The first use of Algorand’s blockchain technology was the open-source Algorand MainNet. The world’s first pure proof-of-stake protocol, the Algorand blockchain is overseen by the Algorand Foundation. It is open for any individual or organization to interact with.
Algorand created the world’s first pure proof-of-stake foundational blockchain designed for the future of finance. Beyond the elementary requirement of an open, public network, Algorand’s technology enables a set of high performing Layer-1 blockchains that provide security, scalability, complete transaction finality, built in privacy, Co-Chains, and advanced smart contracts that are essential in a FutureFi world. It was invented to speed up transactions and improve efficiency, in response to the slow transaction times of Bitcoin and other blockchains. This has led to an increase in ALGO price.
Security
The Algorand blockchain is a permissionless pure proof-of-stake blockchain protocol. Unlike proof-of-work (PoW) blockchains, where the root block must be validated by randomly-selected validators (using computing power), in the pure proof-of-stake approach all of the validators are known to one another and only have to agree on the next block in order to create a new block.
Usecases
Hundreds of organizations comprised of fintechs, startups, financial services, institutions, and defi are currently building on Algorand. The robust community is creating a healthy ecosystem of organizations that are in line with Algorand’s longer term vision for the future of finance.
Some of the examples of projects building on Algorand are:
Circle, Tether, IDEX, Republic, Archax, Meld Gold, Staker DAO, Marshall Islands and many more.
Let us review ALGO price.
ALGO Price Prediction
ALGO is currently trading above the support zone of $1.69. If it can stay above this support zone, we could start seeing a move towards $1.99, $2.26, $2.49, $2.71, $3.02 and $3.42. Failure to hold the support at $1.69 could lead to a drop towards $1.55 and $1.45.
Join us on Telegram to receive free trading signals.
For more information on cryptocurrency, visit the Altcoin Buzz YouTube channel.
Images courtesy of TradingView.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinons relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided.
Do your own due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd. All rights reserved.
