Algorand Inc. built the world’s first open source, permissionless, pure proof-of-stake blockchain protocol for the next generation of financial products. This blockchain, the Algorand protocol, is the brainchild of Turing Award-winning cryptographer Silvio Micali.
The $ALGO is the crypto-currency of the Algorand blockchain. It is the backbone of its network structure.
Based on Algorand design, Every address that holds 1 Algo or more in a non-custodial wallet is eligible to earn rewards. The rewards paid to validators for producing blocks are split and distributed among all $ALGO coin holders. For example, in June 2020, rewards were distributed approximately every 9 minutes, to all the accounts holding at least the minimum required balance of 1 Algo.
In Algorand, the total supply was fixed at the 10 Billion Algos minted at Genesis. The distribution of these Algos in time is monitored by the Foundation and the Economic Advisory Committee. The amount of rewards distributed in each 500,000 block periodiclly.
Supported wallets:
There are over 500+ Wallet Providers: Includes mobile browsers and hardware.
The official Algorand wallet is available to download on Apple & Android devices from https://www.algorand.com/wallet
Some of the other Prominant Wallet Providers are as folllows
1. Atomic Algorand Wallet
2. Ledger Wallet
3. Trust Wallet
4. MyAlgo Wallet
How to Buy Algorand:
1. Open an online account. You'll need to open a brokerage account before you can buy and sell most types of crypto.
2. Buy a Wallet (optional). A cryptocurrency wallet is a private device or online account that helps you store your tokens and coins more securely.
3. Make your Purchase.
Exchanges:
$Algo token can be traded over 60+ Global Exchanges (Coinbase, Binance, OKEx, Huobi Global, Bithumb, Kucoin, Monerium, etc.)
Supported by industry leading custodians and the leading Crypto Market Makers (BitGo, Coinbase, AmberAI, OCP, GSR, Jump)
$ALGO Usecases:
Algorand finds use cases in Several sectors. few examples areas below
- Smart Contracts
- Cross Chain Atomic Transfer
- Home Equity Line of Credit
- Infrastructure
- Securities
- Decentralized Exchanges
- Collatarized Debt
- Interface with Oracles or oter off-chain data providers
- Supply Chain
- Identity
- Stablecoins
- Insurance
- Gaming
- Defi
- Digital Assets
DEFI Use Case Example:
Yieldly:
Yieldly has built the world’s first DeFi products on Algorand protocol. Users can enjoy Yieldly’s No-Loss Prize Games, YLDY Staking and YLDY Cross-Chain Swapping, and trade faster, with lower fees and more security than any other protocol.
Algorand Governance:
on 10th June, 2021 - The Algorand Foundation announced a network-wide referendum on the governance program. The proposal outlines the plan to yield to the community the decision making power over the Algorand Ecosystem Resource Pool (AERP), currently entrusted to the Foundation. Decision making will reside with Governors.
The Algorand Ecosystem Resource Pool (AERP) includes Participation Rewards, Research and Innovation funds, Algo Grant Program, Research and Social Good Program and Contingent Incentives: for a total of 3.2 Billion Algos.
Algorand's rewards structure and consensus mechanism is setting high standards in blockchain space as well as network adoption is growing with fast pace commensurating with Algorand initiatives.
