Review on Algorand by Japheth Ayuba
Using a Pure Proof of Stake consensus makes this project superb
Algorand is an open source project that runs a permissionless protocol which allows developers to write and contribute to it's code, also permitting the creation of Dapps on its blockchain. The project uses a Pure Proof of Stake consensus mechanism which has proven more energy efficient and faster transaction confirmation which usually happens in a matter of seconds. The coin is mineable with a total supply of 10 billion coins of which only 1 billion is in circulation, mining the coin is through it's PPoS mechanism from which the stakers earn rewards for staking their assets which also gives them validator rights when they apply to validate a block on the Algorand Blockchain
Wih Algorand Algo first Genesis block happening in June 2019 and an IEO on Binance following, the Algo has risen to the 44th ranking on Coinmarket although the coin is highly devaluated as it's ROI since it's first IEO on Binance is a negative 90% but still has a good coinmarket capitalization and is listed on many exchanges. The coin can be held on its native wallet which is accessible for Mobile phones and for PC's on the Coinomi wallet. Still being a new project, it still has a long way to go but it will be achieved with it's great strides covered every
Pros
- The Algorand is an open source project that allows any developers to recreate and write on its framework
- Its coin Algo is mineable through the Algorand consensus mechanism called Pure Proof of Stake
- The project runs a permissionless protocol that allows developers create Dapps
- There is staking rewards for the holders and its coin can be held on its native wallet which is accessible both to IOS and Android devices. As Coinomi supports this coin, it's also accessed on PC's
- Transactions are carried out in a matter of seconds
Cons
- The coin currently has a low value and it's Return On Investment since it's first IEO on Binance is a negative 90%
