Algo Crypto: A Smart Investment Decision?

Algorand (ALGO) is a mid-ranked cryptocurrency coin with a present value of $0.133718 and a market capitalization of $1,094,007,780. It is a pure proof-of-stake blockchain protocol that ensures a secure, scalable, and decentralized platform for transactions. It was founded by Silvio Micali, an MIT professor, and is backed by a team of academics, business professionals, and marketers. Algorand hosted a Dutch auction ICO in June 2019, raising $60 million by selling 25 million tokens at $2.40 each. As of January 2021, it is the 50th largest cryptocurrency with a market capitalization of $836 million. Algorand has strong fundamentals and a promising future, making it a good investment option for those looking for medium-risk opportunities.

Algo crypto's performance since its ICO

Algorand (ALGO) is a mid-ranked cryptocurrency coin with a present value of $0.133718 and a market capitalization of $1,094,007,780. In June 2019, Algorand hosted an auction ICO and earned over $60,000,000 by selling 25,000 tokens at $2.40 each. However, the token price dropped to $0.393337 by September 1, 2019, and the coin was ranked 47th based on a $113 million market capitalization.

In 2021, after a bearish trend, the exchange value of ALGO was $2.10, but the price improved as the token led an upward path. The price of ALGO was predicted to increase if Algorand focused on developing its platform and optimizing its apps. The maximum ALGO price was projected to be $3 by the end of 2021.

In 2022, Algorand started trading at $5 per token, and it was predicted that the team's focus on enhancing the protocol and user base could push the digital currency to $10 by the end of the year.

Looking further ahead, it is expected that ALGO will emerge on several trading platforms over the next five years, and the price is projected to increase. With partnerships and community initiatives, the platform can draw in users and marketers. Improved security and a focus on accountability are also crucial for the platform's long-term success. By the end of 2025, ALGO is expected to trade at $22.

Algorand's performance has been mixed, with periods of dramatic price increases and decreases. At the time of writing, the value of 1 ALGO is around $1.14, with a 1.37% price drop in the last 24 hours. Despite the volatility, some analysts consider ALGO a promising investment for the long term.

Algorand's team and partners

Algorand was founded by Silvio Micali, a renowned MIT cryptography expert and Turing Award-winning cryptographer. The team behind Algorand is mainly composed of academics and scholars, with a focus on business and marketing. The Algorand Foundation, which supports the growth of the Algorand blockchain, has also formed partnerships with organisations across the globe to contribute to the advancement of blockchain technology and drive adoption of the Algorand blockchain.

The Algorand Foundation has partnered with the following organisations:

• All-Party Parliamentary Group on Blockchain: Aims to bring together industry stakeholders and policymakers to discuss evidence-based solutions to challenges faced by the Web3 industry.
• DeRec Alliance: A group of forward-thinking companies committed to making the process of securing and recovering digital assets as simple as existing Web2 experiences.
• Global Blockchain Business Council: The largest leading industry association for the blockchain technology and digital assets community.
• Nanyang Technological University Singapore: Building a global network for blockchain research and education.
• Nasscom: The apex body for the technology industry in India. The partnership empowers students and professionals with educational content to enhance in-demand blockchain skills.
• OpenWallet Foundation: Supports a global effort for open standards and secure, interoperable digital wallets.
• Plateau State of Nigeria: Exploring pilot blockchain applications across governance, healthcare and more.
• SODA interoperability group: Working to create a standard for the seamless transfer of digital assets across different blockchains.
• T-Hub: A year-long intensive program to accelerate 20 selected Web3 startups in India towards product, market and investment readiness.
• University of East London: Supporting blockchain-focused curriculum development and student engagement events.
• University of Florida: Advancing blockchain education, research, and student engagement.

In addition, the Algorand Foundation was selected by the United Nations Development Programme (UNDP) to deliver a blockchain curriculum to 22,000 UNDP employees globally. The Algorand Blockchain Academy will launch in 2024 and will provide UNDP staff with knowledge and insights into blockchain technology and its practical applications for sustainable development.

Algorand's community

Algorand has a pretty strong community behind it. The company has about 8000 followers on Facebook, 12,000 on Twitter, and over 10,000 users on its Telegram channel. There is also an Algorand community that consists of various SDKs, a forum, developer resources, and information about upcoming events.

The Algorand community has shown a lot of interest and sparked intense discussions about the cryptocurrency. However, some community members have expressed that the Algorand team needs to engage more with the community.

The Algorand team ensures that its investors and followers are well up to date by providing them with the latest Algorand news through their social media platforms. The company also maintains a blog on Medium, which offers in-depth information on various Algorand goals, news, and projects.

The Algorand community, along with the unique features and enormous growth potential of the cryptocurrency, makes Algorand a good investment.

Algorand's price predictions

Algorand Price Predictions

Overview

Algorand is a blockchain network that aims to build a borderless economy using a decentralised, unregulated public blockchain. It is one of the publicly accepted blockchains of cryptocurrency and its protocol aims to provide users with decentralisation and protection.

Recent Price History

On 16 September 2024, the price of Algorand was $0.12493324. In the last 24 hours, the price has decreased by 3.75%. In the past week, the price has surged by 7.79%.

2024 Predictions

According to CoinCodex, the price of Algorand is predicted to rise by 8.23% and reach $0.135946 by 16 October 2024. CoinCodex also predicts that the price of Algorand will reach a maximum of $0.361 in 2024.

According to another source, the price of Algorand is expected to have a -3.35% decrease and drop as low as $0.127 by 25 September 2024.

CoinPedia predicts that the Algorand price could surge as high as $0.32 by the end of 2024. However, if the network fails to expand, the price can dip to $0.10.

2025 Predictions

CoinCodex predicts that the price of Algorand will reach a maximum of $0.237655 in 2025.

CoinPedia predicts that in 2025, the ALGO coin is projected to reach a potential high of $0.39727, with a low of $0.1523 and an average of $0.274785.

2026-2030 Predictions

CoinPedia predicts that in 2026, there is the potential for the ALGO coin to reach a high of $0.9498, with a low of $0.268 and an average of $0.6089.

In 2027, the potential price range for ALGO coin is estimated to be around $1.527 (high), $0.774 (low), and $1.1505 (average).

In 2028, there is potential for the ALGO coin to reach a high of $1.98, with a low of $1.015 and an average of $1.4975.

In 2029, the projected potential price range for ALGO coin is approximately $2.5988 (high), $1.6742 (low), and $2.1365 (average).

Looking towards 2030, there is potential for the ALGO coin to reach a high of $3.1756, with a low of $1.8476 and an average of $2.5116. CoinCodex predicts that the price of Algorand could gain 189.45% by 2030 and reach $0.361024.

Algorand's potential to solve the blockchain trilemma

Algorand is a blockchain protocol that solves the blockchain trilemma, making it possible for blockchains to have security, scalability, and decentralisation all at the same time.

The blockchain trilemma is a set of problems affecting the blockchain industry. It is a situation where there are three options, but only two can be achieved simultaneously. In the case of the blockchain trilemma, the three options are security, scalability, and decentralisation.

If the trilemma holds, there are no good situations with just two options being true. For example, if a blockchain is secure and scalable but not decentralised, then it is essentially the same as the current system, which is exclusive and secretive. The only way to have all three options is to have a completely decentralised network that is secure and scalable. However, this has proven difficult to achieve in practice.

Algorand is a permissionless, pure proof-of-stake blockchain protocol that enables fast, secure, and scalable transactions. The protocol is designed to be censorship-resistant and permissionless, meaning anyone can participate in the network without needing approval from a central authority.

Algorand uses a novel consensus algorithm called "Pure PoS" which allows all participating nodes to reach a consensus on the order of transactions without the need for a central authority. This makes Algorand much more scalable than other existing blockchain protocols.

The blockchain also uses a unique data structure called "the Byzantine Agreement", which allows the network to achieve consensus even when some of its participants are malicious, as long as enough honest users control more than two-thirds of the system's stake.

Algorand's approach to block creation is unique due to its use of Verifiable Random Functions (VRF). Block creation self-selection is random, and the process takes two steps:

• Proposal phase: One Algo owner is randomly selected to create a block, and only they are aware of this information.
• Voting round: A committee of 1,000 verifiers is randomly selected to receive information about the new block. They then verify its validity; they can mark the block as valid or invalid. If the majority agree, the block is added to the blockchain. This process takes less than 5 seconds and is then repeated.

The advantage of this approach is that an attacker does not know in advance who to direct their attack towards. Once block verifiers have received block information, it is too late for them to be attacked, as other users already have this information.

Algorand's solution to the blockchain trilemma is, therefore, the most decentralised solution due to the involvement of almost all network users. It is also non-forkable, with blockchain forking virtually impossible due to protocol settings.

Algorand's staking process is also unique, as no delegation is required. Users just need to hold some ALGO on their address to start accumulating rewards automatically.

Frequently asked questions