What is Algorand?

Algorand is a foundation, which has a fairly new coin directly related to it and, in addition, a payment platform. The native coin of this project is called ALGO. Its creators have developed a new blockchain that has an open-source code. It allows to solve scalability and transaction speed issues. This blockchain was obtained due to the Algorand’s evolution of PPoS (Pure Proof of Stake) protocol. The new approach to PPoS is built on the Byzantine agreement, and it is one of the main innovations of the Algarand project.
Its essence is that a small group of identifiers is automatically selected to open a new block. This selection is safe and fair, as the identifiers will be hidden until the block is confirmed.

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. The project says that total coin supply is 3.3 billion ALGO.

What are the advantages of Algorand?

  • Provides security at all levels
    As any cryptocurrency can be attacked at the user, protocol, and network levels - Algorand provides security at each of these 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 what Algorand is offering.

What are the disadvantages of Algorand?

  • Vague roadmap
    The roadmap on the official site doesn’t show a clear time frame, which means that the development of this project is uncertain. It is difficult to plan work with Algorand at this stage, as its future is unknown.
  • There was no real load
    The project team claims that even if the load on the network is very high, the transaction processing speed will still be 1000 transactions per second. But it didn’t carry half the load that comes from a network of more advanced coins. Therefore, there are no guarantees that the transaction processing speed can remain the same at higher load.

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.