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Algorand is one of the newly listed altcoins that shows a lot of potential in the crypto market. Since its launch in 2009, it has sparked intense interest and discussions. Although, algorand has not seen much testing in real-world market conditions. So, what is algorand?

Generally, algorand is a pure proof-of-stake blockchain protocol. It ensures a secure, scalable, and decentralized platform is available for everyone. Its unique technology offers immediate transaction finality while preventing forking. Turing Award recipient and MIT professor Silvio Micali developed algorand. Algorand is the 53rd largest cryptocurrency project with a $604 million market cap. Its average daily trading volume is approximately $287million. 

What is the main goal of Algorand?

Algorand is a pos blockchain platform that seeks to ease borderless transactions. It aims to allow everyone within the blockchain ecosystem to conduct seamless transactions. Thanks to its permissionless and decentralized public blockchain technology, such transactions are possible.

Algorand seeks to solve the blockchain trilemma. There are three main features of a blockchain platform. They include security, speed (scalability), and decentralization. All existing blockchain platforms have only two out of three of these features. For instance, bitcoin has decentralization and security while Ripple chooses security and speed.

Ethereum and bitcoin provide slow transactions, but they are very secure and decentralized. They fail to reach mass adoption due to their slow transaction speeds. The developers of Algorand aim to incorporate all three on the Algorand platform. 

Another aim of algorand is to reduce computational transaction costs. Usually, crypto transfers require one to pay standard transaction fees. This fee compensates miners and validators involved in processing these crypto transactions. Algorand offers a decentralized, fast, and secure platform with low transaction fees. 

Is algorand a safe investment?

Algorand is one of those projects in the crypto world that has everything going for it. It possesses strong tech, deep pockets, an influential investor pool, and a strong team. Thanks to its features and enormous growth potential, algorand is a good investment. 

Algorand hosted a Dutch auction ICO and launched its Algorand Mainnet in June 2019. During the auction, the company raised $60 million and sold 25 million tokens at $2.40 each. This was an excellent beginning for algorand. Furthermore, its team stated they would auction off 600 million tokens yearly using the same Dutch auction system. 

Unfortunately, the algo crypto has not been performing well as it did during the ICO. As of January 2021, it is the 50th largest cryptocurrency. The digital currency also has an $836 million market capitalization. The total ALGO coin supply is 10 billion.

Additionally, the Algorand foundation released Algorand 2.0 in November 2019. This update focuses on three main features. They include smart contracts, Algorand Atomic Transfer, and Algorand Standard Assets. Unlike ethereum, Algorand smart contracts contain a new non-Turing complete in-house programming language-TEAL. These TEAL smart contracts are more secure in writing and execution. But, they have a more limited potential functionality compared to Ethereum's smart contracts. 

The Algorand team and partners

When investing in a young project like Algorand, it is crucial to know the team behind it. Such young projects do not have a working product or service in place yet. As a result, the stronger the team behind the project, the higher its chances of success. 

Under Silvio Micali's leadership, Algorand has a powerful team behind it. It comprises scientists and researchers. The company is in Boston and also has an Algorand Foundation. The foundation handles the research and governance of the Algorand platform. 

Some members of Algorand's executive team include:

• Keli Callaghan: head of Marketing at Algorand. She had a Marketing and customer relations role at Avid. She also took part in the company's collaborative marketing partnership with Microsoft.

• Sergey Gorbunov: head of cryptography at Algorand. He is an expert in blockchain protocols and secures large scale systems. He is also a prize-winning researcher and offers vast expertise in computer networks.

• W. Sean Ford: Algorand's COO and has plenty of business experience as he was the CMO at LogMeIn.

• Steve Kokinos: Algorand's CEO. He was the previous CEO at Fuze, a Global Enterprise Communication platform.

• Silvio Micali: founder of Algorand. He is an expert in pseudo-random generation, cryptography, and secure protocols. He supervises all the research and security involved with Algorand. 

The names mentioned above are only about a few people who are currently working at Algorand. For a thorough breakdown of all the people in the Algorand platform, visit their team page. 

Algorand also has several high profile investors with deep pockets. It has received many investments from many Venture Capital funds. For example, its own Algocapital raised $100 million. This was to support projects aiming to develop the Algorand protocol.

Algo Crypto Community

Algorand ensures its investors and followers are well up to date. They furnish them with the latest Algorand news through their social media platforms. The company also maintains a blog on Medium. It offers in-depth information on various Algorand goals, news, and projects. 

The company has about 8000 followers on Facebook, 12,000 on Twitter, and over 10,000 users on its Telegram channel. Algorand has a pretty strong community behind it. There also exists an Algorand community. It consists of various SDKs, a forum, developer resources, and information about upcoming events. 

Algo Crypto  Final Words

A professional and respected cryptography expert from MIT developed algorand. Through the years, this digital currency has seen support from all over the world. It has also seen incredible backing from a world-class team of researchers, scientists, and business and marketing professionals. Furthermore, its team has delivered impressive results this far. It also continues to raise high expectations among its investors about the project. 

So far, algorand seems to be in a position to succeed in the crypto world. Although it is still a new project, it is still worth watching as it grows and develops in the industry.

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