In this article, we would like to introduce Algorand - a blockchain-based cryptocurrency platform having its Algorand Virtual Machine (AVM). We'll be covering the following topics:
- What is Algorand? What are Algorand’s features?
- Algorand Tokenomic: key metrics, token allocation, and token use-cases.
- How/Where to earn and store ALGO coins?
- Roadmap & Team, Investors, and Strategic partners.
What is Algorand?
Algorand is a blockchain-based cryptocurrency platform that aims to be secure, scalable, and decentralized. Algorand was founded by Silvio Micali - an MIT professor - in 2017. The Algorand platform supports smart contract functionality, Algorand Virtual Machine (AVM), Algorand Standard Assets (ASA), and the PoS consensus algorithm.
How does Algorand work?
Similar to Ethereum, Algorand introduced Algorand Virtual Machine (AVM) supporting smart contracts with Turing-complete languages. The AVM enables developers to easily write smart contracts in either Python or Reach.
Algorand Standard Assets (ASA) provide a standardized, Layer-1 mechanism to represent any type of asset on the Algorand blockchain. These can include fungible, non-fungible, restricted fungible, and restricted non-fungible assets. Example asset types are as follows.
Why is Algorand unique?
Scalable, Fast & Secure execution: Algorand blockchain can operate at over 1,000TPS and finalize transactions in under 5 seconds.
Low cost: The cost to execute transactions is around 0.001 Algos.
Permissionless: Anyone can join the Algorand network since the network requires a reasonable amount of Algo to be staked. As a result, the network can improve decentralization and security.
What is ALGO coin?
ALGO is the native token of Algorand. Details on its specific use cases could be found below.
Detailed information about ALGO coin
Key Metrics ALGO
- Token name: Algorand.
- Ticker: ALGO.
- Token Standard: Algorand.
- Token use cases: Utility, Governance.
- Circulating Supply: 6,176,232,204 ALGO.
- Consensus: Proof of Stake (PoS).
- All-Time High: $44.70 - Sep 20, 2021 (a month ago).
- All-Time Low: $1.13 - Mar 13, 2020 (2 years ago).
- Total Supply: 6,638,065,674 ALGO.
- Max Supply: 10,000,000,000 ALGO.
Long Term ALGO Allocation
ALGO Token Release Schedule
ALGO Token Sale
- Private sale: Algorand raised roughly $66M in 2018 through two private sale events. There has been no investor disclosed until now.
- Public sale: Algorand raised over $60 million in a token sale of its native Algo token on Coinlist, using a Dutch Auction mechanism. All 25 million tokens were sold at a market drive price of $2.40. Returns since its ICO is 0.85x
ALGO Token Use Cases
Major functions of ALGO coin include:
- Pay the system for processing transactions and storing data.
- Run a validating node as part of the network by participating in the staking process.
Governances: ALGO holders join the governance of the network by committing ALGO coin in their ALGO wallets.
How to store ALGO coin
You can store ALGO on the Coin98 Super App or the Coin98 Extension Wallet by following these steps::
Step 1: Open the application, at the homepage click the Wallet icon → Algorand Wallet.
Step 2: Choose Receive.
Step 3: Click the icon to copy the wallet address or get the QR address and send your assets to this address.
How to buy ALGO Tokens
The guides on how to use Coin98 Exchange to swap other tokens for ALGO will be updated soon. Besides Coin98 Exchange, investors can purchase ALGO on Coinbase, Binance, OKEx, Kraken, Huobi.
See Also: How to use Coin98 Exchange
Roadmap & Updates
June 2019 - Algorand 1.0 Launch (Mainnet Launch): The official launch of the Algorand blockchain occurred after the project completed its first token sale, which raised over $60 million.
November 2019 - Algorand 2.0 release.
December 2019 - Algorand v2.0.2 release.
There have been no details about upcoming plans for Algorand. Stay tuned with Coin98 Insight for further updates in the future.
Is ALGO a good investment?
Below are some highlights for your consideration:
To participate in ALGO blockchain and its ecosystem, users will need ALGO as the gas fees. Therefore, the more projects built on ALGO, the higher price of ALGO coin will probably be. There have been over 190 projects in the ecosystem - the number is quite small compared to other chains. Details on the ALGO ecosystem can be found here.
The Stablecoin and Infrastructure category on Algorand is almost completed. USDT and USDC supplies on Algorand are 149M and 380.74M consecutively. Algorand has Razor Network as the Oracle solution and also integrates bridges such as Algomint, Swingby và Yieldy Finance.
Those bridges will connect liquidity from matured ETH blockchain to developing one like Algorand. Stablecoin and Infrastructure are cornerstones for any potential increases in ALGO price in the future.
The one and most important category on Algorand which needs substantial improvement is the DEX category. There are 3 DEXes including Tinyman, IDEX, and Algodex on Algoland at the moment of writing.
- IDEX has not listed Algorand as the supported blockchain yet.
- Algodex is still under its testnet phase.
- Tinyman is the only DEX that went live and its daily volume is around $4M - which is fairly humble compared to a variety of other AMMs on the market.
AMMs play a significant role in any ecosystem developments, they are sectors attracting and maintaining liquidity. When ecosystems flourish, AMMs will also flourish, and vice versa.
See Also: What is AMM?
Algorand developed its own AVM aiming to attract developers built on its network. However, Algorand has to do a better job in attracting users and asset flows to it first or to have some hackathons or incentives for developers so they will come and deploy their applications on Algorand.
Investors also can compare ALGO to similar projects such as Binance Smart Chain, Near Protocol, Solana to have some price forecasts.
Team, Investors, and Sartners
Silvio Micali: Silvio founded Algorand in 2017. At Algorand, Silvio oversees all research, including theory, security, and crypto finance. Silvio is the recipient of the Turing Award (in computer science), and the RSA prize (in cryptography). He is a member of the National Academy of Sciences, the National Academy of Engineering, the American Academy of Arts and Sciences, and Accademia dei Lincei.
Steve: The CEO of Algorand and is responsible for the overall business vision and strategy.
W. Sean Ford: The COO of Algorand, responsible for market execution and operations including product management, engineering, marketing, and global community development.
Algorand raised roughly $66M in 2018 through two private sale events. There has been no investor disclosed until now.
In June 2021, Arrington Capital granted $100M to the team and then in September 2021, Algorand received $250M from Skybridge as well as $300M from Algorand Foundation.
Some similar Blockchains to Algorand are: Binance Smart Chain, Solana, Near,…
This article has included the most critical and detailed information on the ALGO Token. Please leave any questions you have below, and we will get back to you as soon as we can!