Algorand is a decentralized, open-source blockchain platform that was designed to solve many of the scalability, security, and decentralization challenges facing other blockchain networks. It was created by Turing Award-winning computer scientist Silvio Micali and was first introduced in a white paper in 2017. In this post we’ll explore the key features of Algorand and take a look at where to buy Algorand safely and with low fees.
Features of Algorand
One of the main features of Algorand is its use of a unique consensus algorithm called Pure Proof of Stake (PPoS).
This algorithm allows Algorand to achieve extremely high transaction throughput and low transaction fees while still maintaining a high level of security and decentralization.
In contrast to other proof of stake (PoS) algorithms, PPoS does not require users to lock up their tokens as collateral in order to participate in the consensus process. Instead, users can participate simply by holding Algorand tokens (ALGO) and are chosen to validate transactions based on the number of tokens they hold.
This means that Algorand is able to achieve a high level of decentralization without requiring users to sacrifice their tokens as collateral, which can be a barrier to entry for many users.
Algorand and Smart Contracts
Another key feature of Algorand is its ability to support smart contracts. Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code.
These contracts are stored on the blockchain and are automatically enforced, which allows for the automation of complex processes and the creation of decentralized applications (DApps).
In terms of scalability, Algorand is designed to be able to process thousands of transactions per second (TPS), which makes it significantly faster than other blockchain platforms like Bitcoin and Ethereum.
This high transaction throughput is made possible by Algorand’s use of a “layer 1” protocol, which means that it is able to process transactions directly on the main blockchain without the need for off-chain solutions like side chains or payment channels.
Algorand and Security
In addition to its scalability and smart contract capabilities, Algorand is also highly secure. It uses cryptographic techniques to ensure the integrity and immutability of the blockchain, and its PPoS consensus algorithm helps to prevent malicious actors from gaining control of the network.
Where to Buy Algorand (ALGO)
So where can you buy ALGO?
There are a few different options for purchasing ALGO, depending on your location and preferred payment method.
One most common ways to buy ALGO is through a cryptocurrency exchange.
There are many exchanges that offer ALGO trading, including Binance, Coinbase, and Kraken. To buy ALGO on an exchange, you’ll need to create an account, complete the necessary verification steps, and deposit funds using a supported payment method (e.g. bank transfer, credit card, etc.).
Once your funds are available, you can place an order to buy ALGO using the exchange’s trading platform.
At Coinesper, we recommend Coinmetro as a go-to exchange to buy ALGO. Coinmetro has excellent live support, low fees and super quick fiat on/off ramps.
In conclusion, Algorand is a decentralized, open-source blockchain platform that is designed to solve many of the scalability, security, and decentralization challenges facing other blockchain networks. Learn more on the Algorand website.