How ALGO worksĪlgorand employs something known as Pure Proof-of-Stake (PPoS) consensus mechanism to secure its network and validate transactions. However, the year ended around $1.8 for ALGO.Ģ022 saw a sharper decline in ALGO's price, where the cryptocurrency was trading around $0.35 in May 2022. Its next big jump came in August 2020, as it peaked around $0.75 before another correction saw it ending the year below $0.35.Ģ021 was a good year for crypto markets in general, and ALGO also continued to attempt a breach of $2, before finally succeeding in September 2021, and even went on to test $3 in November. The price of ALGO, in USD terms, rallied again in February 2020, touching $0.50 before correcting down below $0.1 in the March 2020 crypto crash. Its value dropped gradually thereafter, dipping to $0.16 by late September, and closing the year at around $0.2, according to our ALGO live price chart. ALGO’s fully diluted valuation crossed $35 billion that day. Its value appreciated quickly by almost 50% within a few days of launch, with the coin reaching its all-time high of $3.56 on June 20, 2019. ALGO priceĪlgorand was funded through an Initial Coin Offering (ICO) in June 2019, at a price of $2.4 per coin. While the core development of Algorand protocol is managed by the Boston-based private corporation Algorand Inc., the umbrella organization Algorand Foundation oversees the decentralization, ecosystem growth, on-chain governance, cryptographic research and award funding of the Algorand network. In order to accomplish this, Algorand uses a special, more scalable, ‘Proof of Stake’ consensus mechanism referred to as ‘Pure Proof of Stake’ (PPoS), which secures its network. The main purpose of creating Algorand is to improve the efficiency and transaction speed of other blockchains like Bitcoin and Ethereum, while reducing the transaction costs. This lack of human judgment can be a disadvantage for traders who prefer a more intuitive or instinctive approach to trading.Launched in June 2019 by the Turing Award winner and MIT Professor Silvio Micali, Algorand (ALGO) is an open-source, decentralized and "self-sustaining" blockchain, which intends to solve the blockchain trilemma - that any such network can at most have two out of three important properties, namely: security, scalability and decentralization.
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