What is Algorand (ALGO)

ALGO (ALGO/USDT-Trade it here) is the native currency of the Algorand protocol. Algorand is an ecosystem that is based on a Byzantine agreement proof-of-stake consensus protocol and designed to be a more efficient and secure distributed ledger by dispensing with miners and requiring a negligible amount of computation that makes forking highly improbable. 

Logo of Algorand Foundation (ALGO)
Logo of Algorand Foundation (ALGO)

Core Features of Algorand

Algorand prides itself on innovation and employment of a permissionless and pure proof-of-stake consensus protocol that provides immediate transaction finality. 

  • Three-step consensus protocol. Algorand uses cryptographic sortition to select users to propose blocks for a given round. When a block is proposed to the blockchain, a committee of voters is selected to vote on the block proposal. If a super majority of the votes are from honest participants, the block can be certified.
  • Partition resilience. An adversary is not able to convince two honest users to accept two different blocks for the same round. All transactions that appear on the blockchain are always final. Algorand is able to recover after a partition is resolved and guarantees that new blocks will be generated at the same speed as before the partition.

ALGO Tokenomics

There is a total supply of 10 billion ALGO, minted during the genesis of the Algorand blockchain. The current circulating supply throughout all ecosystems is about 6.7 billion ALGO, with the remaining tokens held by the Algorand Foundation in secure wallets. Algorand Foundation has listed the allocation of its tokens as depicted below:

Community & Governance Rewards1757.26M
Ecosystem Support1176.05M
Foundation Endowment363M
ALGO Tokenomics

Notably, ALGO tokenomics underwent a significant change when the Alogrand Foundation shifted from its initial launch plan to a new 10-year Long Term Algo Dynamic that provides a detailed pledge of how the Algorand Foundation will use the 3 billion ALGO token it withheld at the initial release and how it expects 99% of ALGO tokens to enter the circulating marketing supply by 2030 (following a non-inflationary distribution rate of rewards). ALGO tokens, subscribing to a pure proof-of-stake consensus protocol, will only enter into market supply via community participation and cannot be obtained through typical mining mechanisms. 

How to buy ALGO Token?

You can buy ALGO on MEXC following the steps: 

  1. Log in to your MEXC account and click [Trade]. Click on [Spot].
  1. Search “ALGO” using the search bar to see the available trading pairs. Take ALGO/USDT as an example.
  1. Scroll down and go to the [Spot] box. Enter the amount of ALGO you want to buy. You can choose from opening a Limit order, a Market order or a Stop-limit order. Take Market order as an example. Click [Buy ALGO] to confirm your order. You will find the purchased ALGO in your Spot Wallet.

Recent ALGO Token Price & Performance

ALGO reached the highest price (ATH) of 1.49 USDT on January 12th, 2022. Lowest price of ALGO since the date of ATH date was at 0.297 USDT on June 18th, 2022.

ALGO Token Staking

On MEXC you can periodically stake ALGO and other tokens via MX DeFi event plus other staking products with flexible and fixed APYs. You can check the availability of the Revolt 2 Earn staking option here.

Interested in crypto like ALGO?

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