Algorand Has Rallied 600% This Year—What Has Fueled These Gains?
The price of algo, the token for the Algorand platform, has risen sharply this year, climbing higher as this network benefits from rising adoption and widespread visibility.
Algorand price
(ALGO)
Share
Share
$2.12
+5.88%
Market stats
$11.4B
$910.3M
5.4B ALGO
46 days
#13
About Algorand
Algorand is a cryptocurrency and blockchain protocol that aims to be simultaneously scalable, secure, and decentralized. It uses a consensus algorithm called pure proof-of-stake.
How it works
Algorand nodes reach consensus about what should appear in the blockchain through a process called PPoS (or “Pure Proof of Stake”) — which uses a staking system (instead of a Proof of Work mining system like Bitcoin’s) to verify new transactions and produce new crypto tokens.
Algorand network participants (or nodes) are able to stake some of their ALGO in exchange for the chance to be randomly selected to propose a new block of verified transaction. The winner is awarded new ALGO.
Keep in mind
PPoS systems like Algorand’s are more efficient than Proof of Work blockchains like Bitcoin in terms of electricity consumption, because they don’t rely on thousands of miners spending energy to solve cryptographic puzzles for the chance to win a block reward and earn transaction fees.
Released: September 2018
Algorand is on the rise this week.
The price of Algorand has risen by 6.15% in the past 7 days. The price increased by 5.88% in the last 24 hours. In just the past hour, the price grew by 0.36%. The current price is $2.1177 per ALGO. Algorand is 35.44% below the all time high of $3.28.The current circulating supply is 5,386,313,316.746 ALGO.Top stories
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