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Algorand ALGO

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1. Summary

Fundamental Rank
98
Developer Rank
80
Social Rank
98
Coinrank
92
Price
$0.82 -1.1%
Market Cap
$2.53B (#25)
Supply
3.09B / 10.00B
Description

Defining Algorand, it is essentially self-sustaining as well as a decentralized, blockchain-based network that can support a wide range of applications. Its mainnet went live in 2019 and could handle 1 million transactions on a daily basis as of December of 2020.

The main goal of Algorand is to expand the possible use...

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Defining Algorand, it is essentially self-sustaining as well as a decentralized, blockchain-based network that can support a wide range of applications. Its mainnet went live in 2019 and could handle 1 million transactions on a daily basis as of December of 2020.

The main goal of Algorand is to expand the possible use-cases when it comes to cryptocurrencies by accelerating the speeds through which transactions are verified.

It works through a Pure Proof of Stake (PPoS) consensus algorithm. Algorand distributes the ALGO cryptocurrency into the economy it has through each new block to everyone that holds a certain amount of currency in their wallets.

Users have the opportunity to create smart contracts and tokens that can represent new, or pre-existing assets.

The ALGO Token Explained

ALGO is the native utility token for the entirety of the Algorand ecosystem and is used to pay for transactions as well as smart contract computations in a similar way as to the Ethereum blockchain for example. It is also used here however to support the operation of the Algorand network, where holders can earn passive income through network rewards.

The ALGO token is also used on DeFi applications which are built on Algorand alongside alternative blockchains through synthetic versions of the token, think along the lines of Wrapped ALGO which is an ERC-20 token.

Features of Algorand

The Algorand protocol is actually split into two layers. Layer 1 is used to run smart contracts, handle atomic swaps which are rapid peer-to-peer exchanges of cryptocurrency, and where the creation of new Algorand-based blockchain assets occurs. It is capable of running basic smart contracts, and to stack other functionality to them, Algorand uses Layer 2. This layer is capable of running larger, feature-filled smart contracts.

Discussing Pure Proof of Stake (PPoS), we first need to look at Proof-of-Stake. Validator nodes there are selected at random in order to confirm the transaction data within a block. The PPoS consensus algorithm by comparison takes advantage of a two-phase block production process which consists of proposing and voting.

Any member of the Algorand network has the opportunity to participate in the proposing and voting procedure. This is done through simply staking ALGO and generating a valid participation key in order to become a Participation Node. These nodes are coordinated through another type of node known as a Relay Node which facilitates the communication between the participation nodes.

In the proposal phase, a block leader Is selected, and that leader can propose the current block. This is done through the verifiable random function on Algorand. This leader is secretly assigned through their private participation key. The VRF supplies the cryptographic proof, and this allows the leader to easily prove its status as the current leader.

After the block proposal, we have the voting stage where the participation nodes will be randomly selected to a committee that is responsible to ensure that no double-spend or overspend issues occur at the current block. When a quorum is in agreement that everything is correct, the block is then added to the blockchain. However, if malicious intentions are noticed, the network goes to recovery mode and the block is discarded. Here a new leader will be elected.

Founders of Algorand (ALGO)

Discussing the founders of Algorand, it was founded by Silvio Micali, who works as a professor of computer science at the Massachusetts Institute of Technology. Other notable achievements include the Turing Award that he received in 2012 for the contributions he made to the theory as well as the practice of secure two-party computation, electronic cash, blockchain protocols, and even cryptocurrencies.

2. Price

$ALGO / USD

2.1. Market Performance

How does Algorand's (ALGO) performance compare to assets of a similar market capitalization?

30 Day Return

-2%

ALGO

-3%

Similar Market Cap

60 Day Return

-30%

ALGO

-24%

Similar Market Cap

1 Year Return

241%

ALGO

442%

Similar Market Cap

3. Developer Activity

We're monitoring 53 Github repos for the Algorand project.

Commits vs. The Market

  • Past 4 weeks: 96 commits vs. an average of 58
  • Past 12 weeks: 240 commits vs. an average of 244
  • Past year: 1,061 commits vs. an average of 1,512

Top Repos by Code Commits

Past week 25
Past 12 weeks 72
Past year 297
Past week 0
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Past year 104
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Past 12 weeks 66
Past year 96
Past week 0
Past 12 weeks 0
Past year 65
Past week 7
Past 12 weeks 14
Past year 64
Past week 2
Past 12 weeks 15
Past year 62
Past week 5
Past 12 weeks 8
Past year 57
Past week 7
Past 12 weeks 8
Past year 57
Past week 3
Past 12 weeks 7
Past year 44
Past week 0
Past 12 weeks 2
Past year 20
Past week 0
Past 12 weeks 0
Past year 16
4. Social Activity
Reddit Subscribers (algorand) 26,897
Active Reddit Users 213
Telegram Users 16,720
Twitter followers 112,025
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