Algorand is an open-source, public, mainnet blockchain with a native cryptocurrency, ALGO. Interested builders can construct assets, such as fungible tokens, and decentralized applications (DApps) on the Algorand blockchain, which includes smart contract functionality. The Algorand blockchain mainnet launched in 2019, and it is reportedly impossible to fork the blockchain due to its architecture.
Diving deeper: Algorand, staking and more
What is Algorand? The Algorand blockchain uses what the project calls pure proof-of-stake (PPoS) for network consensus. PPoS has a low barrier to entry for those seeking to help run the network. No lock-up times are required for staking ALGO, and stakers can go in and out of staking freely — which is why the project calls it “pure” proof-of-stake rather than simply proof-of-stake.
How does Algorand work? Essentially, anyone holding a sum of the blockchain’s ALGO coin in an account can notify the Algorand blockchain via a particular type of transaction, which puts it in the running to be a network participant. However, whether one sees action as this type of network contributor depends on the sum of ALGO held compared with other ALGO holders also vying for network contribution.
Blockchain networks face various negative forces that can impact their regular operations. The Algorand blockchain claims to be resistant to multiple oppositional efforts. The Algorand blockchain also reportedly touts speeds in the ballpark of 1,000 transactions per second (TPS).
The Algorand blockchain and ecosystem are helped along by the nonprofit Algorand Foundation.
Algorand price today
ALGO is the native coin of the Algorand blockchain and is used as a part of the Algorand ecosystem’s governance process in addition to serving other roles. The Algorand Foundation carries out ecosystem decisions after they are voted on by certain types of ALGO holders known as “governors.”
As a blockchain network, there is no direct Algorand price; however, the ALGO coin has a value that can be expressed in U.S. dollars. For the ALGO to USD price live, see the top of the page, which also includes other data such as the Algorand market cap based on the price of ALGO.
