I’ve decided to give my first coin review to $ALGO. I know, I know, most likely you are thinking, what, no $BTC, $ETH, or $ADA? I will review those ones at later stages, but $ALGO was my first coin to buy and I will tell you the whys of this decision.
I started doing research on which coins have potential, not only because of the price but in real-life applications. Doing this research I found something mentioning the “crypto trilemma” which basically means that you can’t have Decentralisation, Security, and Scalability in one single cypto coin, you have to sacrifice something in order to make it work, and no coin at the moment is acing these three aspects, until… yes, you are correct (or I hope you thought about it), $ALGO basically nails all three! And that gave me the COINfidence to take it as my first crypto ever bought.
Algo is quite easy to buy, at least in all the exchanges I typically use it is listed, you can find it in Kraken, Crypto.com, and Coinbase, to name a few. Several of these exchanges offer the possibility to stake in their platform. I suggest trying the official Algo Wallet, which will give you a taste of what Algo is and what stands behind this marvellous project.
– Don’t forget to take a moment to appreciate the low fees and the execution speed, delightful…
The Algo Wallet has an incredible feature, just by storing your Algo in the wallet, it is automatically staked and you can see in real life the rewards you are receiving! How sweet is that?
Transactions fees are really low, thanks that is a cabron negative coin, so yes this is what is called #greencrypto! You pay 0.001 per transaction, you don’t have to be worried of the gas costs of the day like with ETH.
– You can join my goal to receive 1 Algo per day!
Another item I considered whilst doing my research is, are they truly bringing into the game Decentralised Finance (DeFi)?
Algorand together with Yieldy are taking a step towards DeFi – No more middlemen, no more centralised system!
Yieldy is a No-Loss Lottery which not only allows you to enter into the Lottery but also gives you YLDY tokens that you can stake for further rewards. The process to allocate Algos in the lottery is simple and swift, it shows you the capabilities of the blockchain technology behind it!
What is the future of this coin you might ask… The future is basically ours Algo holders! Algorand Community Governance gives the decision power regarding the future of Algorand to the Algorand community.
“It introduces a form of governance that is simultaneously decentralized, secure and efficient, like our consensus protocol.”(1)
- If you are truly invested in the project, you can even become a Governor if you meet certain criteria.
Are there real-life applications on this coin already? Yes! The Società Italiana degli Autori ed Editori (SIAE) – for all of us with rusty Italian, it is an Italian major copyright collecting agency founded in 1882 – is working with Algorand to use the blockchain as a way to have copyrights represented as digital assets. In Q1 2021, 4 million plus NFTs (Non-Fungible Tokens) were created as a way to digitally represent the rights of authors who are part of this agency.
– And this is just part of the real-life applications, other projects are currently been developed.
To put the cherry on top of Algo, Algorand’s blockchain technology was developed by Silvio Micali, a computer scientist and professor at MIT. Winner of the 2021 Turing Award for his work in the field of cryptography.
- I personally believe this is a sleeping giant that will awake in the near future!
Position, around 40% of my portfolio. I’m betting for the long run, I’m convinced this will be a game-changer in the crypto world.