Kriptomat has completed listing of Algorand and ALGO is now available to buy here.
Kriptomat now supports Algorand (ALGO) at Kriptomat.io and in Kriptomat Android and iOS mobile applications. ALGO is now available in all Kriptomat-supported regions.
Algorand is a blockchain designed to accelerate the future of finance (FutureFi) by converging decentralized finance (DeFi) and traditional finance. Launched in June 2019 by computer scientist Silvio Micali, the Algorand protocol uses a unique pure proof-of-stake consensus mechanism which protects the system from malicious users as long as at least two thirds of stakers behave honestly.
Designed with the aim of improving upon the efficiency of existing blockchains, Algorand can handle the transaction throughput of large payment and financial networks while providing immediate transaction finality and low fees. The blockchain is decentralized by design, so there is no central authority, and its permissionless, open source nature means that anyone can participate in the network.
Algorand aims to remove the technical barriers to blockchain adoption by providing a stable platform on which a decentralized, borderless economy can be built. Tokens, stablecoins, currencies, securities and non-fungible tokens (NFTs) can all be created and deployed on the blockchain, as well as payment infrastructure and financial tools and services.
Enterprise-scale distributed apps can be created on Algorand without compromising on performance or security thanks to certain features built directly into Layer 1. These include the Algorand Standard Asset (ASA), which can represent any type of asset on the Algorand blockchain. Complex transfers of ASAs can be executed quickly and smoothly through the use of Atomic Transfers and the rules for these transfers can be automatically enforced with Algorand Smart Contracts.
The Algorand ecosystem currently comprises more than 750 global organizations building on top of the protocol, including institutions, start-ups, financial services, fintechs and DeFi. The use cases of the technology are many and varied, from the Marshall Islands government which selected Algorand to power its first national digital currency, to rights management company SIAE which has launched millions of NFTs on Algorand representing the rights of creators, to ClimateTrade which leverages Algorand’s infrastructure to help companies offset their carbon dioxide emissions.
The native cryptocurrency of the Algorand blockchain is called the ALGO and is used to power Algorand’s digital economy. It can be used for buying and selling goods and services and can be sent to anyone, with the process taking less than 4.5 seconds. As the ALGO can be divided into very small amounts it can also be used for micropayments. ALGO inherits the benefits of the Algorand blockchain, namely speed, scalability, trustworthiness, transparency, and security.
The team are also committed to building a Decentralized Algorand Governance system which will enable ALGO holders to vote on the long term development of the network and how resources should be distributed. Those who take part in governance will be rewarded for their participation.
10 billion ALGO were minted at genesis which represents the fixed maximum supply of the token. The supply will be distributed through a gradually reducing emission rate which will end in 2030. The distribution of ALGO is controlled by the Algorand Foundation, a non-profit organization, which will use its resources to support the ecosystem and incentivize network participation.
Kriptomat is continuing to list new cryptocurrencies and new tools for our users to improve overall investing experience. Customers can sign up for a Kriptomat account here to buy, sell, convert, send, receive, or store ALGO today.
This text is informative in nature and should not be considered an investment recommendation. It does not express the personal opinion of the author or service. Any investment or trading is risky, and past returns are not a guarantee of future returns. Risk only assets that you are willing to lose.