W H A T I S A L G O R A N D ? H OW TO B U Y A L G O R A N D I N C A NA DA ?
Algorand or as typically referred to as algo is nothing but a decentralized, self-maintaining, blockchain-based total platform that is recognized to guide an extensive range of applications. In different words, algorand is a blockchain protocol as well as a cryptocurrency that focuses on being decentralized, scalable addition to comfy, all at the same time. Let us understand Algorand and ultimately understand how to buy Algorand in Canada.
Earlier than we move any in addition, it is really worth noting that, algorand turned into based with the aid of Silvio Micali, who’s a professor of laptop science at the Massachusetts Institute of technology. No longer just that, the mainnet of the platform became around two years in the past, back in June 2019, and according to reports, it’s been capable of handling nearly a million transactions per day.
What is Algorand? (ALGO) Algorand is one of many new projects that aim to expand possible use cases for cryptocurrencies by increasing transaction speed and reducing the time it takes for transactions to be considered final on its network. Officially launched in 2019, Algorand seeks to achieve these attributes through decisions that are different from the traditional way of cryptocurrency design.
Most notably, Algorand distributes the ALGO cryptocurrency that it introduces into its economy with each new block to all those who hold a certain amount of coins in its wallet. Additionally, Algorand allows users to create smart contracts (programmatic agreements for building decentralized applications) and tokens that can represent both new and existing assets.
Such features were successful in attracting a diversity of venture investors to early private sales of ALGO conducted to fund the development of the platform. Why does Algorand have value? Algorand is a new public blockchain, meaning its technology, while novel, has not yet seen much testing under real world market conditions.
Users may find the ALGO cryptocurrency valuable should they believe Algrorand`s technical specifics will make it likely to be the blockchain of choice for developers who want to design and launch new kinds of decentralized applications. Investors may also see Algorand as a viable part of a cryptocurrency portfolio should they believe that proof of stake blockchains, which lower the cost of participating in a blockchain`s operation, will ultimately prove more successful in the market.
Token Economy The Algorand Foundation, the nonprofit organization overseeing and funding development of the protocol, says that only 10 billion units of its ALGO cryptocurrency will ever be created. Algorand maintains a block explorer, which keeps an official count of its circulating supply.
The Algorand Foundation has also published additional details about how payouts work and the time in which users can expect to receive new funds for their participation in the blockchain.
Check out Netcoins to add Algorand to your investment portfolio. You can also find your answer to how do I buy cryptocurrency in Canada, here at Netcoins. SOURCE CREDIT: https://medium.com/@bitcoinwalletcanada/what-is-algorandhow-to-buy-algorand-in-canada-d27b4bf06409
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