WHAT IS ALGORAND?
Founded by Italian computer scientist and professor Silvio Micali, Algorand operates as an open-source blockchain network.
This means that the cryptocurrency is public and records can be easily found.
Specifically, Algorand uses a pure proof-of-stake protocol.
This allows randomly chosen users to propose blocks and vote for them, according to the cryptocurrency.
Moreover, Algorand has been expanding into non-fungible tokens (NFTs), decentralized finance (DeFi), as well as virtual currencies of central banks.
Also, Marie Tatibouet, chief marketing officer of crypto exchange Gate.io, noted Alogrand’s smart contracts in its “layer-1 (ASC-1).”
She said: “The contracts can run properly, whilst experiencing the security inherent in the base protocol.”
According to ALGO, it has a maximum of 10billion supply mined at genesis.
Moreover, Algorand is currently ranked as the 20th largest cryptocurrency on CoinMarketCap, commanding a market capitalization of $11.67billion.