The Ultimate Guide to Trading Algorand With eToro
Algorand is a "Pure Proof-of-Stake" blockchain that uses consensus algorithmic to solve the blockchain's three key challenges it faces today: scalability, decentralization and security.
By using its pure proof-of-stake mechanism, Algorand rewards validators with its ALGO cryptocurrency to ensure honest transactions among its users thus making acts of dishonesty impossible.
Remember: Pure Proof-of-Stake is a mechanism that allow users to actively participate in a decentralized network at the same time preventing phony identities.
If you're considering to trade this crypto asset then you should be informed that ALGO is now available to invest on via the eToro online investment platform.
Thinking of Trading ALGO with eToro?
If you're planning on investing or trading ALGO then it would be simpler to click the button below. This will take you to the eToro ALGO trading page where you can easily check the current price of ALGO and buy ALGO of any value you plan to invest.
Before trading ALGO on eToro, just simply open an account with them. Don't worry, the whole process will only take a few minutes.
YES, TRADE ALGO NOW!
78% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
History of Algorand
Algorand was founded by MIT Professor Silvio Micali in 2017. Overseen by Algorand Inc., a private company in Boston, the Algorand network was launched for public use in April 2019, followed by the launch of its main network in June 2019.
Its native currency, the ALGO has a current circulation supply of 5,567,578,354 with a supply limit of 10 billion ALGO.
What Does Algorand Bring Differently?
Algorand focuses on solving what previous cryptocurrency and blockchain technology has failed to address. With Algorand's technology, it resolves the problems of Decentralization, Scalability and Security.
Simply said: Algorand is the much-awaited answer to blockchain’s trilemma.
Algorand in a Nutshell
- It creates and deploys tokens, NFTs, Securities, Currencies and Stablecoins.
- It is seen as a cost effective and simple payment infrastructure.
- It creates new protocols, financial tools and services.
How Does Algorand's Pure Proof-of-Stake Work?
Algorand's technology and algorithm mechanism eliminates the technical barriers that has been undermining the adoption of blockchain technology by the mainstream financial industry by solving the complex issues of scalability, decentralization and security.
Algorand's consensus mechanism called the Pure Proof-of-Stake guarantees protection, full participation and speed of transactions within a decentralized network. Blocks are finalized within seconds and each of Algorand's transaction is on pace with other big financial and payment networks.
The consensus algorithm of Algorand allow all users and holders of ALGO tokens to participate. It works in a series of rounds with each one made up of two parts. The first part is the block proposal, while the second consists of the block finalization phase, during which a consensus or a vote is taken on the proposed blocks.
Also remember: Algorand is also the first blockchain to provide immediate transaction conclusion without causing uncertainty and forking.
ALGO as the FutureFI
Developers of Algorand prides the platform as the "future of finance" because of its technology that speeds up the convergence between traditional finance and decentralized finance, by making it possible to enable seamless creation of next generation protocols, financial products and exchange of value.
Algorand Protocol Model
Algorand's blockchain employs a decentralized Byzantine agreement protocol driven by the PPoS (Pure Proof-of-Stake) that can overwrite malicious transactions if honest users—those who follow the guidelines and rules of the protocols—totaled more than 2/3 of the total number of stakes in the system.
The following are some of the processes involved in the Algorand protocol:
- Self-selection via Verifiable Random Function
- Protocol Participation
- Pure Proof-of-stake
- User Replaceability
- Block Proposal
- Soft and Certify Votes
Take note: Byzantine Agreement is defined as a form of communication protocol which permits users of a distributed protocol system to reach a consensus in the presence of malicious parties.
ALGO, the Native Currency of Algorand
Here are some key numbers about Algorand's native currency ALGO:
- 56 billion in circulation supply
- 10 billion supply cap
- 75 billion ALGO to be distributed as rewards for participation nodes
- 5 billion to be distributed overtime to relay nodes
- 25 billion to be distributed for end-user grants
- 5 billion are reserved for Algorand Inc. and Algorand Foundation
How to Buy ALGO?
Investing in ALGO is very simple, especially if you rely on a globally trusted exchange or trading platform. Some of these trading platforms do not charge commissions and one of the most sought-after platforms is the CFD trading platform eToro.
The eToro is a great place to start since it offers a straightforward interface that allows for a seamless trading by clicking of a few buttons.
How to Trade ALGO on eToro?
Given that you already opened an eToro account by registering and verifying your account as well as funding your account by depositing the minimum required deposit, you only need to follow these simple steps to start investing on ALGO.
- On your eToro dashboard, click "Discover".
- Select "Crypto".
- Scroll down to look for "ALGO".
- Click "Buy" and set the amount you want to invest.
- "Click "Open Trade".
Is Investing on Algorand a Good Idea?
By following the trends and advancement in blockchain technology, Algorand appear promising and teeming with potential because of its reputation as an innovator of the future of finance.
Since the start of 2021, ALGO has steadily increased in value. An investor who invested on ALGO in January 2021, would have seen a staggering return of more than 880%. This points to a strong showing of the ALGO with many experts expecting the ALGO token to still have plenty of room to grow.
Scope of Algorand Use Today
Currently, there are several hundreds of companies and organizations that are using Algorand. These includes StakerDao, Tether, Circle, Republic, Meld Gold, Marshall Islands, Instimatch, Opulus, Asset Block, Global Carbon Holdings, Hummingboat just to name a few.
Got your eyes on ALGO now?
If you are, you can just click the button below and this will take you to eToro's online trading platform for Algorand. Take note that this is the live platform but if you would like to explore or use it, you will have to open an account by clicking the "Sign up" on that page.
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