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If you’re regularly into crypto news, you’d know by now that ALGO (Algorand) is one of the hottest cryptocurrencies these days. While the project behind ALGO is not as prominent as Bitcoin and Ethereum, it’s still one of the few cryptos that investors are bullish about. In fact, crypto calls itself the “future of finance” on its website with an aim to converge traditional finance and decentralized finance.
What exactly is Algorand, and how does it work? Is ALGO really worth investing in? What’s all the hype around it? How to buy ALGO in India? We’re sure these are some of the questions you have in mind.
Let’s find out.
A blockchain cryptocurrency that aims to be as scalable as possible, Algorand is one of a slew of recent projects attempting to expand the potential use cases of cryptocurrency by solving the blockchain trilemma – speed, scalability, and security. ALGO is the native cryptocurrency of the Algorand blockchain. The public version of the Algorand blockchain, founded in 2017 by computer scientist and MIT professor Silvio Micali and officially launched in 2019, is primarily meant to allow other developers to construct new types of cryptocurrency-fueled apps.
One of the most unique aspects of this blockchain cryptocurrency is that it employs the ‘pure-proof-of-stake’ (PPOs) consensus mechanism, which rewards a small number of miners for contributing their computational resources to complete transactions. Cardano and Solana are currently using the same mechanism, while Ethereum is moving towards it.
Algorand is also deflationary, with a cap on the total number of ALGO tokens available on the network. Below is a distribution schedule that’s anticipated to be completed within five years after the protocol’s launch.
- The total supply of ALGO tokens is set at 10 billion, with 3 billion being distributed in the first five years.
- 1.75 billion will be paid as incentives to miners over time, while 2.5 billion will be used to fund relay nodes.
- The Algorand Foundation and Algorand Inc, which manage and maintain the network, have each been allocated 2.5 billion dollars.
- The remaining 0.25 billion will go to end-user grants.
ALGO, which traded around $0.5 at the beginning of the year, is now a top 25 crypto, with a market capitalization of $8,808,172,335. The market cap of cryptocurrency Algorand nearly tripled between August and September 2021. Currently, ALGO trades at $1.39. ALGO price in India at the time of writing is ₹117.00.
With ALGO gradually gaining prominence and value, an increasing number of investors have turned to cryptocurrency to diversify their portfolios. Here are a few good reasons that make ALGO a worthy investment.
Algorand allows developers to create digital assets or smart contracts that work well across multiple blockchains on the protocol’s Layer-1 network by offering the ability to work across various blockchain networks. With external collaboration being the future of where blockchain networks are headed, such levels of interoperability certainly give Algorand a significant competitive advantage.
- Smart contracts
A smart contract is a computer program or transaction protocol that is kept on the blockchain and executes automatically when relevant events and actions according to the conditions of a contract or agreement are satisfied. To ensure that transactions are facilitated without a centralized third party, the Algorand network employs two types of smart contracts: stateless smart contracts and stateful smart contracts. When specific agreed-upon requirements are satisfied, stateless smart contracts enable multiple transactions to be permitted. On the other hand, stateful smart contracts allow data to be retained indefinitely and facilitate more use cases such as Stablecoins, NFTs, DeFi, etc. Indeed, the smart contract functionality offered by Algorand and the various use cases based on it is incredibly attractive to crypto investors.
- Immense growth potential
Algorand has recorded a positive price momentum over the last few months, which has made investors bullish on the crypto’s future. One of the key drivers of this momentum over the past year has been Algo’s listing on prominent exchanges and the introduction of exchange-traded products. This will undoubtedly give investors more liquidity and allow capital flows into Algorand to pick up. In terms of energy intensity and user experience, Algorand is also one of the most efficient networks. All of these make ALGO one of the hottest cryptos to watch out for.
For the Indian investors looking to buy Polygon, Ethereum, Bitcoin, or other cryptocurrencies, now’s the time to move away from mainstream cryptocurrencies and diversify your portfolios with crypto like Algorand. Certainly, if you’re a novice investor, your first instinct will be to look up Bitcoin price in India, or google “how to buy BTC in India,” “how to buy USDT in India,” etc. But with the diversity of the crypto market these days and the potential that other altcoins offer, it’s always a good idea to not settle solely on prominent cryptos like BTC and ETH.
If you’re looking to buy ALGO in India, there’s no better exchange than WazirX, India’s best and most trusted crypto exchange. On WazirX, you can buy and sell more than 100 cryptocurrencies, including ALGO.
#1 Sign Up on WazirX
Click here to start creating a free account.
#2 Fill Details to Start Creating Account
Start by filling up your current user mail id, so you don’t miss out on any verification steps.
Generate a secure password with alpha-numeric characters.
#3 Email Verification and Account Security Setup
Proceed with account creation after verifying the email address added (by clicking on the verification link sent to the email address).
You must configure your account security. WazirX provides two choices for account security.
You have the option of selecting either option. However, the authenticator app is more secure than mobile SMS, subject to delayed reception and the danger of SIM card hacking.
#4 Choose a Country
Choose India (country) and either “skip now” or “complete KYC” based on your investment needs.
If you have not completed the KYC process, you can only deposit and trade through your WazirX account. However, to be able to withdraw and trade P2P, you must first complete KYC.
To complete KYC, you must submit a few details:
- Full name as it appears on the KYC paperwork
- The birth date
- Address as it appears on the KYC paperwork
- Scanned copy of your KYC documents and a selfie to finish the procedure.
PS: Within 24 to 48 hours, the account is usually validated.
#5 Transfer funds to your WazirX account
WazirX wallet accepts deposits in INR using IMPS, UPI, RTGS, and NEFT. You can deposit a minimum of Rs. 100 in your WazirX account, and there is no maximum limit.
Log in and select “Funds” to deposit INR into your account. Select “Rupee INR” and then click “Deposit.” For this, you must link your bank account to your WazirX account.
#6 The Final Step – Buy ALGO
Log in to your WazirX account and select INR from the “Exchange” option to purchase ALGO. The exchange is a spot market for all cryptocurrencies matched against the Indian rupee. On the right side of the screen, you will see all price charts, order book data, and an order input form.
Fill out the buy order form and click “Buy ALGO“. It will take some time for the order to be carried out. As soon as the order is exchanged, you will receive the ALGO coins.
What makes WazirX the best is that it offers faster KYC procedures, best-in-class security, lightning speed transactions, and accessibility across five platforms compared to other exchanges. Built by a team of hardcore traders and blockchain enthusiasts, WazirX also features a simple, efficient, and accessible interface that makes it possible for anyone to get started with crypto trading on the platform quickly.
There are over 5000 other digital currencies available on the internet in addition to Bitcoins. The only problem is that they haven't gotten the users' attention. Besides Bitcoins, a few other digital currencies have gained popularity among users. It's been more than ten years since Bitcoins were first released, and now they've achieved new heights thanks to their phenomenal success.
Satoshi Nakamoto invented cryptocurrencies and the technology that makes them function in 2009. The presumed pseudonymous individual or persons who invented Bitcoin used this identity. In addition, Nakamoto created the first blockchain database. Even though many people have claimed to be Satoshi Nakamoto, the person's identity remains unknown.
Bitcoin has had the highest market capitalization, has been around the longest, has the most experienced development team, and has enormous network impact and brand recognition. As a result, while trading cryptocurrencies, the rate of return on Bitcoin is commonly used as a benchmark. However, the risks associated with cryptocurrencies remain, and the safest cryptocurrency for you depends on your analysis.
Cryptocurrency investments are subject to market risks, but if sufficient security measures are not taken, trading accounts can be maliciously accessed. Investments come with risks and uncertainties, and we cannot claim that any digital currency investment is risk-free. Buying and selling cryptocurrencies can be risky even if the trader is knowledgeable about the market and treats their coins carefully.
Yes, with exchanges like WazirX, you may invest in cryptocurrency in India. To begin, go to the WazirX website and register. After that, you will receive a verification email. The link received by verification mail will only be available for a few seconds, so make sure you click it as quickly as possible. This will successfully verify your email address. The following step is to set up security, so choose the best solution for you. After you've set up the security, you'll be given the option of continuing with or without completing the KYC process.