You can deposit or withdraw ALGO from Bitso using the Algorand network exclusively. Make sure you choose this network when transferring your coins.
What is Algorand (ALGO)?
ALGO is the cryptocurrency of Algorand blockchain, a network launched in 2019 that provides infrastructure for developing smart contracts and decentralized applications. The protocol offers greater speed, ease, and security in crypto transactions. Algorand was created by Sílvio Micali, a well-known professor of Computer Science at MIT, awarded the Turing Award (2012) precisely for his contribution to the development of blockchain protocols and digital assets.
What makes it unique
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Algorand network uses the Proof of Stake (PoS) consensus mechanism, which is the fastest and least expensive in terms of energy and finance to validate transactions.
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ALGO is the blockchain’s cryptocurrency, acting as a means of payment for transactions and fees on the network.
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In the Algorand ecosystem, it is possible to stake ALGO.
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ALGO is used as a reward for network validators.
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The maximum supply of ALGO on the market is limited to 10 billion units, which must be offered by the year 2030.
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Currently, there are approximately 6 billion units of ALGO in circulation.
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In 2022, the Algorand network created London Bridge, a system that allows interoperability between the Ethereum network and Algorand blockchain. Thus, decentralized applications developed on the Algorand blockchain support the Ethereum network ecosystem.
Purpose
ALGO, the cryptocurrency used in the Algorand blockchain, has several features. It helps carry out transactions and send assets globally since its consensus protocol is Proof of Stake (PoS). Network transactions take less than 5 seconds to complete. In addition, despite its limited supply, it is possible to divide ALGO into smaller units, which is helpful to use the asset as a reward or make micropayments.