Algorand Blockchain Technology: Empowering a RELIABLE AND LIfe changing Global Ecosystem IN 2024

Algorand is a decentralized blockchain network. The objective of ALGO is to provide a scalable, decentralized, and secure infrastructure. ALGO was launched in 2019 by Silvio Micali, a Turing Award-winning computer scientist and professor at MIT. ALGO employs a novel pure proof-of-stake (PPoS) consensus process that randomly picks validators based on their stake to propose and validate new blocks. This technique promises to reach high transaction speeds of over 1000 transactions per second and finality in less than 5 seconds. 

The success of ALGO can be seen in that ALGO has partnered with over 500 initiatives and organizations, including Circle, Chainlink, and Societe Generale. The platform is specifically designed for financial applications, decentralized finance (DeFi), fintech, and the creative economy.

Tokenomics

ALGO is crucial inside the Algorand ecosystem, used for funding all transactions on the blockchain, including payments, smart contract generation, staking, DeFi, NFTs, and apps. Algorand has a market cap of around $1.6 billion. This impressive market cap has allowed ALGO to be seen as one of those cryptocurrencies whose claims are not to be taken lightly. Having a fully diluted market cap of nearly $2 billion also helps with that fact. Algorand has a maximum supply of 10 billion. ALGO also boasts a total supply of the same number. 

Although its circulating supply is approximately 8.2 billion, ALGO is intended to be resistant to inflation. With a maximum quantity of 10 billion ALGO, 78% of ALGO is currently in circulation, restricting future inflation to no more than 22%. ALGO is crucial inside the Algorand ecosystem, used for funding all transactions on the blockchain, including payments, smart contract generation, staking, DeFi, NFTs, and apps.

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Token Distribution

Algorand held an Initial Coin Offering (ICO) in 2019, with tokens priced at $2.4 apiece and a total of 10 billion ALGO tokens issued. There are now 8,001,157,346 ALGO tokens in circulation, with a maximum supply of 10,000,000,000 ALGO. ALGO holders can earn rewards through staking without the need to lock their coins, fostering widespread participation in the network.

Algorand Foundation

The Algorand Foundation is a non-profit organization dedicated to the development and expansion of the Algorand ecosystem. Launched in 2019 alongside the Algorand blockchain, the Foundation is responsible for:

  • Managing award funding for the Algorand protocol.
  • Conducting cryptographic research to improve the network.
  • Overseeing the on-chain governance and decentralization of Algorand nodes.
  • Supporting developer education through its Global University Programme at institutions like MIT and UC Berkeley.
  • Sponsoring blockchain events, hackathons, educational classes, and certifications.
  • Launching accelerator programs to assist ongoing projects and developers building on Algorand.

CEO Staci Warden leads the Algorand Foundation. While the Foundation controls the ecosystem, Algorand Inc., a for-profit firm, oversees the basic development of the protocol.

As a big holder of ALGO tokens, the Foundation uses its position to fund its activities and contribute to the Algorand network’s growth. The Algorand Foundation’s many projects seek to increase acceptance, stimulate innovation, and assure the long-term viability of the Algorand blockchain.

Price Analysis

ALGO’s current price is $0.1943, representing a 1.83% increase in the last 24 hours and a 0.80% increase in the past 7 days. The cryptocurrency has a circulating supply of 8.2 billion ALGO and a market cap of $1.59 billion. The all-time high price of Algorand (ALGO) is $3.56, recorded on June 20, 2019. Recorded on September 11, 2023, the all-time low price of ALGO is $0.087513.

Price Prediction 

Short-term prediction (2024): The average price of ALGO is expected to be around $0.21, with a range of $0.19 to $0.22.

Long-term prediction (2024): The average price of ALGO is predicted to be around $0.39, with a range of $0.31 to $0.47.

Long-term prediction (2025): The average price of ALGO is forecasted to be around $0.81, with a range of $0.65 to $0.97.

Long-term prediction (2030): The average price of ALGO is expected to be around $0.7, with a range of $0.4 to $1.

Exchange Listings

Following are some exchange listings that have listed the ALGO coin:

Binance: Binance is the largest cryptocurrency exchange by trading volume and offers ALGO trading. It has the highest 24-hour trading volume, most monthly visitors, and a high trust score for Algorand.

Digifinex: Digifinex is another centralized exchange that supports ALGO trading. It has a significant 24-hour trading volume and monthly visitors, as well as a good trust score.

MEXC: MEXC is a centralized exchange that lists a very large number of cryptocurrencies, including ALGO. It has a high trading volume and a strong trust score.

Road Map

The Algorand Foundation has presented a technological roadmap for 2024, which includes five key enhancements to improve the network’s speed, decentralization, and usability. These enhancements are intended to address issues and improve the overall experience for users and developers. Here are the main points of the roadmap:

  • Dynamic Round Times (DRT): The first upgrade, which went into effect on January 17, 2024, focuses on increasing network performance by reducing block times to less than three seconds.
  • Consensus Incentivization: This upgrade aims to incentivize consensus participation, which should lead to a more decentralized network.
  • P2P Gossip Network: Algorand will shift from a relay structure to a P2P Gossip Network, similar to Bitcoin and other major chains, to further decentralize the network.
  • AlgoKit 2.0: This upgrade will bring Python support to Algokit 2.0, making it easier for developers to create protocols on the chain.
  • Non-Archival Relay Nodes: The final upgrade will eliminate non-archival relay nodes, further improving the network’s efficiency and reducing operational costs.

These upgrades are expected to significantly enhance the performance and usability of the Algorand network, making it more competitive in the Layer 1 blockchain space.

Final Thought’s

Algorand can process around 6,000 transactions per second with finality in under 4 seconds. Also, ALGP fees are consistently around 0.001 ALGO per transaction, which is extremely low compared to other blockchains. Moreover, Algorand is a carbon-negative blockchain, using a proof-of-stake consensus mechanism that is much more energy-efficient than proof-of-work  Algorand also supports a variety of programming languages and has a growing ecosystem of decentralized applications. Considering all these facts, one can safely assume ALGO to be one of the most ideal cryptocurrencies to invest in but like always caution must be taken before making any investment and individual research must be done.

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