What is Algorand (ALGO)? How Does It Work?

Algorand is a scalable decentralized blockchain network founded by Silvio Micali, a professor of computer science. Algorand’s native cryptocurrency is ALGO.

In this article, you can find answers to the questions of what Algorand (ALGO) is, how it works, and how to store and get Algorand (ALGO).

What is Algorand (ALGO)? How does it work?

Algorand aims to solve the speed problem in Bitcoin and other blockchain networks’ transactions. It was developed to increase the speed and efficiency of transactions made on the blockchain. It works with the Proof of Stake protocol. A participant in the Algorand network can stake their ALGO, bid on the network, and participate in voting.

Algorand’s native cryptocurrency ALGO was launched in June 2019 and its total supply is 10 billion. ALGO can be mined. In the Algorand network, block rewards are not only given to users who produce blocks, rather, block rewards are divided and distributed to all ALGO holders to encourage users to join the Algorand staking platform.

Transactions on the Algorand network take less than 5 seconds. More than 1,000 transactions per second can be performed on the network.

How to Store Algorand (ALGO)?

Algorand’s native cryptocurrency ALGO is built on the Algorand blockchain. You can manage your ALGO balances by using desktop, mobile and hardware wallets that support Algorand assets.

How to Buy and Sell Algorand (ALGO)?

You can use BtcTurk | PRO website or BtcTurk | PRO mobile application to buy and sell ALGO with Turkish Lira and Tether. If you do not have an account on BtcTurk, you can register immediately by visiting our website or mobile application and get Algorand (ALGO) by sending Turkish Lira 24/7 with 7 different contracted banks.