Algorand a protocol that claims to be better Bitcoin than Bitcoin by solving its main issue, scalability. Bitcoin’s low transaction speeds and high fees hurt adoption and the Algorand team is very aware of this.
A successful blockchain needs to focus on security, decentralization, and scalability, therefore, the team developed their own consensus protocol where they wouldn’t have to choose one at the expense of the others.
Security and speed are among the highest priorities in this platform, with an amazing concept indeed catches our attention, on the other hand, we must not forget that there are many other projects with similar goals.
Market Cap: $110,460,908 USD
Market Cap ATH: $158,162,635 USD
Current price: $0.2589 USD
Price ATH: $0.7287 USD
Circulating Supply: 426,617,881 ALGO
Total Supply: 2,957,889,724 ALGO
Total % of the supply released so far: 14.42%
For the first auction, 25 million Algos will be available at a starting price of $10.00 USD and a reserve price of $0.10 USD.Participants may return their Algos back to the foundation one-year post-purchase at up to 90 percent of the value paid.
On August 6, 2019, the team announced a staking rewards program that will award its community with 200M ALGO.
To qualify for this you need to register an ALGO wallet that contains at least 25 ALGO by block number 1618450, and only the first 200M ALGO that registers across all wallets would be eligible.
The foundation requires all participants to be KYC verified and if you are from certain countries you will not be allowed. The rewards will be distributed over the course of four 6 month periods, and at the end of the program, participants will have received over 100% return.
Composed of many seasoned professionals each in their respective fields, all brought together by Silvio Micali an MIT professor, co-inventor of probabilistic encryption and many of the protocols that are the foundations of modern cryptography.
Steve Kokinos, CEO of Algorand and responsible for overall business vision and strategy. With extensive experience in various successful companies founded by him like Fuze, BladeLogic, Inc. and Web Yes, Inc…
W. Sean Ford, COO, also brings vast experience in different fields, always being on Leadership positions in multiple companies like Jive Communications, Avid Technology, and Syncsort.
Keli Callaghan, a results-driven marketer, leads all aspects of marketing at Algorand. Joins Algorand from Avid, where she was responsible for global customer engagement and started many proactive campaigns that resulted in the growth of their respective objectives.
And these are just a few of the many professionals working together to make Algorand a great project.
The Algorand team doesn’t have a chronological roadmap, however, they do list the concept of a few projects they are working on:
Vault is a blockchain compression technology that allows new users to immediately join and participate in the Algorand network without a burdensome download.
Pixel is a new digital signature scheme built for Proof of Stake systems, it reduces space requirement through committee member signature aggregation, meanwhile, maintaining forward-security through the key rotation.
Self-validating transactions are an advance that allows separation of consensus and storage to enhance the efficiency and the logical structure of the Algorand blockchain.
Atomic² swaps leverage Algorand’s instant transaction finality and implement same-chain swaps of assets, without any type of time- or hash-locks, in a single transaction.
Post-and-sale trade technology will allow any seller to post assets for sale, at a given price. Any buyer can browse these offers, pay the price and receive the asset immediately without having to interact at all with the seller or any third party.
Smart contracts allow trusted transactions and agreements to be carried between parties around the world without the need for a trusted third party, however, they can be slow and expensive.
Smart² contracts™ leverage Algorand’s consensus mechanism to offer faster and cheaper forms of smart contracts.
The team really goes the extra mile when it comes to their various social media platforms, like Twitter, Facebook, and Telegram. They also have a Medium blog where they provide frequent updates and in-depth technical information to the community.
Their facebook page has about 800 followers, Twitter has close to 12,000 followers and the Telegram channel has over 10,000 members.
When we saw that this project was claiming to be the next big thing, with its fast transaction and new consensus protocol we got suspicious and maybe a little bit skeptic.
But that feeling went away as we kept on reading about them, looking at the team’s background, and reading how the community talks about the project.
This project has an amazing team that has the experience and dedication needed to push this project to the top and even might be the next big thing after all.