What is Algorand (ALGO)?
Algorand is a blockchain-based network that aims to solve the trilemma of achieving security, speed and decentralisation all at once. The Algorand protocol is an open-source software, aimed to fit the global blockchain technology requirements via a Proof of Stake nature. Distinguishing features of the Algorand ecosystem is fast transaction times, low costs, decentralised consensus and governance.
Algorand’s native cryptocurrency, ALGO, forms the foundation of the network structure. ALGO coin allows participants to enter the blockchain and participate in voting on the protocol, proportionate to their holdings.
The Algorand foundation was created on the vision of inclusivity, and providing the means of a borderless economy. Algorand is currently in the top 50 biggest cryptocurrencies by market cap. Sign up to the Swyftx crypto exchange to buy Algorand (ALGO) today.
How to buy Algorand in Australia?
If you are looking to buy Algorand (ALGO) in Australia, sign up to a registered cryptocurrency exchange like Swyftx. To create your account, provide your name, email address and phone number and create a secure password. Once your account has been created, the next step is to verify your ID. This can be done by submitting a photo of your government-issued photo ID (i.e. drivers license or passport). This typically takes no longer than 2 minutes to complete.
When your account has been verified, you can then deposit funds into your account via one of the following payment methods: debit card, POLi, PayID, bank transfer. Once the funds have successfully landed in your account, you can trade Algorand coin and other crypto assets listed on the Swyftx exchange.
What makes Algorand unique?
Algorand was invented for the purpose of speeding up transactions speeds and efficiency. This is largely in response to the slower transactions times shown by Bitcoin, and other large blockchain projects. Algorand is designed to be a blockchain platform that focuses on near-instant transaction finality. This means processing over 1,000 transactions per second and having those transactions finalised in less than 4 seconds.
Algorand is based on a permissionless proof-of-stake (PoS) blockchain protocol, meaning that there is no mining and therefore having a less energy-intensive process.
