AUS
NZ
UK
CA
USA
IND
Highlights
- Founded by Silvio Micali, the Algorand (ALGO) cryptocurrency is a decentralised blockchain network and supports a wide range of applications.
- Also dubbed as the Ethereum killer, its superior, cost-effective abilities can ensure that it can process thousands of transactions per second.
- Algorand is ranked 26 on CoinMarketCap and has been trading at US$0.996458 with a trading volume of US$245,723,992 over a day.
Founded by Silvio Micali, the Algorand (ALGO) cryptocurrency is a decentralised blockchain network and supports a wide range of applications. The ALGO network is secure and scalable and a reliable protocol that guarantees trust within the ecosystem.
Algorand crypto was primarily developed to increase the speed and efficiency of the other blockchain networks such as Bitcoin, Ethereum etc. Also dubbed as the Ethereum killer, its superior, cost-effective abilities can ensure that it can process thousands of transactions per second. Besides, it’s also considered one of the most climate-friendly blockchain networks.
On 16 February, the ALGO token was witnessing a gain of 5.91%, with a volume spike of over 32%, at the time of reporting.
Why is it trending?
Algorand crypto was trending following its partnership with Polynize. Polynize, which was recently awarded a grant to support blockchain development and was included in the Algorand ecosystem on 15 February. Together with Algorand, Polynize aims to unleash untapped potential through innovations that will bring businesses, investors, and players together on one platform.
Algorand, together with FIDE Online Arena, announced that it would allow both casual and professional chess players alike an opportunity to convert trillions of chess games into uniquely designed NFTs on the Algorand blockchain. The FIDE’s game data can be used to create unique 3D chess pieces, which can be traded as an NFT on Algorand NFT marketplaces.
Using the Proof-of-Stake consensus mechanism, Algo holders can validate their transactions using the Verifiable Random function, to solve the blockchain’s trilemma of speed cost and security of the network.
How is ALGO’s price faring?
Algorand is ranked 26 on CoinMarketCap and has been trading at US$0.996458 with a trading volume of US$245,723,992 over a day. At the time of drafting, the ALGO token was up by 5.91%, with a live market cap of US$6,592,716,134 and 6,616,148,391 ALGO coins in circulation.
The ALGO token over the past 14 days has seen a green run as it was up 2.41%, according to CoinGecko. Recently, ALGO was in the news following the appointment of former JP Morgan executive Staci Warden as its CEO. The announcement saw the token’s price surge by over 10% as it brought huge investor interest to its platform.
However, it had its share of blips, primarily due to scammers targeting its protocol. Recently, scammers targeted its users with a fake ALGO Wallet. However, the Algorand ecosystem was quick enough to warn its investors that it was a scam. The ALGO Wallet was issued by Hangzhou Qileyuon Network Technology Co, which was in no way related to the Algorand ecosystem.
Overall, the Algorand ecosystem has been making solid partnerships of late which could help it strengthen its base in the coming future.
