Algorand – a coin of the future or a weak project?
Do you know what is wonderful about the cryptoindustry? First of all, its diversity. While the classical economy continues to use outdated paper means, the digital industry is constantly offering something new. The so-called altcoins, that is, alternatives to Bitcoin, are gradually catching up with the first coin today. But even among altcoins, there is already a special hierarchy. First class coins like Ethereum, Ripple, and Litecoin hold most of the market, hiding tools like Algorand. It is an interesting cryptocurrency that some experts make huge predictions for. Let’s discuss this coin and its prospects.
Why are we talking about Algorand?
Among the thousands of altcoins for the review, we chose Algorand. The fact is that in recent days the value of the coin has grown by more than 30%. This is a phenomenal figure, especially in the current volatile situation. The unexpected increase in value is due to the fact that the coin entered the Coinbase cryptocurrency exchange. It is the largest platform in America, so it should come as no surprise that the coin has started to gain traction. The inclusion of crypto on Coinbase’s list of supported solutions instantly drew unprecedented attention to the coin. Large market players have started buying up huge amounts of digital assets. As a result, the capitalization of the coin reached $ 300 million. Not a bad indicator for a young project. At the time of this writing, the crypt costs about $ 0.351. Yes, not much yet. But growth is just beginning. Let’s delve into the project in more detail so that you can understand whether it is worth collaborating with Algorand or not.
More about the company
Give credit to the project, the firm looks far into the future. According to cryptocurrency developers, Proof of Work is the last century. Nobody wants to spend thousands of dollars on buying equipment anymore, everyone wants to immediately invest in coins. That is why Algorand is built on the Proof of Stake algorithm. The use of modern algorithms allows the company to take the speed of its own transfers, as well as the scalability of the system, to a completely new level. The cryptocurrency has good potential for further development. The project has already started cooperation with the well-known stablecoin USDC. Algorand developers were the first to implement USDC support in their own mobile offering, which speaks of their openness and desire to learn everything new. By the way, about the mobile application.
The solution for smartphones is distinguished by its own performance and convenience. Now everyone can keep track of their savings directly from the phone. All you need is the Internet. The company places great emphasis on business support, the company seeks to bring transfers between legal entities to a new level. It is based on the use of special smart contracts, which are provided with maximum mathematical protection.
There is no doubt about the reliability of the project. We say this with such confidence because, as you remember, Algorand tokens went to Coinbase. Before connecting a new digital asset to the exchange, the site specialists carefully check the documentation of the developer project. Experts reveal even minor problems and inaccuracies, because the American exchange values its reputation.
Is it worth working with Algorand?
So let’s answer the above question together. We cannot yet recommend investing all the capital in this coin. Young cryptocurrencies often stop developing. And, no matter how much they want to believe in the success of Algorand, we cannot exclude the possibility of closing the project. An excellent solution would be to buy some tokens and distribute your portfolio with them. Thus, it will be possible to join the young company, help it in its development, but at the same time not forget about its own benefit.
Invest wisely and follow all the news from the crypto industry with us. We publish only high-quality and interesting material. Thanks for your attention. Good luck!