December 03, 2021 |James Messi
Beaxy Exchange adds support for Algorand (ALGO) deposits, withdrawals, and trading for ALGO-BTC. Algo is the native token of the Algorand Pure Proof of Stake (PPoS) blockchain ecosystem.
What is Algorand?
Algorand is a decentralized, self-sufficient blockchain protocol with support for a wide array of decentralized applications. The Algorand blockchain focuses on the vital aspects of a network that promote the development of decentralized applications for real world use cases. Including security, scalability, transaction fees, and throughput. Algorand aims to institute consensus mechanisms that ensure reliable performance to produce innovative forms of digital trustlessness.
Like many modern blockchain protocols, Algorand was built to increase the efficiency, speed, and throughput of transactions on a decentralized network. By utilizing permissionless pure proof-of-stake, Algorand can facilitate transactions with low fees while eliminating the need for high energy costs by miners as they are replaced with stakers that secure the blockchain.
A Blockchain for Developers
Algorand is building a blockchain that is universally accessible. The broader ecosystem is reinforced by Alogrand’s technological support for the most popular blockchain products including smart contracts, cryptocurrencies, and decentralized applications.
Developers can leverage the Algorand Standards Assets (ASA) protocol to more efficiently build digital assets for utility, governance, non-fungible tokens (NFTs), and tokenized version of real assets. These assets can be quickly and seamlessly developed on Algorand’s layer-1 base chain. Algoran’s layer-1 infrastructure is noted for its genuine decentralization, fast transactions, and strong security parameters.
On Algorand, developers can conveniently launch a digital product on its base layer chain by submitting a single transaction. Assets that are developed on Algorand are highly customizable. Algorand is cost effective for developers. Following the ASA framework, products developed on Algorand can be maintained or updated with near-zero fees.
How Algorand Solves the Blockchain Trilemma
The blockchain trilemma has been a topic of debate since the launch of the Bitcoin blockchain back in 2009. The blockchain trilemma describes an ongoing challenge whereby a blockchain typically needs to sacrifice in terms of security and decentralization in order to achieve greater scalability.
Algorand contends that its use of a pure proof of stake (PPoS) consensus algorithm provides the blockchain with a level of scalability, security, and decentralization that solves the age-old blockchain trilemma.
Algorans’s pure proof of stake consensus algorithm is conducive to building out a scalable ecosystem with enough power to drive web 3.0 platforms. Algorand’s 1,200 transaction per second (tps) throughput is expected to increase to nearly 3,000 tps. Additionally, a feature that is being referred to as ‘block pipelining’ can potentially raise the blockchain’s tps to an impressive 45,000 tps.
The Algorand blockchains solves for network congestion issues through its deployment of instant finality. Block’s are generated every five seconds on Algorand. Quick block creation and transaction finality greatly reduces and even prevents counterparty risk throughout the Algorand ecosystem.
Highlighting Algoran’s security is the pure proof of stake consensus protocol. PPoS ebables Algorand to maintain a blockchain that can not be forked under any circumstances. This is particularly advantageous for NFT creators and collectors and provides a top-tier level of security.
Low transaction costs
The modern global financial system requires many intermediary and third-party participants in order to function properly. Each of these intermediaries along the way collects an additional fee for the service that they provide in between you and your money transfer. All of these additional costs are ultimately passed down to you, the end user. Algorand was built with this in mind, eliminating intermediaries and facilitating low-cost transactions that are competitive with the top ‘low-fee’ blockchains.
ALGO: The Token
At the time of writing, the ALGO token has a market capitalization of $16.6 billion. There are currently 6,251,568,31 ALGO tokens in the circulating supply. The maximum future supply is set at 10,000,000,000 ALGO. Global daily volume typically falls in a range of $500 million to $1 billion. The all-time low price for ALGO was made at $0.10 on March 13, 2020. The all-time high for ALGO was hit at $3.28 on June 21st, 2019.
Trading ALGO on Beaxy Exchange
Trading ALGO has never been easier. Seamlessly convert BTC to ALGO when you sign up on Beaxy Exchange. Create your account today to buy, sell, or trade ALGO on a secure exchange with low fees.
On average, Beaxy Exchange traders complete KYC in five minutes or less. The cryptocurrency that you hold on Beaxy is protected by Curv’s multi-party computation (MPC) security model. Fiat currency holdings are backed by FDIC insurance up to $250,000 per account.
Creating your Beaxy account to:
- Buy, sell, or trade dozens of digital assets
- Access automated indicators like Signals
- Become an algorithmic trader with Gunbot, Hummingbot, Autonio, and more
- Double your stack when you opt-in to the Deposit Bonus program