In recent years, many developers are trying to globally incentivize the use of blockchain. Many also believe that it is the future of this technological era. With the Algorand Foundation being one of those who do, they promised to deliver a highly accurate and secure blockchain into the market when it was founded in June of the year 2019.
Algorand’s founder is Silvio Micali, who is a Computer Science Professor at Massachusetts Institute of Technology. His research has long been centered on cryptography and information security. Several interesting projects have since been built on Algorand’s blockchain such as Planetwatch, which aims gamifying climate change.
With Algorand’s native token being ALGO (algorand coin), we try to make the assumption of how much it’s going to be worth by the end of year 2022.
The Technology behind Algorand
The Algorand protocol is founded on the core concept of transparency. It is a public, open-source network, readily available for anyone to audit, use, and build upon. That’s because the Algorand protocol makes it easy for anyone to be able to join the network. It is considered to be a decentralized blockchain, where no certain entity has any authority against the transactions being carried out on the network.
Unlike Bitcoin’s Proof-of-Work mechanism, Algorand uses a permissionless, Pure Proof-of-Stake (PPoS) consensus mechanism built upon the Byzantine Agreement. The use of the PPoS protocol means the system can reach consensus without the need of a central authorizer. It also guarantees the user with protection against any malicious attacks as long as the majority of the stake is in non-malicious hands.
Moreover, the Algorand protocol serves as a two-layered blockchain structure. The first layer of the Algorand protocol is reserved for smart contracts, the processing of transactions and atomic swaps between crypto assets. Any smart contract created on Layer-1 of the Algorand protocol is executed as a Layer-1 Algorand Smart Contract (ASC1s). That ensures the developer the same level of security found in the Algorand protocol itself. On the other hand, the second layer is reserved for far more complex smart contracts and the development of decentralized applications (dApps). With the more complex computations being carried out off-chain, the more simple transactions can be processed more quickly and efficiently.
What Makes Algorand Unique?
Founders of Aglorand pride themselves for creating a non-forkable blockchain. Meaning, two blocks can never be added to one chain. With each given round, only one block is certified and added to the chain. This establishes a trust with the user because once they see a block appear on the chain, they can rely on the transactions made on it and the fact that it will remain part of the chain. In other words, this means that once a transaction has been made the system will ensure it will be finalized.
Furthermore, Algorand offers a scalable solution to blockchains. That’s because the Aglorand protocol can scale up to one thousand transations per second. Not only that, developers at Algorand have also reported that a transaction can reach finality within 3 to 5 seconds from its submission.
More recently, Algorand launched the Governance Project which helps Algo holders to participate in deciding the future of the cryptocurrency
Algorand Coin Price History
We know now that the Algorand coin was launched on June 19th, year 2019. The all time high price for the Algorand coin was set a day after its launch, on June 20th, with a price of $3.56 USD. Within a month from said date, the Algorand coin was set at a value of $0.60 USD. Which means it has recorded a percentage loss of -83.15% only one month after its launch. By the end of that same year, the price of the Algorand coin has recorded a decreasing value of $0.23 USD.
By March 13th of year 2020, the Algorand coin hit its all time low price of $0.10 USD. Which in return increased the percentage loss to a whopping value of -97.19%. In late December, the value of ALGO has increased a little bit to reach a price of $0.35 USD.
By February 14th of year 2021, the price of the Algorand coin was set at a rate of $1.68 USD. The increase in ALGO’s price didn’t stop just there. By November 18th, the Algorand coin reached an all time high of $2.82 USD for the year of 2021. In a little over a year since its all time low, the Algorand coin has recorded an astonishing percentage return of 2720%.
Alogrand Coin Price Prediction 2022
In today’s marketplace, ALGO’s estimated worth is set around $1.85 USD. It is expected that its average price will be around $2.06 USD by January of 2022.
By mid of year 2022, it’s said that the Algorand coin would be worth the minimum value of $2.36 USD, and a maximum value of $2.62 USD. Making its average price $2.45 USD.
Data analysists expect the Algorand coin to be worth the minimum price of $2.84 USD by December of year 2022. The maximum price is expected to reach $3.51 USD, with an average of $2.91 USD.
It’s been predicted that the Algorand coin will record a percentage return of 41.26% within the year of 2022.
Although we have made the assumption that the price of the Algorand coin will significantly increase beyond this year. Keep in mind that there are many cryptocurrencies which will endure the same fate.
That being said, crypto enthusiasts know by now how easy the crypto marketplace could be manipulated. Therefore, always check with trusted data analytics’ websites before investing in any cryptocurrency.
Sally is a student of International Business Management and is interested in topics related to blockchain technology. She is an author for gBlogo’s “Crypto World” column and provides insight on topics related to cryptocurrencies and NFTs.