With the majority of altcoins experiencing a strong rise in the trading price, cryptocurrencies such as Frontier, Algorand, Serum, Presearch, Ryadium, Cosmos, NEAR are outperforming.
One of the most recent highlights was Algorand, which hit a one-year high of $ 2.48, rising 78% against the dollar in a week, 145% in a month, and 473% on an annual basis. It is worth noting that $ ALGO is trading at a 73% discount from the $ 3.25 high it reached on June 22, 2019.
Algorand is a scalable, secure, and decentralized blockchain protocol that supports smart contracts. Its protocol uses a variant of the Proof-of-Stake (PoS) consent algorithm called Pure PoS (PPoS) to secure the network and reach a consensus on the production of a new blockchain.
Unlike other PoS models, PPoS does not reward, nor does it risk authentication or user funds being compensated (loss of funds used to promote the honest behavior of nodes and users).
Algorand intends to ultimately leverage PPoS design to form the basis for a decentralized protocol governance system.
Algorand is characterized by the high transaction speeds it can achieve, created by computer scientist Silvio Micali.
While there is fierce competition for blockchain platforms using smart contracts that try to compete with and dethrone Ethereum as the leading network for dapps, DeFi and NFT – some of them have particular potential.
One of them is undoubtedly Algorand. $ ALGO with $ 12.77 billion in market capitalization is in 14th place in the cryptocurrency market capitalization table.
Despite the rise, it is almost halfway to the recent increase in Solana, which we wrote about here. The price of Algorand has not been so high since the coin was issued in June 2019.
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🔥 Disclaimer: Everything expressed in this video is a personal opinion provided for entertainment value only. I am not a professional nor a financial advisor. These are not instructions, suggestions, nor directions as to how to handle your money. Please, always do your own due diligence.