What Is Algorand? A Crypto Guide

What Is Algorand? A Crypto Guide

When the vast majority of the population is unbanked, what are people to do when handling their money? For 60% of adults in sub-Saharan Africa, this is the unfortunate reality largely due to a lack of identity documents.

FlexID is stepping in with funding from Algorand, a blockchain protocol, to offer a solution. They aim to make a decentralized identity network. If you’re puzzled by this, do not fret.

Blockchain
Let’s take a step back and answer the question “what is Algorand?” Read our guide below to get the skinny on this emerging crypto.

What Is Algorand?

All Heading

Algorand is an open-source blockchain as well as a digital currency—ALGO. Much like Mastercard or Visa, Algorand praises itself for being able to process transactions rapidly.

If someone asks you, “what is Algorand?” you can respond with “it’s often seen as a direct competitor to Ethereum.” This is largely due to its ability to host many blockchain-based projects, other types of crypto, and the use of smart contracts.

The cryptocurrency consensus mechanism used in Algorand’s case is Pure Proof of Stake (PPoS). ALGO is capped at 10 billion coins.

Understanding Algorand

When pondering “what is Algorand?” you can see it as a scalable platform with the ability to finalize transactions immediately in a decentralized fashion.

This is done via relay nodes enabling paths of efficient communication. We also see participation notes getting in on the mix to vote and confirm new blocks.

Algorand vs Ethereum

One key difference between Algorand and Ethereum is that Ethereum uses Proof-of-Work (PoW). Soon, Ethereum will transition to Proof-of-Stake (PoS).
Algorand beats out Ethereum in the block time department by only taking about 4 seconds to process.

Ethereum

Algorand Ecosystem

There is a slew of projects in the decentralized finance (DeFi) space with Algorand. There are other types of crypto such as stablecoins and digital fiat.

Mining ALGO

You won’t be able to mine ALGO due to its PPoS consensus mechanism. It uses validators instead of miners for the operation of the blockchain network.

Buying ALGO

If you’d like to buy Algorand, you are free to do so. After purchasing, we recommend moving the funds to a non-custodial wallet for safe keeping.

You can do this either by downloading a wallet or picking up a cold storage wallet. Hot wallets are meant for everyday use while cold wallets are used for long-term storage.

Trading Crypto

Building Blocks

Now that we’ve answered the question, “what is Algorand?” what do you think? Time will tell how this blockchain and cryptocurrency hold up.

With any cryptocurrency investment, we advise you to do your own research (DYOR) and stay well informed. Study up on the team, community, and road map. Once you have a clearer picture, you’ll be able to make a wise decision.

As the cryptocurrency market changes rapidly, you’ll want to keep up. Lucky for you, you’re already in the right place. Check out our other posts to pique your interest.

No Responses

  1. Avatar for HarryAerot HarryAerot
    6 February 2024
    Your comment is awaiting moderation.
  2. Avatar for ConnorAerot ConnorAerot
    6 February 2024
    Your comment is awaiting moderation.
  3. Avatar for ThomasAerot ThomasAerot
    7 February 2024
    Your comment is awaiting moderation.
  4. Avatar for GeorgeAerot GeorgeAerot
    7 February 2024
    Your comment is awaiting moderation.
  5. Avatar for RobertAerot RobertAerot
    7 February 2024
    Your comment is awaiting moderation.
  6. Avatar for LiamAerot LiamAerot
    8 February 2024
    Your comment is awaiting moderation.
  7. Avatar for RichardAerot RichardAerot
    8 February 2024
    Your comment is awaiting moderation.
  8. Avatar for JoeAerot JoeAerot
    9 February 2024
    Your comment is awaiting moderation.
  9. Avatar for JacobAerot JacobAerot
    9 February 2024
    Your comment is awaiting moderation.
  10. Avatar for ThomasAerot ThomasAerot
    10 February 2024
    Your comment is awaiting moderation.
  11. Avatar for RichardAerot RichardAerot
    10 February 2024
    Your comment is awaiting moderation.
  12. Avatar for CharlieAerot CharlieAerot
    11 February 2024
    Your comment is awaiting moderation.
  13. Avatar for JamesAerot JamesAerot
    11 February 2024
    Your comment is awaiting moderation.
  14. Avatar for JamesAerot JamesAerot
    11 February 2024
    Your comment is awaiting moderation.
  15. Avatar for MichaelAerot MichaelAerot
    11 February 2024
    Your comment is awaiting moderation.
  16. Avatar for GeorgeAerot GeorgeAerot
    11 February 2024
    Your comment is awaiting moderation.
  17. Avatar for MasonAerot MasonAerot
    11 February 2024
    Your comment is awaiting moderation.
  18. Avatar for RichardAerot RichardAerot
    11 February 2024
    Your comment is awaiting moderation.
  19. Avatar for LiamAerot LiamAerot
    12 February 2024
    Your comment is awaiting moderation.
  20. Avatar for DavidAerot DavidAerot
    12 February 2024
    Your comment is awaiting moderation.
  21. Avatar for CallumAerot CallumAerot
    12 February 2024
    Your comment is awaiting moderation.
  22. Avatar for CharlieAerot CharlieAerot
    12 February 2024
    Your comment is awaiting moderation.
  23. Avatar for JoeAerot JoeAerot
    12 February 2024
    Your comment is awaiting moderation.
  24. Avatar for MasonAerot MasonAerot
    13 February 2024
    Your comment is awaiting moderation.
  25. Avatar for ConnorAerot ConnorAerot
    13 February 2024
    Your comment is awaiting moderation.
  26. Avatar for ThomasAerot ThomasAerot
    13 February 2024
    Your comment is awaiting moderation.
  27. Avatar for CharlesAerot CharlesAerot
    15 February 2024
    Your comment is awaiting moderation.
  28. Avatar for AlexanderAerot AlexanderAerot
    15 February 2024
    Your comment is awaiting moderation.
  29. Avatar for MasonAerot MasonAerot
    16 February 2024
    Your comment is awaiting moderation.
  30. Avatar for JacobAerot JacobAerot
    17 February 2024
    Your comment is awaiting moderation.
  31. Avatar for LiamAerot LiamAerot
    17 February 2024
    Your comment is awaiting moderation.
  32. Avatar for JohnAerot JohnAerot
    17 February 2024
    Your comment is awaiting moderation.
  33. Avatar for ThomasAerot ThomasAerot
    17 February 2024
    Your comment is awaiting moderation.
  34. Avatar for DavidAerot DavidAerot
    18 February 2024
    Your comment is awaiting moderation.
  35. Avatar for JamesAerot JamesAerot
    18 February 2024
    Your comment is awaiting moderation.
  36. Avatar for JohnAerot JohnAerot
    18 February 2024
    Your comment is awaiting moderation.
  37. Avatar for ThomasAerot ThomasAerot
    18 February 2024
    Your comment is awaiting moderation.
  38. Avatar for HarryAerot HarryAerot
    19 February 2024
    Your comment is awaiting moderation.
  39. Avatar for JacobAerot JacobAerot
    19 February 2024
    Your comment is awaiting moderation.
  40. Avatar for RobertAerot RobertAerot
    19 February 2024
    Your comment is awaiting moderation.
  41. Avatar for HarryAerot HarryAerot
    19 February 2024
    Your comment is awaiting moderation.
  42. Avatar for JoeAerot JoeAerot
    20 February 2024
    Your comment is awaiting moderation.
  43. Avatar for MasonAerot MasonAerot
    20 February 2024
    Your comment is awaiting moderation.
  44. Avatar for HarryAerot HarryAerot
    20 February 2024
    Your comment is awaiting moderation.
  45. Avatar for LiamAerot LiamAerot
    20 February 2024
    Your comment is awaiting moderation.
  46. Avatar for DanielAerot DanielAerot
    22 February 2024
    Your comment is awaiting moderation.
  47. Avatar for ThomasAerot ThomasAerot
    22 February 2024
    Your comment is awaiting moderation.
  48. Avatar for RobertAerot RobertAerot
    22 February 2024
    Your comment is awaiting moderation.
  49. Avatar for AlexanderAerot AlexanderAerot
    22 February 2024
    Your comment is awaiting moderation.
  50. Avatar for JoeAerot JoeAerot
    23 February 2024
    Your comment is awaiting moderation.
  51. Avatar for JamesAerot JamesAerot
    23 February 2024
    Your comment is awaiting moderation.
  52. Avatar for MichaelAerot MichaelAerot
    23 February 2024
    Your comment is awaiting moderation.
  53. Avatar for RichardAerot RichardAerot
    24 February 2024
    Your comment is awaiting moderation.
  54. Avatar for JohnAerot JohnAerot
    25 February 2024
    Your comment is awaiting moderation.
  55. Avatar for MichaelAerot MichaelAerot
    25 February 2024
    Your comment is awaiting moderation.
  56. Avatar for JacobAerot JacobAerot
    25 February 2024
    Your comment is awaiting moderation.
  57. Avatar for JamesAerot JamesAerot
    26 February 2024
    Your comment is awaiting moderation.
  58. Avatar for RhysAerot RhysAerot
    26 February 2024
    Your comment is awaiting moderation.
  59. Avatar for JacobAerot JacobAerot
    27 February 2024
    Your comment is awaiting moderation.
  60. Avatar for JosephAerot JosephAerot
    27 February 2024
    Your comment is awaiting moderation.
  61. Avatar for CharlieAerot CharlieAerot
    27 February 2024
    Your comment is awaiting moderation.
  62. Avatar for ConnorAerot ConnorAerot
    27 February 2024
    Your comment is awaiting moderation.
  63. Avatar for JamesAerot JamesAerot
    28 February 2024
    Your comment is awaiting moderation.
  64. Avatar for RichardAerot RichardAerot
    28 February 2024
    Your comment is awaiting moderation.
  65. Avatar for WilliamAerot WilliamAerot
    28 February 2024
    Your comment is awaiting moderation.
  66. Avatar for ReeceAerot ReeceAerot
    28 February 2024
    Your comment is awaiting moderation.
  67. Avatar for JamesAerot JamesAerot
    29 February 2024
    Your comment is awaiting moderation.
  68. Avatar for JamesAerot JamesAerot
    29 February 2024
    Your comment is awaiting moderation.
  69. Avatar for DavidAerot DavidAerot
    29 February 2024
    Your comment is awaiting moderation.
  70. Avatar for WilliamAerot WilliamAerot
    1 March 2024
    Your comment is awaiting moderation.
  71. Avatar for ReeceAerot ReeceAerot
    1 March 2024
    Your comment is awaiting moderation.
  72. Avatar for OscarAerot OscarAerot
    2 March 2024
    Your comment is awaiting moderation.
  73. Avatar for CallumAerot CallumAerot
    2 March 2024
    Your comment is awaiting moderation.
  74. Avatar for RichardAerot RichardAerot
    2 March 2024
    Your comment is awaiting moderation.
  75. Avatar for JacobAerot JacobAerot
    2 March 2024
    Your comment is awaiting moderation.
  76. Avatar for ReeceAerot ReeceAerot
    3 March 2024
    Your comment is awaiting moderation.
  77. Avatar for RichardAerot RichardAerot
    3 March 2024
    Your comment is awaiting moderation.
  78. Avatar for ThomasAerot ThomasAerot
    6 March 2024
    Your comment is awaiting moderation.
  79. Avatar for JohnAerot JohnAerot
    6 March 2024
    Your comment is awaiting moderation.
  80. Avatar for JosephAerot JosephAerot
    6 March 2024
    Your comment is awaiting moderation.
  81. Avatar for EthanAerot EthanAerot
    7 March 2024
    Your comment is awaiting moderation.
  82. Avatar for CallumAerot CallumAerot
    7 March 2024
    Your comment is awaiting moderation.
  83. Avatar for JacobAerot JacobAerot
    7 March 2024
    Your comment is awaiting moderation.
  84. Avatar for CallumAerot CallumAerot
    7 March 2024
    Your comment is awaiting moderation.
  85. Avatar for EthanAerot EthanAerot
    8 March 2024
    Your comment is awaiting moderation.
  86. Avatar for ReeceAerot ReeceAerot
    8 March 2024
    Your comment is awaiting moderation.
  87. Avatar for WilliamAerot WilliamAerot
    8 March 2024
    Your comment is awaiting moderation.
  88. Avatar for ReeceAerot ReeceAerot
    9 March 2024
    Your comment is awaiting moderation.
  89. Avatar for CharlieAerot CharlieAerot
    9 March 2024
    Your comment is awaiting moderation.
  90. Avatar for CharlesAerot CharlesAerot
    9 March 2024
    Your comment is awaiting moderation.
  91. Avatar for JamesAerot JamesAerot
    9 March 2024
    Your comment is awaiting moderation.
  92. Avatar for JacobAerot JacobAerot
    10 March 2024
    Your comment is awaiting moderation.
  93. Avatar for WilliamAerot WilliamAerot
    10 March 2024
    Your comment is awaiting moderation.
  94. Avatar for RhysAerot RhysAerot
    10 March 2024
    Your comment is awaiting moderation.
  95. Avatar for MichaelAerot MichaelAerot
    11 March 2024
    Your comment is awaiting moderation.
  96. Avatar for JamesAerot JamesAerot
    12 March 2024
    Your comment is awaiting moderation.
  97. Avatar for CharlesAerot CharlesAerot
    13 March 2024
    Your comment is awaiting moderation.
  98. Avatar for ThomasAerot ThomasAerot
    13 March 2024
    Your comment is awaiting moderation.
  99. Avatar for ConnorAerot ConnorAerot
    13 March 2024
    Your comment is awaiting moderation.
  100. Avatar for MichaelAerot MichaelAerot
    14 March 2024
    Your comment is awaiting moderation.
  101. Avatar for OscarAerot OscarAerot
    14 March 2024
    Your comment is awaiting moderation.
  102. Avatar for JoeAerot JoeAerot
    15 March 2024
    Your comment is awaiting moderation.
  103. Avatar for MasonAerot MasonAerot
    15 March 2024
    Your comment is awaiting moderation.
  104. Avatar for MichaelAerot MichaelAerot
    16 March 2024
    Your comment is awaiting moderation.
  105. Avatar for CharlesAerot CharlesAerot
    16 March 2024
    Your comment is awaiting moderation.
  106. Avatar for WilliamAerot WilliamAerot
    16 March 2024
    Your comment is awaiting moderation.
  107. Avatar for CharlieAerot CharlieAerot
    17 March 2024
    Your comment is awaiting moderation.
  108. Avatar for JohnAerot JohnAerot
    17 March 2024
    Your comment is awaiting moderation.
  109. Avatar for JacobAerot JacobAerot
    17 March 2024
    Your comment is awaiting moderation.
  110. Avatar for HarryAerot HarryAerot
    17 March 2024
    Your comment is awaiting moderation.
  111. Avatar for RichardAerot RichardAerot
    18 March 2024
    Your comment is awaiting moderation.
  112. Avatar for ThomasAerot ThomasAerot
    18 March 2024
    Your comment is awaiting moderation.
  113. Avatar for ThomasAerot ThomasAerot
    18 March 2024
    Your comment is awaiting moderation.
  114. Avatar for JohnAerot JohnAerot
    19 March 2024
    Your comment is awaiting moderation.
  115. Avatar for JacobAerot JacobAerot
    19 March 2024
    Your comment is awaiting moderation.
  116. Avatar for ReeceAerot ReeceAerot
    21 March 2024
    Your comment is awaiting moderation.
  117. Avatar for HarryAerot HarryAerot
    21 March 2024
    Your comment is awaiting moderation.
  118. Avatar for DamianAerot DamianAerot
    21 March 2024
    Your comment is awaiting moderation.
  119. Avatar for CharlesAerot CharlesAerot
    22 March 2024
    Your comment is awaiting moderation.
  120. Avatar for ReeceAerot ReeceAerot
    22 March 2024
    Your comment is awaiting moderation.
  121. Avatar for AlexanderAerot AlexanderAerot
    22 March 2024
    Your comment is awaiting moderation.
  122. Avatar for JamesAerot JamesAerot
    23 March 2024
    Your comment is awaiting moderation.
  123. Avatar for ConnorAerot ConnorAerot
    24 March 2024
    Your comment is awaiting moderation.
  124. Avatar for JosephAerot JosephAerot
    24 March 2024
    Your comment is awaiting moderation.
  125. Avatar for ReeceAerot ReeceAerot
    24 March 2024
    Your comment is awaiting moderation.
  126. Avatar for MichaelAerot MichaelAerot
    25 March 2024
    Your comment is awaiting moderation.
  127. Avatar for GeorgeAerot GeorgeAerot
    25 March 2024
    Your comment is awaiting moderation.
  128. Avatar for JacobAerot JacobAerot
    25 March 2024
    Your comment is awaiting moderation.
  129. Avatar for MichaelAerot MichaelAerot
    26 March 2024
    Your comment is awaiting moderation.
  130. Avatar for JacobAerot JacobAerot
    26 March 2024
    Your comment is awaiting moderation.
  131. Avatar for OscarAerot OscarAerot
    27 March 2024
    Your comment is awaiting moderation.
  132. Avatar for WilliamAerot WilliamAerot
    27 March 2024
    Your comment is awaiting moderation.
  133. Avatar for JoeAerot JoeAerot
    27 March 2024
    Your comment is awaiting moderation.
  134. Avatar for DavidAerot DavidAerot
    29 March 2024
    Your comment is awaiting moderation.
  135. Avatar for CharlieAerot CharlieAerot
    29 March 2024
    Your comment is awaiting moderation.
  136. Avatar for HarryAerot HarryAerot
    30 March 2024
    Your comment is awaiting moderation.
  137. Avatar for ReeceAerot ReeceAerot
    31 March 2024
    Your comment is awaiting moderation.
  138. Avatar for ConnorAerot ConnorAerot
    1 April 2024
    Your comment is awaiting moderation.
  139. Avatar for ConnorAerot ConnorAerot
    1 April 2024
    Your comment is awaiting moderation.
  140. Avatar for JackAerot JackAerot
    1 April 2024
    Your comment is awaiting moderation.
  141. Avatar for ReeceAerot ReeceAerot
    2 April 2024
    Your comment is awaiting moderation.
  142. Avatar for JoeAerot JoeAerot
    3 April 2024
    Your comment is awaiting moderation.
  143. Avatar for JosephAerot JosephAerot
    4 April 2024
    Your comment is awaiting moderation.
  144. Avatar for CharlieAerot CharlieAerot
    4 April 2024
    Your comment is awaiting moderation.
  145. Avatar for LiamAerot LiamAerot
    6 April 2024
    Your comment is awaiting moderation.