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Introduction

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:

  • Hotbit
  • CoinEx
  • Bilaxy
  • MXC
  • CoinEx
  • Bit-Z
  • Huobi Global
  • Binance
  • OKEx
  • BiKi
  • Gate.io
  • BitMax
  • Vebitcoin
  • Bibox
  • CionEx
  • Coinbase Pro
  • KuCoin
  • BitMart

How to Buy ALGORAND

In order to purchase ALGORAND tokens, you first need to purchase ETH. Once you purchase ETH, you can then exchange it for ALGORAND. For this example, we will explain how to purchase ETH on Coinbase, one of the most popular cryptocurrency exchanges.

Buy Bitcoin on Coinbase first to buy AlgorandUse the link here or click the image above to get $10 in Bitcoin when you purchase or sell your first $100.

Register on Coinbase

Step 1: Create a Coinbase account

Select the “sign up” tab and complete the form by entering the requested information, including:

  1. Your name (exactly as it appears on your photo identification)
  2. Email address
  3. Password
  4. Location
How to buy Ethereum on Coinbase - Signup

Step 2: Verify your account

  • Issue your phone number
  • Upload an image of your photo ID
  • Verify your credit or debit card, or your bank account information

Step 3: Select the “Buy/Sell” option on the menu, once our account is verified

After verification, select the “Buy/Sell” option on the menu

  1. Choose “Ethereum”
  2. Input how much you would like to purchase
  3. Select the “Buy” button
Buy Bitcoin on Coinbase with Credit Card

Step 4: Confirm your purchase

  • Select the “Confirm Buy” button

Step 5: Open an account on an exchange that accepts Algorand

Binance Frontpage

For the purposes of this example, we are going to use the Binance exchange

Register on Binance

Step 6: Register your Binance account

  1. Enter your email address and a strong password
  2. Agree to the terms of use
  3. Select “Register”
  4. You’ll receive an email to confirm your account
Sign up to Binance

Step 7: Login to your Binance account

Login to Binance

Step 8: Transfer ETH from Coinbase to Binance

  1. Under the “Wallet” tab, select “Deposits”Select Deposit on Binance Menu
  2. Copy the ETH deposit address you are provided withCopy Ethereum deposit address
  3. Log back into Coinbase
  4. Select “Accounts”
  5. Click “Send”
  6. Enter your ETH deposit address
  7. Input the amount of ETH you want to transfer
  8. Select “Continue”

Step 9: Exchange ETH for Algorand

  1. When your ETH has arrived in your Binance account, you can exchange it for ALGORAND tokens
  2. Select ETH currency
  3. Search for  ALGORAND in the search box and select it

Exchange Ethereum for AlgorandSelect whether you want to “Limit” order (you can choose the amount of ALGORAND you want to purchase) or “Market” buy, which will autofill your order at the best price

Step 10: Select the “Buy” button

  • Once you have chosen the amount of ALGORAND you would like to purchase, select the “Buy button”
  • Your ALGORAND order will be immediately filled; your ETH will be transferred into ALGORAND
How to Buy ALGORAND on Binance

Exchanges you shouldnt miss when you want to trade crypto

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.

Conclusion

Algorand is working towards a transformative goal and has an exceptional team to deliver on that promise. The borderless economy could unlock a massive amount of currently untapped wealth and innovation. Algorand’s completely decentralised, secure and scalable platform could very well be the foundation of that future.


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