Algorand (ALGO)
Rank #61
Market snapshot
- Price
- $0.091997
- Market cap
- $831.2M
- 24h volume
- $32.0M
- Circulating supply
- 9,035,496,013.3968
- Total supply
- 10,000,000,000
- Max supply
- 10,000,000,000
What is Algorand?
Algorand is a blockchain platform that facilitates the creation and execution of decentralized applications (dApps) and smart contracts. It aims to provide a scalable and efficient environment for developers, enabling the tokenization of real-world assets and the execution of fast, low-cost digital payments.
How Algorand works
Algorand operates on a Pure Proof-of-Stake consensus mechanism, which enables secure and efficient transaction validation. This consensus method allows for broad network participation, preventing the concentration of power. Transactions on the Algorand blockchain achieve instant finality, meaning they are confirmed immediately and cannot be reversed. The network can handle over 10,000 transactions per second, ensuring high throughput and responsiveness.
Key information
- Symbol
- ALGO
- CMC rank
- #61
- Network / platforms
Algorand
- Categories
- Proof of stake
- Date added
- Jun 20, 2019
Contract address
Contract addresses are stored from CoinMarketCap metadata and are shown as recorded. CoinLoom does not independently certify them as official.
Algorand
0
Key characteristics
Algorand features a decentralized design that supports the development and scaling of dApps directly on Layer-1. It utilizes Falcon signatures for quantum resilience, safeguarding its blockchain against potential quantum computer threats. The Algorand Virtual Machine (AVM) ensures reliable execution of smart contracts, contributing to the platform's overall efficiency.
Documented uses
Algorand is ready for demanding use cases, including the tokenization of real-world assets. Additionally, Coinify customers can utilize USDC on Algorand for merchant settlements.
Official resources
Risks
Digital asset prices can be volatile and can change materially. Users should verify the contract address and network before transferring assets. Self-custody requires secure private-key and recovery-phrase handling. Centralized platforms can involve operational, custody, and counterparty risk. Availability and regulatory treatment can vary by jurisdiction. Transaction finality and reversibility can differ by network.
Transfer and custody notes
Verify the asset name, network, and any supplied contract details before transferring. Verify destination address and network before sending assets. Review the custody method, including self-custody versus a third-party platform. Understand that transfers may be irreversible and that CoinLoom does not confirm exchange availability.
FAQ
- What is Algorand?
- Algorand is a blockchain platform that facilitates the creation and execution of decentralized applications (dApps) and smart contracts.
- How does Algorand operate?
- Algorand operates on a Pure Proof-of-Stake consensus mechanism, allowing for secure and efficient transaction validation.
- What are the key features of Algorand?
- Algorand features a decentralized design, supports dApp development on Layer-1, and uses Falcon signatures for quantum resilience.
- What are the risks associated with transferring Algorand?
- Users should verify the contract address and network before transferring assets, as digital asset prices can be volatile.
- How can I safely acquire Algorand?
- Verify the asset name, network, and any supplied contract details before transferring.
- Where can I find official resources for Algorand?
- Official resources for Algorand can be found on their website and developer portal.
Related cryptocurrencies
Listed from stored network and category relationships, not a similarity score.
