What Cryptocurrency Is That? Algorand
According to the Algorand.com website, Algorand is a cryptocurrency that is “open source public block chain on a proof of stake concensus protocol”. Algorand is a cryptocurrency that can be used in order to enable transactions between traditional financial systems and the de centralized financial businesses.
The idea behind Algorand boasts the ability to operate under the proof of stake block chain protocol that does not consume as much electricity as the proof of work type of cryptocurrency. Algorand has a set plan to create Algorand 2.0 or the second version of the network in order to allow for the exchange of digital block chain assets as well as securely transfer assets between multiple people in a transaction. The Algorand architecture is set to be used in order to allow for smart contracts.
Algorand attempts to provide an answer to the need for a network that allows the scalability between exchanges, digital assets, and the ability to create tokens. Algorand attempts to get the best of both worlds when it not only looks to help de centralized exchanges, to allowing the creation of digital assets based on real world assets such as real estate or stock for example.
Currently, the cryptocurrency coin has increased in value after being listed in a new exchange. The cryptocurrency has almost doubled in price. The cryptocurrency coin is valued at $0.63. Algorand coin has a total of 771.82 million total coins. The market cap at this time is of $493.75 million.