Algorand (CCC:ALGO-USD) is one of the most highly discussed cryptocurrencies this week, thanks in large part to its involvement in the El Salvador crypto experiment. Its gains are highly impressive as well, with the coin climbing ever higher this afternoon while riding the wave of the moment. But what exactly is the Algorand (ALGO) crypto? And more importantly, where can investors buy their own ALGO?
Just two days ago, Algorand was worth half of what it is now. It began the trading session on Tuesday with a seven-day low of $1.10. Now, the coin is booming to over $2.33 and counting. Today alone is bringing a 45% upswing to the network. Additionally, trading volume continues to climb; volume is up 87% on the day, after finishing yesterday with a 200% increase in trading volume.
It’s quite obvious that investors are piling in on the news. But, what exactly is Algorand doing within the El Salvador situation? Here’s what to know.
The Algorand (ALGO) Crypto’s Underlying Role in El Salvador’s Bitcoin Rollout
- Algorand is the product of MIT computer science professor and blockchain expert Silvio Micali.
- The Algorand network markets itself as an alternative to the Ethereum (CCC:ETH-USD) network.
- The network emphasizes its openness and publicity as its strongest point; users can utilize the networks for all sorts of different purposes.
- Most popularly, the network hosts a variety of DApps and financial services. Individuals and organizations alike can utilize the services.
- Algorand considers itself superior to other networks like Ethereum with its sole proof-of-stake proofing algorithm, which consumes far less energy than the proof-of-work or hybrid models of other chains.
- Its sharding technology and smart contract capabilities also make it an attractive network in terms of contract execution speed and scalability.
- The network is coming into popularity in recent weeks thanks to its partnership with Latin crypto firm Koibanx, which is behind the new Salvadoran crypto wallet. Of course, El Salvador is making waves in the crypto community as the first country to adopt Bitcoin (CCC:BTC-USD) usage on a national scale.
- Algorand is providing the infrastructure for the wallet and was selected by Koibanx over plays like Cardano (CCC:ADA-USD). This partnership is providing Salvadoran citizens with widespread access to Algorand.
- If you’d like to buy the ALGO crypto, there are plenty of exchanges to choose from. The coin is available on Coinbase (NASDAQ:COIN), Huobi Global and Binance (CCC:BNB-USD).
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
