How To Buy Algorand (ALGO)?
A common question you often see on social media from crypto beginners is “Where can I buy Algorand?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. Thanks to its massive popularity, you can now buy Algorand on most cryptocurrency exchanges, including Coinbase and Binance in 3 simple steps.
Step 1: Create an account on an exchange that supports Algorand (ALGO)
First, you will need to open an account on a cryptocurrency exchange that supports Algorand (ALGO).
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In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.
Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.
Step 2: Deposit funds into your account
Many cryptocurrency exchanges will allow you to purchase Algorand (ALGO) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.
Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.
Step 3: Buy Algorand (ALGO)
This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Algorand (ALGO) or Algorand (ALGO) trading pairs. Look for the section that will allow you to buy Algorand (ALGO), and enter the amount of the cryptocurrency that you want to spend for Algorand (ALGO) or the amount of fiat currency that you want to spend towards buying Algorand (ALGO). The exchange will then calculate the equivalent amount of Algorand (ALGO) based on the current market rate.
Note: Make sure to always double-check your transaction details, such as the amount of Algorand (ALGO) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.
For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out.
What Is Algorand (ALGO)?
Algorand is a self-sustaining, decentralized, blockchain-based network that supports a wide range of applications. These systems are secure, scalable and efficient, all critical properties for effective applications in the real world. Algorand will support computations that require reliable performance guarantees to create new forms of trust.
The Algorand mainnet became live in June 2019, and was able to handle almost 1 million transactions per day as of December 2020.
What are the benefits and Unique Selling Points of Algorand?
The heart of Algorand, and what makes it stick out, is its deceptively simple consensus mechanism that results in Pure Proof of Stake. This allows it to solve the “Blockchain Trilemma” as defined by Vitalik Buterin, co-founder of Ethereum and de-facto spokesperson. (For more on this part, refer to the section on Pure Proof-of-Stake.)
- Transactions per Second: ~1k (by end of 2021 -> 46k)
- Transaction Finality: ~4.5s (by end of 2021 -> ~2.5s)
- Transaction Cost: 1000 microAlgos/0.001 Algos, approximately $0.0015 or 0.15 cents (2021-05-14).
- Guaranteed to never fork!
- Layer 1 Smart Contracts, part of the consensus protocol
- Algorand Standard Assets being first-class citizens (Fungible & Non-Fungible Tokens)
- Carbon Neutrality
- Easy Staking
The combination of all of these properties makes Algorand uniquely suited for a number of applications.
Who Are the Founders of Algorand?
Silvio Micali is a professor of computer science at the Massachusetts Institute of Technology, and the founder of Algorand. He is a recipient of the Turing Award (in 2012) for his fundamental contributions to the theory and practice of secure two-party computation, electronic cash, cryptocurrencies and blockchain protocols. This makes him one of the foremost creators of crypto in the world.
In 2017, Professor Micali published the original Algorand paper alongside Professor Jing Chen (陈婧).
He has been on the faculty at MIT, Electrical Engineering and Computer Science Department, since 1983. Silvio’s research interests are cryptography, zero knowledge, pseudorandom generation, secure protocols, and mechanism design and blockchain. In particular, Silvio is the co-inventor of probabilistic encryption, Zero-Knowledge Proofs, Verifiable Random Functions and many of the protocols that are the foundations of modern cryptography.
What is the difference between Algorand Inc. and the Algorand Foundation?
The Algorand Foundation and Algorand Inc operate independently from each other.
- The Algorand Foundation: a not-for-profit, community organisation. Focuses on protocol governance and token dynamics, along with supporting grassroots, open-source development on the Algorand ecosystem.
- Algorand Inc: focuses on developing the Algorand Protocol on layer-1, and enabling Enterprise adoption of Algorand blockchain technology.
What is Algorand’s environmental impact?
Algorand is Carbon Neutral.
Algorand uses a specific kind of Proof-of-Stake (PoS) in its block proposal and consensus mechanism which makes it far more efficient that not just the wildly inefficient Proof-of-Work, but also other blockchains that rely on PoS.
Official website: https://www.algorand.com/