Algorand ALGO/USD is a blockchain platform and cryptocurrency network that was specifically designed to enable functionality similar to the one of a major payment processor.
It utilizes a consensus mechanism known as Pure-Proof-of-Stake, and ALGO is its native cryptocurrency that is used to secure the platform and even reward the platform’s operators.
Self-sustainability funded by transaction fees as a catalyst for growth
On March 15, 2022, we covered how LimeWire chose the Algorand blockchain for its NFT marketplace.
Through an official announcement on April 21, 2022, Algorand revealed that it would be implementing a new smart contract that will essentially take a portion of each transaction fee within its blockchain network.
Then, it would automatically process it to purchase verified carbon credits at ClimateTrade, which is a blockchain-based carbon offset marketplace.
According to the Algorand Foundation’s CEO, Staci Warden, this move would allow the network to scale whilst still being carbon negative.
The Vice President of Engineering Research at Algorand, Naveed Ihsanullah said that:
“Climate change is among the most pressing issues the world faces today. Efficiency and a minimal energy consumption footprint simply must be table stakes for all enduring future technology.”
Should you buy Algorand (ALGO)?
On April 22, 2022, Algorand (ALGO) had a value of $0.7259.
To truly see what this value point means for the Algorand (ALGO) cryptocurrency token, we will be going over its all-time high point of value and then going over the performance throughout March.
When we look at the token’s all-time high, Algorand (ALGO) had a value of $3.56 on June 20, 2019. Here, we can see that the token was $2.8341 higher in value or by 390%.
Looking at how the token performed throughout March, Algorand (ALGO) had its lowest point of value on March 14, when It decreased to a value of $0.6774.
Its highest point of value was on March 31, when the token increased to a value of $0.9842. Here, we can see that the token increased in value by $0.3068 or by 45%.
With this in mind, we can expect Algorand to reach $1 by the end of April, making it a solid buy.
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from Market Analysis – Invezz
