Maybe the reader already knows Algorand (ALGO), maybe not.
Like most crypto technologies, Algorand is a decentralized blockchain that appears as an alternative to Bitcoin.
The lack of Bitcoin is on the aspect of slow transactions and high mining costs. That’s why Algorand focuses on advantages such as auditable, fast, and secure transactions.
TRIVIA ALGORAND (ALGO)
Its establishment
It is the idea of computer scientist and professor at the Massachusetts Institute of Technology (MIT), Silvio.
Launched in 2019 with a different design from previous crypto technologies.
Appear as an alternative to Bitcoin: the issue of slow transactions and high mining costs and not being environmentally friendly.
Almost identical to Ethereum: it comes with faster transaction functionality, almost in the blink of an eye.
Able to process up to 1,000 transactions per second (tps) and complete the entire transaction in <5 seconds.
The technology
Using the Pure Proof of Stake (PPoS) consensus mechanism.
Validators reward all ALGO coin holders without the need for staking.
ALGO holders have the opportunity to see an increase in their coin volume at a rate of 4% -6% annually.
Supports three types of smart contracts:
Stateless smart contract
Confirmation of transactions between various parties, such as escrow.
Stateful smart contract
Operates based on a logical program for data storage in the blockchain.
Algogeneous smart contract
The combination of intangible smart contracts with real smart contracts, and is recorded using the Transaction Execution Approval Language (TEAL) programming language.
The presence of smart contracts in this blockchain means Algorand is also capable of supporting decentralized applications (dApps), non-fungible tokens (NFT), decentralized finance (DeFi) and autonomous decentralized organizations (DAOs).
The coin - ALGO
Algorand Standard Asset Protocol (ASA)
The features found in ALGO coins, in contrast to most crypto coins.
ASA resembles the Ethereum token standard - ERC20.
The existence of ASA makes the use of ALGO wider: not only ‘writing’ smart contracts but can also generate assets and the establishment of new smart contracts.
Direct ALGO production has no carbon emissions like Bitcoin (BTC) mining.
The maximum number of ALGOs is only limited to 10 billion and those in the current cycle are 6.31 billion.
At the time of writing this article, a unit of ALGO is worth $ 1.69.
At this point you may be wondering, is Algorand much better than Ethereum?
For the record, most Ethereum users are turning to networks that offer low transaction costs such as Algorand, Solana, Tezos, and Hedera Network.
If interested in getting Algorand (ALGO), can do so on crypto exchanges: Binance, Coinbase, Huobi, KuCoin, Crypto.com.
