Our mission is to empower the people of the world to control their own money. To achieve this ambitious goal, we regularly add support for new and inventive crypto assets that align with our mission. That’s why we’re pleased to announce that ALGO (Algorand) is now available in the Blockchain.com Wallet.
Algorand is an innovative Proof of Stake (POS) based blockchain that addresses decentralization, scalability, and security to enable a frictionless exchange of value. Anyone can join the network, participate in the protocol, and use the Alogrand blockchain to transact and generate blocks without the need for a central authority to coordinate. Economic and cryptographic incentives and guarantees ensure that participation in the network is safe and cost-effective.
Some of the novel mechanisms of Algorand include:
- Founded by Turing award winner and MIT professor Silvio Micali
- Algorand has a max supply of 10 billion ALGO and a circulating supply of 800 million
- Transactions usually take less than 5 seconds to confirm, cost only .001 ALGO per transaction, and can easily be viewed on Algorand’s Blockchain Explorer
- The minimal computation required means that the network is incredibly energy efficient
- Staking allows holders of ALGO to secure the network and in the process earn rewards of over 5% per year
- Its recently-launched smart contract application layer offers a scalable alternative to other distribution computation blockchains like Ethereum
We’re excited to add support for ALGO not just so that our customers can buy and sell the token, but also because it exposes more people to an advanced, high-powered, and truly original crypto network.