t just another “copy-cat” digital currency or a blockchain project putting forth a solution for a problem that doesn’t need solving. The research underlying Algorand is truly innovative and offers advantages not currently offered by any other blockchain. Algorand seeks to completely transform international trade and business by enabling the borderless economy. This would be a system which would no longer discriminate based on the location of the participants in the system. It could potentially unlock a huge amount of currently underutilized intellectual capacity and open up new business opportunities. In order to enable this fairer future Algorand is building a secure platform which can deliver on-par with existing financial institutions. All of this is done using pure proof-of-stake.
Algorand also has an outstanding team behind it. As mentioned, Professor Micali has done ground breaking work in the area of blockchain and cryptography. For his work he has won some of science’s most distinguished prizes including the Turning Award and the Godel Prize. His research is supported by a world-class team of scientists and business leaders. Algorand’s token sale proved to be very popular, meaning that the project is well funded as the move forward with developing the technology which will create the foundation of the borderless economy.
How to sell Algorand
Algorand can be sold in much the same way as other leading cryptocurrencies. The exchanges listed above will allow you to exchange Algorand into Ethereum, Bitcoin, Bitcoin Cash and USD Tether. Algorand can be traded into other cryptocurrencies using one of the exchanges listed above using these steps:
- Register an account with one of the exchanges listed above
- Sell your Algorand for a cryptocurrency which is directly convertible into fiat currency. Popular options for this include Ethereum or Bitcoin.
- Shift your Bitcoin or Ethereum to platform such as Coinbase.com which exchanges cryptocurrency for fiat currency.
- Withdraw the fiat currency to your bank account.