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

Be the First to Comment Read

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

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

Highlights:

  • Algorand is a self-sustaining, decentralized, blockchain-based network. It focuses on supporting a diversified portfolio of applications.
  • The ALGO token is available for trading on Coinbase, Binance, OKex, etc.
  • The token's maximum supply is 10 billion.

The Algorand Foundation, the organization behind the Algorand (ALGO) crypto, gained significant attention on Monday after it announced to blackout the iconic Times Square to observe Earth Day one day ahead on April 21.

However, the ALGO token price dropped over 3%, while its trading volume jumped more than 72% in the trailing 24 hours to Monday morning.

Also Read: Is Avalanche (AVAX) crypto rallying on fundraising news?

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.

Also Read: Why is real-estate-focused Propy (PRO) crypto rising?

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.

Also Read: Why is Terra (LUNA) crypto catching attention?

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.

Also Read: Is Ethereum (ETH) rallying on Merge update? When is it happening?


Algorand (ALGO) crypto price and performanceData 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.

Also Read: Why is VeThor Token (VTHO) crypto jumped 299% today?

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instruments or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete, or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.

Disclaimer

Speak your Mind

Featured Articles