Is Algorand (ALGO) crypto darkening Times Square for Earth Day?

April 18, 2022 08:47 AM PDT | By Rupam Roy

Is Algorand (ALGO) crypto darkening Times Square for Earth Day? — Image source: © Info10279 | Megapixl.com

What is Algorand (ALGO) crypto?

Algorand is a self-sustaining, decentralized, blockchain-based network focused on supporting a diversified portfolio of applications. The systems are secure, scalable, and efficient and have all the critical properties required by the applications in the real world.

It claims to support computations needed for reliable performance guarantees to create new forms of trust. Its mainnet was launched in June 2019.

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It was incepted to fasten the transaction speed and improve the efficacy of the blockchain, given the slow transaction times of Bitcoin and other blockchains. It is designed in a way to lower the transaction fees. In addition, unlike Bitcoin's (BTC) energy-intensive process, Algorand requires no mining as it is based on a permissionless pure proof-of-stake (PoS) blockchain protocol.

The ALGO token is available for trading on crypto exchanges like Coinbase, Binance, OKex, Huobi, etc.

Meanwhile, on Monday, Algorand Foundation said that it would darken Times Square on April 21 to observe Earth Day one day ahead. The billboards will show an environmentalist calling for action before going dark for an hour, starting at 8 pm ET. The Earth Day is on April 22.

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Although the move highlights its commitment to the environment, the carbon pollution in the crypto industry remains a great concern. Algorand uses the proof-of-stake (PoS) mechanism instead of the proof-of-work (PoW) apparatus used by Bitcoin (BTC) and Ethereum (ETH).

The darkening of Time Square for an hour would save around 6,500-kilowatt-hours of electricity, or equal to about 350 transactions on the Algorand blockchain, Algorand said.

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Data Source: CoinMarketCap.com

Bottom line:

The ALGO token was priced at US$0.7151 at 10:09 am ET on April 18, down by 3.85%, while its volume for the trailing 24 hours jumped 72.62% to US$171.37 million. It has a market cap of US$4.79 billion, and its fully-diluted market cap is over US$7.15 billion.

The token's max supply is 10 billion, the total supply is around 7.14 billion, and the current circulating supply is about 6.71 billion. The token saw the highest price of US$0.9869 and the lowest price of US$0.6843 in the last 30 days.

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