Algorand (ALGO) Coin Review

Algorand is a secure, decentralized scalable cryptocurrency and smart contract platform that is worth getting to know! In this article we will discuss two big driving forces that put ALGO on our suggested coin list.

We will cover the usefulness of ALGO in everyday cryptocurrency transactions:

ALGO is a fantastic method for quick peer to peer transfers typically taking less than 30 seconds to perform a transaction. In fact, the transaction speed of ALGO is nearly instantaneous. The Algorand Blockchain achieves this by way of Atomic Transfer. Algorand Atomic Transfer is built into the first layer of the Algorand Blockchain. An Atomic Transfer is an irreducible batch transfer of assets. To put it simply, all the transactions happening within an Atomic Transfer need to go through, or none of them go through. This feature of the Algorand Blockchain guarantees safe transactions, and incredibly fast speeds! The cost of a transaction on the Algorand Blockchain is 0.1-1 ALGO. Currently 1 ALGO is worth about $1.40 USD. This means you can use ALGO to send both large and small transactions instantaneously for around the cost of 1 USD!

Now that we have covered the usefulness of ALGO, let’s discuss why The Algorand Blockchain is being used for a multitude of DeFi projects. We will also discuss how the projects being built on the Algorand Blockchain can lead to bullish price action for the ALGO coin. Previous cryptocurrencies have seen problems with security and overall usefulness their the blockchain grows in scale. Algorand is different than many other DeFi projects, in that many of Algorand’s most useful features are built in to the first level of the Algorand Blockchain. This is useful for developers who are building on the Algorand Blockchain and users alike. Basically, the Algorand Blockchain can continue to scale in size without compromising its own efficiency.

Algorand’s value as a secure, scalable and decentralized platform is not it's only bullish quality:

The Algorand Foundation is another big driving force. The Algorand Foundation offers grants to developers who are building on the Algorand Blockchain. The foundation has reserved $250M USD which is strictly used to fund Algorand blockchain based projects. For traders of ALGO this means grater stability of the ALGO coin.

Algorand is currently making some big moves in the world of smart contracts. The Republic of the Marshall Islands has selected Algorand to power its sovereign national currency known as SOV! This is the first instance of a nation adopting a standard digital currency in history! The Marshall Islands SOV currency will circulate alongside the US Dollar and is primarily intended to aid the Marshall Islands participation in the global economy.

The Republic of the Marshall Islands is a small island chain, near the equator of the Pacific Ocean. It is a group of 1,100 islands, spanning over 1,207,008 square kilometers of oceanwater and has has a population of 50,000 residents. The Marshall Islands chose Algorand to host their native digital currency specifically because of its speed, scalability and security. The ALGO cryptocurrency is about to have a unique kind backing, one of a sovereign nation. This milestone moment in cryptocurrency history is taking place on the Algorand Blockchain.

The team behind Algorand is impressive as well:

Algorand was Founded by award winning MIT professor Silvio Micali. He is an expert in cryptography as well as secure protocols and pseudo-random generation. Silvio Micali is the cofounder of Zero knowledge proofs; a system for anonymously verifying a specific value between two parties which eliminates the risk of either party gathering any shared information beyond the specific value that both parties have agreed upon determining. Silvio Micali also has business experience as the CMO of LogMeIn: a cloud based remote work tool for IP management as well as collaboration, by giving administrators and users access to remote computers.

Now lets look at a chart!

The image below is ALGO/USDT and you will notice there is an Inverse Head and Shoulder Pattern. In addition to the Inverse Head and Shoulders Pattern the horizontal gold line on the chart represents resistance from 02/16/2021 that is being broken. ALGO has been in a sideways consolidation patter for over 2 months, this is a perfect example of a time based correction with coinciding factors. The price action of ALGO is above all 3 Killer Whale Points of Demand forming a discernable bullish pattern and breaking historical resistance.... hmmm. Read this > article to find description for Killer Whale Points of Demand.

As Always Stay Strong Friends!

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