Algorand - Thoughts And Comparisons On A Cryptocurrency
Compiled 2/20/2021
Algorand - Thoughts And Comparisons On A Cryptocurrency
Founded by Silvio Micali, Algorand is a pure proof of stake cryptocurrency. Bitcoin, Dogecoin, and Ether (at the time of this writing) are proof of work. Proof or Work means miners need to solve cryptographic algorithms to verify transactions. In Pure Proof of Stake, Owners of the coin can stake their ownership and randomly be chosen to verify transactions.
Total Amount of Crypto Possible
Algorand – 10 billion Algos
Ethereum – 112 Million Ether
Bitcoin – 21 Million Bitcoin
Estimated Transaction Time As of February 2021
Algorand – less than 5 seconds
Ethereum – Average 5 minutes
Bitcoin – Average 10 minutes
Average Transaction Fee As of February 2021
Algorand - .001 Algo - < $0.01
Ethereum - .011 Eth - $21 = gas limit * gas price
Bitcoin - $23.97
Algorand does allow smart contracts and Atomic Transfers (useful for Decentralized Exchanges). You can create your own digital assets on the Algorand block chain. They are called Algorand Standard Assets or ASA for short. You can buy Algorand on Coinbase, Kraken, and Binance.
Disclamer, I own 200 Algo at the time of this writing. I don't see Algorand reaching price levels like bitcoin or ethereum due to the large large supply of Algo. Almost 1.8 Billion Algo is currently circulating with 10 Billion total to be released. But I do think this is a good thing. Bitcoin and Ethereum are currently being used more as a store of wealth and price speculation. This is fine, but I want to see blockchains be used for more.
DUST technology is a company that uses microscopic diamonds to verify their supply chains. Dust is using the Algorand blockchain to help with this process. You can see more real word uses of the Algorand blockchain here. Use Cases
Official Site Algorand.comAlgorand Developer Site – Information on DApps, ASA, smart contracts, TEAL, and more.
developer.algorand.orgSocial Media Links