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10 May 2021

What is Algorand? A Speedy, Scalable Platform for Dapps - Decrypt

What is Algorand? A Speedy, Scalable Platform for Dapps - Decrypt

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Launched in 2019, Algorand is a novel blockchain platform used to create powerful decentralized applications (dapps) and financial primitives that will be used as the backbone of the economy of the future.

It's designed to be a fast, equitable consensus system that allows all stakeholders (ALGO token holders) to participate in block production and earn rewards for doing so.

Algorand is also aiming to compete on energy efficiency with its Pure Proof of Stake consensus mechanism; the company claims that its blockchain is carbon-neutral, generating just two millionths of the CO2 generated by competing platforms.

Today, there are dozens of live products built on Algorand, and many more in development.

The native utility token for the Algorand ecosystem is known as ALGO.

It's the gas token used to pay for transactions and smart contract computations, similar to how ether is used on the Ethereum blockchain.

But more than this, it's also used to support the operations of the Algorand network, earning holders a passive income in the form of network rewards.

Besides its in-network benefits, the ALGO token is being increasingly woven into DeFi applications being built on Algorand as well as on alternative blockchains through synthetic versions of the token—including Wrapped ALGO (wALGO), an ERC-20 token that can be exchanged 1:1 for ALGO.

Your order will then be executed at the lowest available price and your ALGO will be deposited to your Binance wallet.

For more control over the price you pay, consider instead using a limit order, as this will allow you to choose your entry point.

Your order will be filled if the market reaches your limit price.

If it's successful, Algorand will rank among the most performant blockchains today and will be capable of exceeding the throughput offered by the Visa payment network—widely considered to be the benchmark necessary for supporting mass adoption.

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