Algo (ALGO) is the native token of the Algorand network. Algo serves as a store of value and can be staked to facilitate consensus on the Algorand blockchain. According to the website, Algorand is “a fully decentralized, secure, and scalable blockchain which provides a common platform for building products and services for a borderless economy.”
Algorand Inc. is an open-source software company founded in 2017 by cryptographer and MIT Professor, Silvio Micali. Micali is co-inventor of several of the protocols that underpin much of modern cryptography such as Zero-Knowledge Proofs, probabilistic encryption, and Verifiable Random Functions. At Algorand, Micali leads the research team. Algorand is led by CEO, Steve Kokinos. Before coming on board in 2018, Kokinos was co-founder and Executive Charmain of Fuze, a global cloud-based unified communications platform.
The Algorand team believes that proof-of-work (PoW) and delegated proof-of-stake (DPoS) systems are vulnerable to attack because they can easily become centralized. Instead, the project created and uses a consensus mechanism called pure proof-of-stake (PPoS). With the PPoS algorithm, all users are randomly, anonymously, and consistently selected to partake in the Algorand consensus protocol. New blocks are created in two phases. First, a single token holder is randomly chosen to propose the next block. Afterward, 1,000 other token holders are randomly and anonymously selected to be part of a “committee” to approve the block proposed by the user in step one. If there is consensus with the new block, it gets added to the blockchain. All online token holders have the opportunity to be selected to propose and to vote. The probability of a specific user being chosen is directly proportional to how many Algos they have staked.
In February 2018, Algorand received $4 million in seed funding from venture capital firms Pillar and Union Square Ventures. In October 2018, the company raised an additional $62 million to fund protocol development. According to the press release, “The $62M comes from a broad global investment group representing the venture capital, cryptocurrency, and financial services communities.”
The total max supply of Algos is stated to be 10 billion. All 10 billion tokens were minted in the genesis block. The Algorand Foundation will distribute Algo tokens via a series of Dutch Auctions (a sale where the price is progressively reduced until a buyer is found). The first auction was conducted on June 19th, 2019 where 25 million tokens were sold raising $60 million. The foundation will continue to conduct regular public auctions with a total auction supply of up to 600 million Algos per year over the next five years until the circulating supply hits 10 billion.
At the time of this writing, Algorand is headquartered in Boston, Massachusetts.Read More
Algorand is currently trading at $0.276123, which is up 7% over the last 24 hours; its market cap is $119.13M. 24 hour volume is $85.23M. It has a market cap rank of 1 with a circulating supply of 431,422,364. Algorand is traded on 0 exchanges. Algorand had an all-time high of $4.7923 5 months ago. Over the last 24 hours, Algorand has had 3% transparent volume.