What is Algorand?

Sep 13, 2022
3 min read

This blog post will cover:

  • What is Algorand?
  • Where did Algorand come from?
  • What are the advantages of Algorand?
  • What are the disadvantages of Algorand?
  • How to buy Algorand on SimpleSwap?

What is Algorand?

Algorand has built the world’s first open-source, permissionless, pure proof-of-stake blockchain protocol for the next generation of financial products. The Algorand blockchain, by removing friction from all forms of financial exchange, is powering the creation of a new type of financial system, enabling the creation and exchange of value, building new financial tools and services, bringing assets on-chain, and providing responsible privacy models.

The native token of the Algorand blockchain is Algo. Algo benefits from all the core aspects of the Algorand protocol: its fast (transactions all complete in under 4.5s), secure, can scale to over 8Om transactions a day and where every Algo transaction is guaranteed to be final, also in under 4.5s.

Algorand is the platform of choice for payment systems, authentication & validation networks, reward and gaming apps, new DeFi applications and the rapidly expanding field of NFTs.

Where did Algorand come from?

The founder of this project is Silvio Micali. He received a Turing Award that can be compared to the Nobel Prize but only in the IT-sphere. The project team consists of scientists, leading financiers, and economists. More than $60 million were involved to create this blockchain.

What are the advantages of Algorand?

  • Provides security at all levels
    Algorand provides security at the user, protocol, and network levels.
  • Strong partnership
    They have established strong partnerships in the world of real estate and finance, and cooperate with such companies as Securitize, Idex, BlockDeamon, OTCXN etc. It means that there is a demand for the product that Algorand is offering.

What are the disadvantages of Algorand?

  • Vague roadmap
    The roadmap doesn’t show a clear time frame, which makes it difficult to see the development of this project in the future.

How to buy Algorand on SimpleSwap?

Since you have already read the basic information about the Algorand cryptocurrency, it is only a matter of figuring out how and where to purchase it. To make a purchase you may go to the homepage of the SimpleSwap website and follow these steps below:

  • Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
  • Select ALGO in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
  • Enter the Recipient’s Address. Algorand will be sent to this address. Be careful and make sure you use the correct address.
  • Check all the information you have entered. If everything is correct click the Exchange button.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.

Now you can make use of information that has been provided if you want to purchase Algorand.

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