Algorand (ALGO) Secure And Decentralized Digital Currency

INTRODUCTION

Algorand is a scalable, secure, and decentralized digital currency and transactions platform.

Founded by Turing award winner and MIT professor Silvio Micali, Algorand is a permissionless pure proof-of-stake blockchain protocol. Unlike first-generation consensus mechanisms, Algorand’s technology finalizes blocks in seconds and provides immediate transaction finality while preventing forks. Algorand does also not reward validators with newly minted tokens.

With a primary focus on developers and their needs, Algorand’s node repository has been open-sourced and is publicly available. Algorand provides a robust set of developer tools, DApp analytics through a partnership with Flipside Crypto, and has a number of partners building on their blockchain, including OTOY, Syncsort, TOP Networks, Asset Block and more.

ANALYSIS OF ALGORAND (ALGO) IN TERMS OF VOLUME OF TRADE

The monthly trading volume of Algorand is 40,930,894 on May 27,2020.And 30,965,671 on June 26,2020.The difference in monthly trading volume within this duration is 9,965,223.The decrease in percentage trading volume is 24.146 percent.

WEEKLY ANALYSIS OF ALGORAND (ALGO) IN TERMS OF VOLUME OF TRADE

 The weekly trading volume of Algorand is 30,965,671 on June 26,2020. And 22,772,469 on June 22, 2020.

The differerence in weekly trading volume is 8,193,202.The increase in weekly percentage trading volume is 26.760 percent.

ANALYSIS OF ALGORAND (ALGO) IN TERMS OF PRICE OF TRADE

The monthly trading price of Algorand opens at $0.217949 on May 27,2020. And close at $0.222505 on June 26,2020.

The difference in monthly trading price within this duration is $ 0.004556.The increase in monthly trading price is$ 2.115 percent.

 WEEKLY ANALYSIS OF ALGORAND (ALGO) IN TERMS OF PRICE OF TRADE

The weekly trading price of Algorand opens at $0.234755 on June 26,2020.And close at $0.230489 on June 20, 2020.

The difference in weekly trading price within this duration is $0.004266

The decrease in weekly percentage trading price is $1.112 percent

PARTNERSHIP IN ALGORAND (ALGO)

Algorand Foundation Partners with Chainalysis for Anti-Money Laundering Compliance Solution

Chainalysis, the blockchain analysis company, today announced a partnership with the Algorand Foundation, the stewards of Algorand, the world’s first, permissionless, Proof of Stake blockchain, that offers an open, global platform for building products and services in a Borderless Economy. Once the integration is complete, the Algorand Foundation will use Chainalysis KYT (Know Your Transaction) for transaction monitoring and compliance processes and Chainalysis Reactor for enhanced due diligence and investigations for the ALGO, its native token.

“Algorand is committed to providing an inclusive, transparent, and secure system for its global users,” said Fangfang Chen, Chief Operating Officer,  Algorand Foundation. “We needed a compliance partner that could not only help us adhere to regulations in Singapore where we are based but also global regulatory best practices. This will enable us to build the best transaction monitoring solution for the Algo token so that we can realize our mission of providing the world’s first open, permissionless, pure proof-of-stake blockchain protocol securely and scalably.”

“By putting proper AML transaction monitoring in place, Algorand is demonstrating its commitment to transparency, safety, and compliance,” said Jason Bonds, Chief Revenue Officer, Chainalysis. “This is the commitment required to build trust and encourage both decentralized financial businesses and traditional finance and to embrace cryptocurrency in Singapore and across the world.”

Algorand Partnership Offers Integrated Accounting to Token Holders

Crypto tax provider Verady has announced a partnership with Algorand (ALGO) to offer integrated accounting to ALGO holders.Verady also revealed that its technology is being used by Algorand and Blockchain.com for their internal accounting and auditing.

Speaking to Cointelegraph, Verady’s co-founder and chief executive, Kell Canty, stated that the new partnerships are the product of several months of discussions between the firms.

The agreement with Algorand has seen Verady integrate ALGO into its software. Canty stated that “ALGO Holders will be able to associate multiple wallets with their Ledgible account in an easy to use and intuitive way.”

“We’re excited to partner with Verady to not only account for our own assets, but to provide Ledgible Accounting to our partners who are helping to develop and grow the Algorand blockchain,” stated Algorand’s chief operating officer, Sean Ford.

A spokesperson for Blockchain.com stated: “As one of the oldest crypto companies and one of the largest crypto exchanges — with more than 48 million wallets in 140 countries with over 100 million transactions to date — our accounting needs are immense.”

Algorand and Monerium enter into partnership to issue e-money

Licensed e-money issuer Monerium has entered into a partnership with Algorand. According to the official press release, both companies have entered into a non-exclusive agreement. Under the terms of the agreement, Monerium’s e-money will be issued on Algorand’s Proof of Stake blockchain developed by Turing Prize winner and Massachusetts Institute of Technology (MIT) professor Silvio Micali.

In June 2019, the company became the first in the world to receive a license from the Icelandic regulators as part of a new European regulatory framework for blockchain driven e-money services throughout the European Economic Area. Since then, Monerium has announced several B2B use cases for e-money, including a cross-border payment service in euro.

Last year, a pilot project with the Swedish furniture retailer IKEA attracted particular attention. Monerium was involved in an accounting through Ethereum blockchain of IKEA Island. The furniture retailer used a digitalised version of the Icelandic krona, which was displayed at Ethereum blockchain.

ALGORAND(ALGO) COMPETITORS

Algorand(ALGO) competitors are: Ethereum,Definity,Tendermint,Lisk,Aeternity,Blockstream,Blockchain,Consensys,Stripe and Aza.

CONCLUSION

Algorand utilizes a Pure Proof of Stake, where validators are not rewarded nor are they at risk of being slashed. It becomes impossible for the minority to cheat and irrational for the majority to cheat the system as it would devalue their holdings. There is also no locking of tokens so a user has their tokens available at all time. Blocks are created in two phases where a single token is selected randomly and its owner proposes the next block. Subsequently, 1000 random tokens are selected with their owners then approving the block proposed by the first user. 

All opinions expressed in the above article are solely of the author’s and do not reflect the opinion of the Global Crypto Alliance Ltd., any of its affiliations or any other company. This article is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. The Global Crypto Alliance Ltd. strongly recommends that readers conduct their own research and due diligence into the company, product or service, if any, that may be mentioned in the above content.