A new cryptocurrency called Algorand was released on June 18th, 2018, and its price has taken off like wildfire, increasing over 25% in less than two weeks to reach $3.52 on July 10th, according to CoinMarketCap. This trend continued, and Algo Coin Price reached $4.58 by July 16th, before falling slightly to around $3 again today, according to the coin market cap’s live Algorand chart.
Judgemental Approach Before You Opt for Any Trading Preference
So what does this mean for investors? Are we looking at an imminent cryptocurrency revolution? Or just another flash in the pan? Global crypto market investors are always immensely curious about the latest investment traits.
Algo is expecting a price of $2.6 to $3, which can be decisive. The market price is predicted to rise, showing a positive trend in the crypto asset market.
Algo’s high throughput of 1,600 transactions per second makes it a technological innovation that other networks cannot compete with.
Transactions will be instant and inexpensive when using Algo as a payment method. Participants can mine new coins or purchase them on major exchanges. The team behind Algo has made it their goal to put power back into the hands of participants, not miners like Bitcoin, who control the network and make all the decisions about transaction fees and what transactions get confirmed first.
How Typical Algo Blockchain System
Participants in the network participate in consensus and can vote on changes to the protocol. Algos system relies heavily on Byzantine Fault Tolerance (BFT), which allows nodes to vote without consensus; if more than 2/3 of participants do not agree with an action, then they reject it.
If more than half of the participants agree with an action, then it becomes verified. This provides greater security because no one person has complete authority over transactions, creating true decentralization within the network. This way, Algo could be considered a decentralized blockchain-based currency for the internet age.
Naturally, many people would worry about issues like 51% attacks or strategic collusion with Byzantine generals. However, Algo takes a proactive approach to solving these problems before they arise by following open standards and best practices.
One such strategy is providing off-chain interactions between external service providers and Algo so that users can use funds from their cryptocurrency wallet at the final moments of transaction verification. The funds are never at risk for potential hacking exploits now. Another proactive strategy is forming partnerships with credible entities that help maintain distributed ledgers for enterprises.
Hope For The Future Of Algo Trading
With solutions like this in place, Algo hopes to mitigate concerns around censorship, lack of governance, and regulation while eliminating the need for mining rigs.
Algo believes these two strategies offer a significant competitive advantage against traditional currencies. As expected from any start-up company trying to succeed in a space with huge competitors, some challenges exist.
For instance, scalability is still an issue for any blockchain project looking to scale globally. Only when scalable solutions are created and released publicly, existing protocols may need help with handling increasing volumes of transactions every day.
On the other hand, Algo is uniquely positioned to provide instant transactions across different platforms. Algo offers its token that can be traded on leading cryptocurrency exchanges like Binance and Bitfinex. By holding ALGO in your wallet and participating in the consensus process, you are rewarded with Algo’s native coin.
How Should You Take A Proper Action
Crypto experts have prognosticated that the Algo price will scatter around $1.4 by March 2023. The higher the Bitcoin prices, the more coins and tokens are being created. Algo coin will not be a competing crypto asset to Bitcoin but rather a solution to its problems.
In this regard, Algo has been issued the most excellent security credentials to ensure the immutability of transactions. Multiple trading assets, including APTUSDT, can be a major source of the fiscal stream through the channelized Blockchain system.
For investors who desire decentralization of their transactions and absolute privacy from intermediaries, Algo Coin might be the solution they’ve been waiting for all these years.
Experts in crypto assets have made predictions about the price of Algos, which range from $0.10 to $10, which is an enormous gap.