What is Algorand?
Algorand is one of the new generation cryptocurrencies currently gaining momentum in the crypto space. The platform is currently expanding its field of application by increasing the speed of transactions in the network. The system guarantees its continuous distribution with each new block allocated to participants who have a certain amount of cryptocurrency in their wallets. Algorand was created to solve the blockchain trilemma of simultaneously achieving speed, security and decentralization.
ALGO Basics
Algorand is a great stake for 2022, due to its relatively young ecosystem. As developers create more apps on Algorand wallet ALGO, its ranking could easily double or even triple this year.
Key tasks
Cryptocurrencies such as Algorand and Fiat (paper money) have little difference from each other in terms of use. They can be used as a medium of exchange, for the purchase of goods and services, credit, savings and funds transfer. Their value rises or falls depending on economic factors. There are no physical commodities behind them, and their value depends directly on supply and demand. Both fiat and cryptocurrencies are short-lived.
Spending power
As a buyer, the crypto-currency (an Algo) leaves your wallet and goes immediately to the wallet of the seller, at virtually no cost. By using Algo, you and the seller both save on these fees - meaning more money in your pocket and greater spending power.
Use instantly
The Algo can also be used to send money to anybody, instantly. No wire transfers, no forms to fill, no banks or exchanges to be used, no delays. Instead of moving money around being a task that takes days to happen, the ALGO can do it in under 4.5 seconds - and the ALGO is in the wallet of the receiver, ready for them to use instantly.
