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Is Algorand digital currency worth buying? Algorand digital currency is represented by the symbol Algo in the crypto market. This currency is to improve the quality level of old projects and actually forms a new generation of blockchain networks. Stay with us on Pooyan Music site to get to know more about Algorand currency and also check its price history. In this article we will read about an overview of Algorand Cryptocurrency.
Algorand was created to fix some of the shortcomings of previous blockchain networks and is known as the third generation of blockchain networks. Algorand is a digital currency based on the blockchain network that is managed in a decentralized manner.
This currency started introducing its protocol in 2017. The original version of this network was created and introduced to the market in 2019. At the end of 2019, the second version of the network was introduced.
Algorand cryptocurrency project development team added many features to this project over time. One of the most important features of a good and desirable digital currency is that it can be developed and upgraded over time.
A computer science professor named Silvio Micali plays a major and important role in the development of Algorand currency blockchain network. Currently, other specialists such as Steve Kokinos and Sin Food are collaborating in this project, and the support of this network is done under the supervision of professionals and experts in this field. According to the development team, Algorand digital currency is in very good condition and is completely reliable.
The price trend of this currency has been downward since it was introduced to the digital currency market and has not been able to reach its initial price level. In the middle of 2014, the price of this currency was associated with a sharp drop, and until 2021, there has been no price increase and it is in a low volatility range.
At the beginning of 2021, the price of Algorand went up and finally reached a price of around $2.16. But at the end of 2021, its price dropped again and so far it has not been able to compensate for this price drop. But predictions show that we can see a growing trend for this currency in the near future.
An overview of Algorand Cryptocurrency
There are ten billion tokens for Algorand digital currency, and currently around seven billion of these tokens are circulating in the market, which is 71% of the total number of tokens defined for this currency.
The value of a digital currency is obtained by multiplying its circulating tokens by the price. A large number of tokens are considered for this network, which shows that we should not expect an increase in the price of Algorand in a short period of time.
One of the most important features of Algorand digital currency is the high scalability of this currency. Since blockchain networks store a large amount of information, their implementation usually slows down the network’s scalability. Since the Algorand network only launches information about the last block in the Chinese blockchain network, it has high scalability. Of course, scalability may be affected by increasing the number of users as well as increasing data transfers.
