How and Where to Buy Algorand (ALGO)
Silvio Micali founded Algorand in 2017 as a platform to build products and services for a “borderless economy”. From 1983, he worked in the Electrical Engineering and Computer Science Department at the Massachusetts Institute of Technology. His research interests include zero-knowledge, cryptography, mechanism designs, secure protocols, pseudorandom generation, and blockchain.
Micali is one of the foremost crypto creators globally. He has won multiple awards, including the Turing Award for Computer Science, for his contributions to electronic cash, the theory and practice of secure two-party computation, cryptocurrencies, and blockchain protocol. He also won the RSA prize in cryptography and the Gödel Prize in theoretical computer science.
Micali oversees all research for Algorand, including security, theory and crypto finance. He is the co-inventor of: –
- Probabilistic encryption
- Verifiable Random Functions
- Zero-Knowledge Proofs
- Many other protocols at the foundation of today’s cryptography
Algorand’s vision is “A world where everyone creates and exchanges value efficiently, transparently, and securely.” – Algorand’s website
Algorand has a mission to build global trust through decentralization, create simple designs and elegant technology to eliminate barriers to prosperity and drive the adoption of cryptocurrency to billions of people globally.
What Is Algorand (ALGO)?
Algorand is a decentralized, autonomous blockchain-based network. The Algorand systems are scalable, secure, and efficient, supporting a broad range of real-world applications, and can support computations requiring dependable performance guarantees for creating new forms of trust.
“We are the world’s most decentralized, scalable, and secure blockchain infrastructure. From decentralized finance to generative NFT art (and everything in between), our sustainable blockchain is powering economic models of the future.” – Algorand website.
In June 2019, the Algorand mainnet went live, and by December 2020, it was handling almost 1 million daily transactions. These metrics continue to increase. At the same time, Algorand launched their ICO with the $ALGO token. This native coin helps secure the Algorand platform, and it rewards operators.
What Makes Algorand (ALGO) Unique?
The purpose of Algorand (ALGO) is to improve blockchain efficiency, speed up transactions, and lower transaction fees. It uses a PoS (proof of stake) consensus mechanism – a permissionless blockchain protocol requiring no miners.
The Algorand protocol is built on a carbon-negative network. In October 2021, Envision Racing announced a multi-year partnership with the Algorand Foundation “Greenest blockchain’ Algorand partners with ‘the Greenest Team on the Greenest Grid’ Envision Racing to ensure the next generation of blockchain adoption and innovation is environmentally friendly.” – Algorand Foundation website.
In February 2022, the Algorand Foundation announced the intention to develop the virtual “London Bridge” with a $10 million grant. Previously, the Algorand blockchain has had liquidity issues, despite fast transaction speeds and high scalability. Therefore, this trustless bridge introduces Ethereum compatibility with its robust ecosystem for DApps. As a result, Algorand’s blockchain liquidity will improve via the bridge.
In March 2022, Algorand introduced “Algorand State Proofs” (ASPs), a new interoperability standard that connects blockchains securely to the outer world without trust in an intermediary. The website states that “All Proof of Stake chains can implement State Proofs to remove trust from the cross-chain equation.”
- It’s fast – It takes less than 4.5 seconds to send $ALGO tokens to another wallet. Confirmation is instant
- Scalability – The Algorand blockchain can support billions of users, and the enhanced scalability does not affect transaction speeds
- Trustworthy – the design of the Algorand blockchain prevents forking, thus preventing the risks of a blockchain splitting and a user not knowing if their transaction was successful. Algorand states, “no forks ever.”
- Transparency – on 19th June 2019, the Algorand blockchain created 10 billion $ALGO tokens. All transactions are visible in the Algorand blockchain
- Security – transparency does not compromise security. The highly advanced cryptography ensures users’ payment information remains private at all times
How and Where to Buy Algorand (ALGO)?
The most crucial step when buying cryptocurrency is choosing the right platform. The world’s largest crypto exchange is Binance. It’s a popular choice for crypto beginners, traders and investors.
So, when you’re ready to buy Algorand (ALGO), this is how you do it: –
- Open the Binance website and click on “Register”
- Submit your verification documents, such as passport, utility bill etc
- Once your account is confirmed, click on “Deposit”
- Binance accepts Mastercard, Visa, wire transfers or crypto deposits
- Click on the “Exchange” tab. You have several choices of currency pairs for buying $ALGO: ALGO/USDT, ALGO/BUSD, ALGO/BTC, ALGO/BNB, ALGO/RUB
- Complete your purchase
- It’s essential now to store your new purchase of $ALGO tokens. Binance has the Trust Wallet mobile wallet app you can download to your phone, or you can use the exchange wallet. Alternatively, if you already have an off-ramp wallet that supports $ALGO tokens, you can send them to that
How do I Sell Algorand (ALGO)?
Selling your Algorand (ALGO) tokens is an easy process
- Convert your $ALGO tokens to a stablecoin such as $USDT
- Transfer the $ALGO from Binance to an off-ramp platform, like Gemini or Coinbase
- Log in to the off-ramp platform and convert the $USDT to the fiat currency of your choice, and then request a withdrawal to your bank account
- Enjoy the profits you made from your $ALGO tokens
Should I Buy Algorand (ALGO)?
We advise doing your due diligence when purchasing cryptocurrency. We aren’t qualified investment experts, so we cannot provide advice. Still, if you are ready to add Algorand (ALGO) to your investments, we recommend choosing a reliable crypto exchange like Binance, KuCoin or Coinbase. All three platforms are established and popular with crypto enthusiasts, traders and investors. They have good liquidity and a good range of markets and coins
How do I invest in Algorand (ALGO)? Safely?
The cryptocurrency market is highly volatile, and all investments come with risk. If you want to invest in Algorand (ALGO), you must buy from a crypto exchange with a proven reputation, such as Binance, Coinbase and KuCoin.
After purchasing, never leave your $ALGO tokens floating on the crypto exchange. Before buying, open a secure wallet that supports $ALGO tokens. Binance has an exchange wallet and an industry-leading mobile wallet app, the Trust Wallet. KuCoin has non-custodial and custodial options, and Coinbase provides a self-custody wallet.