Home Algorand: The Future of Finance on Blockchain

Algorand: The Future of Finance on Blockchain

Share
Share

By Kapil Rajyaguru

Algorand is an open-source, decentralized blockchain network that leverages a two-tiered structure and a unique variation of the Proof-of-Stake (PoS) consensus mechanism to increase transaction speeds and achieve finality.

The Algorand platform is designed to process many transactions quickly, similar to major payment processors like Mastercard or Visa.

In addition, Algorand can host other cryptocurrencies and blockchain-based projects, making it a direct competitor to Ethereum. Thus, Algorand (ALGO) is both, a digital currency and a blockchain platform.

The Algorand platform and accompanying cryptocurrency were founded in 2017 by Silvio Micali, a professor at the Massachusetts Institute of Technology and noted cryptographer.

Algorand’s white paper was co-authored in 2017 by Silvio Micali and Jing Chen, a professor at Stony Brook University.

The total supply of Algorand’s native cryptocurrency ALGO is capped at 10 billion coins, with about 7 billion ALGO already circulating.

Algorand also enables users to create smart contracts and tokens that can represent both new and existing assets.

Moreover, Algorand is the layer-1 blockchain for decentralized and traditional finance. It has added direct fiat payment channels into their network by integrating with Alchemy Pay (ACH).

Alchemy Pay, is a payment solutions provider that connects fiat and crypto economies, and its global merchant network now supports Algorand’s $ALGO token for payments in 65 countries.

Even more, The Marashall Islands is adopting Algorand for the issue of its sovereign currency.

 

The Marshall Islands is the first country to adopt a national digital currency built on Algorand blockchain.

 

To summarize, what sets Algorand apart is its speed and advanced capabilities as it is fast, low cost, decentralized, carbon negative, and has advanced smart contract capabilities. Algorand can process thousands of transactions per second with instant finality and with transaction fees of fractions of a penny, whereas other blockchains can be much more expensive. 

Share

Latest News

$3 Trillion Stablecoin Market Could Lower Interest Rates | 3.0 TV

$3 Trillion Stablecoin Market Could Lower Interest Rates

“As stablecoins climb, rates may fall — a trillion-dollar shakeup is calling all!” Stephen Miran, the governor of the Fed, cautions that...

Zcash ($ZEC) Reaches $600 Mark as Privacy Coin Rally Gains Momentum

Zcash ($ZEC) Reaches $600 Mark as Privacy Coin Rally Gains Momentum

Will Zcash (ZEC) headline the next privacy coin boom? As Zcash rises above $630 and hits its highest price since 2018, it...

Ripple’s XRP Gains ETF Boost: Bitwise, 21Shares and Franklin Templeton Listed on DTCC

Ripple’s XRP Gains ETF Boost: Bitwise, 21Shares and Franklin Templeton Listed on DTCC

Is the Wall Street launch of Ripple’s XRP coming soon? Major firms including Bitwise, 21Shares, Franklin Templeton, CoinShares, and Canary Capital, have...

Stablecoins Revolutionizing Currency, Says Finance Minister Nirmala Sitharaman

“Money evolves, the future calls, Stablecoins rise, breaking old walls.” How are innovations such as stablecoins changing the world financial scene, according...

Latest Blogs

Crypto Security & Best Practices: How To Keep Your Crypto Safe: Everything You Should Know

Crypto Security and Its Importance Digital transformation has created financial opportunities through cryptocurrencies, yet these digital assets present significant security risks to...

AI + Crypto Agents — The Next Multi-Trillion Market?

Artificial Intelligence and crypto are converging, and the world isn’t ready for what’s to come next. Twitter, YouTube, and virtually everyone on...

Crypto SIPs: A Guide to Crypto Investment

What is a Crypto SIP? Systematic Investment Plans (SIPs) in Cryptocurrency The investment environment with its extreme volatility has led to changes...

What is a Crypto Airdrop?

What Does Airdrop in Crypto Mean? Definition and Purpose of Crypto Airdrops Within the quickly changing cryptocurrency arena, novel approaches have surfaced,...

Related Articles

Crypto Security & Best Practices: How To Keep Your Crypto Safe: Everything You Should Know

Crypto Security and Its Importance Digital transformation has created financial opportunities through...

AI + Crypto Agents — The Next Multi-Trillion Market?

Artificial Intelligence and crypto are converging, and the world isn’t ready for...

Crypto SIPs: A Guide to Crypto Investment

What is a Crypto SIP? Systematic Investment Plans (SIPs) in Cryptocurrency The...

What is a Crypto Airdrop?

What Does Airdrop in Crypto Mean? Definition and Purpose of Crypto Airdrops...