Understand ALGO cryptocurrency and its network: Algorand
Jun 07, 2023
ALGO is the crytocurrency of the Algorand blockchain. Created in 2019, the Algorand network was developed to solve speed issues in crypto transactions by using Pure Proof-of-Stake (PPoS...
Clear your doubts about ALGO and Algorand
What are the benefits of Algorand and how does it work?
One of the main difficulties of blockchain technology is the transaction processing capability that networks can support. To solve this problem, the Algorand network was created in 2019. The idea is to enable a much faster and lower-cost transaction volume compared to existing networks. For this, Algorand uses its own consensus mechanism, the Pure Proof-of-Stake (PPoS).
How is ALGO priced?
As is commonly the case in the cryptocurrency market, the price of ALGO is set according to market supply and demand. Other factors such as price fluctuations can interfere with this cryptocurrency pricing. The official supply of ALGO has been previously limited to 10 billion units, and mining of the last ALGO unit is planned for 2030.
Where can ALGO cryptocurrency be used?
ALGO cryptocurrency can be purchased on exchanges and transacted on blockchain wallets. When you have ALGO among your digital assets, you can send it to other wallets and use it to earn yields on DeFi platforms or buy NFTs in ecosystems that accept this cryptocurrency. It can also serve for governance, when holders vote on improvements for the Algorand network.
How to buy and sell Algorand (ALGO)?
At Bitso, you can buy ALGO and other cryptocurrencies and tokens. In our website bitso.com, check other cryptoassets you can add to your basket.