What is Algorand (ALGO)?

Algorand (ALGO) is a high-performance Layer-1 blockchain built to solve the prolonged blockchain trilemma that no blockchain can simultaneously be scalable, secure, and decentralized. Created by Algorand Technologies in 2019, it is a programmable blockchain like Ethereum, that supports Smart contracts and building of DApps and tokens.

As a Pure Proof of Stake (PPoS) blockchain, Algorand has many remarkable properties. It can execute up to 10,000 transactions per second with its instant block finality of 3 seconds at a cost of a fraction of a cent. Furthermore, it has recorded zero downtime since 2019 and is carbon-negative.

ALGO is the native currency of Algorand. The HODLers of ALGO can purchase on-chain items such as NFT and other services through it. They can also use ALGO to pay for transactions, use the Algorand DeFi platforms, participate in network governance and contribute to securing the consensus for earning rewards. Algorand blockchain minted 10 billion ALGO at the genesis, of which only 8.06 billion ALGO are currently in circulation. The remaining ALGO supply has been held by the Algo Foundation in secure wallets for governance rewards, ecosystem support and foundation grants.

How Does ALGO Work?

Algorand outperforms its preceding blockchains through a variety of improvements. First is the Pure-Proof-of-Stake (PPoS) approach, which involves randomly selecting validators based on their staking consistency instead of selecting them based on the highest stake to avoid the problem of "rich growing richer"". Algorand pairs its PPoS consensus with a decentralized Byzantine Agreement (BA) protocol that can tolerate malicious users and achieve consensus without a central authority, as long as most of the stake is with non-malicious participants. Since this is a very fast protocol, it allows Algorand to finalize transactions efficiently at minimal computational power per node. Moreover, it uses verifiable random functions (VRFs) that randomly choose users in a private and non-interactive manner to support the PPoS mechanism.

Apart from that, Algorand also uses a two-tier blockchain architecture. The Layer-1 smart contracts are for everyday needs and transactions, while the Layer-2 off-chain contracts are for more complicated Smart contracts and DApps that require more customization. This two-layer distribution enables the Algorand blockchain to handle transactions faster than its competitors.

Anyone wishing to participate in Algorand governance and consensus can own its native token, ALGO. The possibility of ALGO holders being chosen by the Algorand blockchain depends on the quantity of ALGO. They can also pay the transaction and other fees of the Algorand with their ALGO.

How to Buy Algorand (ALGO) in India?

There are many platforms where you can invest and Buy Algorand (ALGO) in India.

One such platform is Flitpay. To buy ALGO in INR, you have to sign up for the relevant application, where you will have to enter the required details and go through a small KYC verification process.

After the KYC approval, ensure you have correctly entered your bank details. Now, through the linked bank account, deposit the amount you want to buy ALGO and execute the purchase.

You can instantly convert your INR to ALGO and ALGO to INR and withdraw your INR through bank transfers whenever you want.

Flitpay also keeps introducing timely rewards for its users.

What to Do After I Buy Algorand (ALGO)?

ALGO can be used to buy other cryptocurrencies after converting them to INR through crypto exchange platforms like FLITPAY. You can also hold the ALGO till it reaches a high price, and then you can sell it through Flitpay's OTC order facility. Users can earn significant profits from buying it at a lower price and selling it at a higher price.

FAQs

What is Algorand (ALGO)?

ALGO is the native cryptocurrency of the Algorand blockchain. It acts as the platform currency by enabling its holders to purchase on-chain digital assets and pay for services like dApp development and NFTs. Holders of ALGO can also participate in Algorand's consensus and governance. It has a maximum supply of 10 billion ALGO, with only 8.06 billion ALGO currently in circulation.

What is the Algorand (ALGO) price in India?

Check out the current INR price of ALGO crypto in India on Flitpay.

Which is the best crypto app in India to buy ALGO?

Flitpay is the best cryptocurrency app in India to buy ALGO, buy bitcoin, or your favourite cryptocurrencies. Flitpay supports instant UPI and bank deposits and bank withdrawals with a minimum deposit and withdrawal limit of INR 100.

What are the benefits of the Algorand (ALGO)?

ALGO the native coin of the powerful and scalable Layer-1 Alogrand blockchain, which claims to solve the longstanding blockchain trilemma through its unique consensus. By offering lightning-fast transaction speeds of up to 10,000 per second, instant finality within 3 seconds, and minimal transaction costs, Algorand emerges as a promising blockchain poised to become a hub for DApp and smart contract development.

Is it safe to invest in ALGO in India?

Yes, investing and trading ALGO is Safe in India. Flitpay is one of India's most secure cryptocurrency exchanges for buying ALGO crypto. It offers real-time prices and advanced investing features.