Algorand is a decentralized blockchain network that runs on the system of Proof-of-Stake, making it fast, secure and cheap for making payments. In addition, this network can be used for developing applications and transferring value.
Instead of using computers to solve complex cryptography problems, it has a community of users responsible for verifying each block of transaction. The main aim of this decentralized network is to achieve 1000 transactions per second with great security.
What is ALGO?
ALGO is a native Cryptocurrency specially created for the Algorand blockchain network to support a decentralized economy. Using this coin has many benefits, as investors can enjoy fast transactions at very cheap rates.
In addition, it is very energy efficient, which makes it environmentally friendly. Algorand can be an excellent alternative to Ethereum because transactions of Ethereum are very expensive and slow. After all, it follows the system of proof of work.
Although Ethereum is shifting towards proof-of-stake, Algorand is still preferable because it is already compatible with proof-of-stake mechanism. Furthermore, using the Algorand standard assert feature, one can simply move new or existing ALGO coins to the Algorand network and join the economy of decentralized currency.
What Makes Algorand Unique?
Due to its approach, Algorand is unique from all other cryptocurrencies, including Bitcoin. It brings security, scalability and decentralization simultaneously, which is hard to find in any cryptocurrency. Therefore, it offers a chance to create or develop own applications. As a result, Algorand is the biggest decentralized economy and the fastest blockchain network in the current scenario.
In addition, its participants can create their tokens and transfer it to the network, as the main aim of this network is to create a decentralized economy with many different cryptos asserts. Moving further, the Algorand network ensures that all the network users get a chance to participate in the governance of the network and are getting rewards for their hard work and efforts.
Circulation of Algorand Coins
The main factor that contributes to Algorand value is its limited supply. It has a total supply of 10 billion, with 3.038 billion (less than a third of the total cost) in circulation on May 2021. Remember, new coins will not be created when all the coins will circulate in the market.
How to Store Algorand?
Once you have purchased ALGO coins, you should store them in the official wallet known as the Algorand wallet. However, various other options are available for investors to choose from. They can choose any one among hot or cold wallets.
Hot wallets generally store the ALGO tokens on the internet. Therefore, they are convenient for making day-to-day transactions through QR codes, as one can simply access these wallets from their phone or laptop. While on the other hand, cold wallets are used to store the tokens offline.
What kind of wallet you should choose totally depends on your demands. Generally, people who invest in Cryptocurrency with a long-term vision choose cold wallets because they are much more secure than software-based wallets.
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