Algorand is one of the most sustainable blockchain projects. It launched in 2019 with MIT professor Silvio Micali at the helm. Their native coin is the ALGO token. We covered four popular questions about Algorand in Part 1.
For Part 2, we have three more popular questions about Algorand. So, let’s dive straight in.
CEO @StaciW_DC discusses the rumors the U.S. Securities & Exchange Commission would like to ban retail investors from engaging in cryptocurrency staking & what this could mean.
Plus, the latest on our partnerships in India for Web3 growth💚https://t.co/FZ1c7kuaLJ#AlgoFam #Algo
— Algorand Foundation (@AlgoFoundation) February 14, 2023
Top Platforms to Buy Algorand Domain Names
As like any other layer 1 blockchain, Algorand has a few domain name service providers. To clarify, they make a crypto wallet address readable for humans. In other words, a long string of letters and numbers, up to 58 digits, turns into an easily recognizable name. For instance, you can turn 6LQ4A4QJ3Y27FGKJWERY3MD6QQCJJR2HRJYNB427IQ73YBI3YF into peterjones.algo. That is also a lot easier to remember.
So, we’re going to look into two domain name services on Algorand.
NFDomains works like other domain name services. This service gives you the opportunity to have an easy-to-read wallet address. It’s also a lot easier to remember, which also carries importance. So, one of the perks that they offer is that there are no renewal fees.
Who turned out the lights?? 💡
Say hello to the long-awaited #DarkMode for #NFDomains – a sleek and stylish new theme that's a bit easier on the eyes 👀
— NFDomains.algo (@NFDomains) February 3, 2023
The average price for a new domain name is around 77.5 ALGO. With the current ALGO price, you’re looking at $20. To get your NFD name, follow these steps:
- Search for an available name.
- Connect your Algorand compatible wallet.
- Mint your NFD or Non-Fungible Domain.
b) Algorand Name Service (ANS)
ANS offers a similar service. They launched in February 2022 and registered almost 17,500 names. ANS works with yearly renewal fees. They are as follows:
- 5 characters or more: 5 ALGO (~$1.25 at current rates)
- 4 characters: 50 ALGO (~$12.50)
- 3 characters: 150 (~$37.50)
Register your domain names on algorand name service in quick and easy steps. Check out some ANS name insights in the link below! https://t.co/cplvuifTRc#algo #blockchain #crypto #web3 #decentralized #algorandhttps://t.co/GZdowg3Uk5
— ANS (@algonameservice) October 4, 2022
On each transaction, there will be an additional 0.915 ALGO (~$0.23) fee. So, my preferred name, “Cale101.algo”, will cost me 197.5 ALGO (~$50) on NFD, but there’s no renewal fee. On ANS, this name will get me 40 years for 197.5 ALGO.
How to Bridge the ALGO Token
The various blockchain protocols can’t talk to each other. As a result, to swap assets between them, they need to use bridges. On various occasions, we already mentioned that interoperability is the future for blockchains. Algorand is no exception. So, we’re going to have a look at how you can bridge to/from Algorand. For this, we use Wormhole, which rebranded as Portal Bridge.
When Wormhole integrated Algorand, it was their 10th chain addition. Now, Portal Bridge already offers 22 chains. So, to bridge to Algorand, follow these steps:
- Choose from which chain you would like to transfer assets to Algorand. We selected Solana, but you can pick any of the other 20 chains.
- Select the token or NFT you like to transfer. We select SOL.
- Click next!
Source: Portal Bridge
- Now you see the receiving chain, Algorand.
- You have two payments options, SOL or ALGO. However, only the manual option in ALGO is available.
- This means that you need to connect an ALGO compatible wallet.
- Click next
- Send the tokens. This will transfer your SOL to Algorand.
- Click next
- Now you can confirm the bridge transfer.
- Your SOL will bridge over Algorand.
- Redeem your SOL on Algorand.
Top 3 Algorand Explorer Tools
All transactions on a blockchain are immutable. Although they are pseudonymous, you can track them. That is, as long as it’s not a privacy chain. Algorand happens to be a public chain, so we can see all transactions. For this, we use blockchain explorers. So, we look at the top 3 of Algorand blockchain explorers.
In Part 1 we already discussed this explorer in more detail. Please follow the previous link to find out more about AlgoExplorer.
The UI (User Interface) of Algoscan is not as convenient as AlgoExplorer. Nonetheless, you can find very much similar information. On the landing page, you can find, for instance,
- TVL (Total Value Locked) in DeFi
- Governance percentage of Algorand (40%)
- Staked, 1,46 billion ALGO
- Transaction history, with a TPS (transactions per second) top of 7,300.
- Current ALGO price, $0.252
- Number of nodes, 6,883
- Active Wallets, 16.92 million
- NFTs, 2 million
We've added Group ID Search on Algoscan! You can now directly lookup transactions by GroupID! pic.twitter.com/GtMmFbLNT3
— Algoscan (@algoscanapp) February 14, 2023
For more detailed information on blocks and transactions, there are separate buttons. They lead you to other pages, with extra information.
3. Bitquery Explorer
Bitquery explorer covers many chains. It solves blockchain data problems. As a basis, it uses on-chain data, which are immutable. Remember?
So, if you arrive at their homepage, you see various lists of blockchains. When you click on such a link, it will show you the relevant data. The page shows a variety of options, for example,
- Bitcoin Platform Explores
- Smart Contract Platform Explorers
- Cosmos Platform Explorers
So, if you click on Algorand in Smart Contract Platform Explorers, you will see the following info. For instance:
- Smart Contract Calls
- Proposers, and more.
Don’t forget to connect your Algorand compatible wallet, though! See the picture below.
Source: Bitquery Algorand explorer
In two articles we covered various Algorand related subjects. This is a good start to make up Algorand beginners guide. In Part 1 we covered 4 popular questions and in Part 2 we added another 3 popular questions.
The current price of the ALGO token is $0.255014. It has a market cap of $1.827 billion. The max supply is 10 billion tokens. The current total supply is almost 7.4 billion tokens. Out of these, 7.1 billion already circulate.
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