By comparison, Ethereum has more than $128bn TVL and Terra has over $29bn. There is roughly $112.83m of total value locked ( TVL) on Algorand, ranking it the 34th largest crypto, according to data compiled by DeFi Llama. The Algorand price has been under water since its launch in mid-2019, with the exception of a spike into positive territory in September 2021.Īlgorand is facing increasing competition from other Layer 1 blockchains, such as Terra, Binance and Avalanche. “Algorand’s performance and core functionality are uniquely positioned to support the growing NFT ecosystems – solving for scale, speed, costs and environmental impact as NFTs grow ever more popular,” according to the project’s website. The network also enables developers to issue non-fungible tokens ( NFTs) straight on the blockchain through its Algorand Standard Assets (ASA) functionality. Fast transaction speedsĪs Algorand enables smart contracts along with high transaction speeds, it aims to play a role in the adoption of decentralised finance ( DeFi), payment solutions and regulated digital assets. The network can handle 1,200 transactions per second (TPS) and the Algorand Foundation emphasises that the use of PoS is environmentally sustainable.ĪLGO is the native cryptocurrency for the Algorand blockchain and is used to secure the network as well as pay transaction fees. The Algorand blockchain uses something it describes as a permissionless, Pure Proof-of-Stake (PPoS) consensus mechanism that finalises blocks in seconds to compete with payment and financial networks in transaction processing. The blockchain is forkless, so it does not need to split to implement major changes or upgrades to the code. Who founded Algorand?Īlogrand was launched in 2019 by Silvio Micali, a computer-science professor at the Massachusetts Institute of Technology and recipient of the 2012 Turing Award for his work on digital currencies and blockchain protocols.Īlgorand is a Layer 1 blockchain project that aims to compete with Ethereum ( ETH) by overcoming technical barriers to decentralisation, scale and security. Let’s see what we can learn, and take a look at some of the algorand price predictions that were being made as of 22 September 2022. The A lgorand blockchain aims to support a range of applications while remaining scalable and secure but, in terms of crypto, what is algorand ( ALGO)? What’s next for Algorand? Photo: DIAMOND VISUALS /
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