Gradually, there is a growing awareness about the scalable, frictionless and open economy where everyone can participate which was helped created by the Algorand Blockchain. The new digital economy created by the Algorand protocol however can only and truly be showcased through a digital currency that is also scalable, fast, and borderless, a digital currency that works for everyone. This digital currency is called the Algo. Algo is the digital currency of the Algorand Blockchain.
The world is speedily embracing the use of crypto-currencies to carry out certain transactions instead of conventional currencies which can also be referred to as paper money or fiat currencies. Digital currencies are utilized to avoid the shortcomings of the fiat currencies. The Algo, for instance, can be used to carry out different commercial activities such as buying and selling of goods etc. in retail or e-commerce.
One of the distinct merits of carrying transactions using ‘Algo’ is that it is truly instant. The Algo instantly leaves the purchaser’s wallet into that of the buy at no extra cost (or for free). This is a significant improvement in carrying out business transactions compared to traditional ways whereby one uses a debit or credit card where transactions fees are usually about a certain percentage of the purchase price. Thus, using Algo provides more money in the pocket and increase spending power by lifting the additional burden placed on products due to transfer of transactional costs from the seller to the buyer.
The extra stress such as going to banks, filling of forms, standing on queues, and all sorts of extra delays and frustrations that can be caused through wire transfers that sometimes take days to effect finally can all be completely eradicated by using Algo which takes nothing less than 5seconds. The Algo can be used to transfer funds instantly from one wallet to another. Each transaction is carried out using Algo is usually being recorded and can be verified by both the payer and receiver.
Further potentials that can be exploited using Algo to carry out transactions include sending money to not just one person but many people instantly, less stressful and simultaneously. The process and speed required to transfer funds to one person are the same as sending money to a multitude of persons. Meaning under 5seconds, money can be sent to a lot of people which is an impossible task using paper currency.
Another merit of using digital currency such as Algo is that funds can be further split into smaller units (e.g 0.00001 algo). These smaller amounts can be used as extra rewards, small tasks payments in the same way as larger amounts which would have been quite impossible or tasky if paper money was to be divided. Using micropayments through digital money, the extra money can be earned by creating extra services that would’ve formerly be impossible.
Although, crypto-currencies are different and in use. Each crypto-currency exhibits the characteristics of the blockchain that it is built on. Algorand, for instance, is the blockchain that ‘The Algo’
currency is built on, thus it is only normal for The Algo to benefit from the Algorand features. These characteristics make the Algorand currency ‘Algo’ to be one of the most reliable and powerful cryptocurrencies available in the global world today.
Algorand characteristics include;
- Speed: In less than 5 seconds, Algos can be moved from one account or wallet to another. There is almost an immediate proof of payment, no waiting and worrying if payment has gone through or not, likewise there is no constantly checking minutes or hours later.
- Scalability: Billions of users can participate in the Algorand blockchain, This implies that payments will still take place in less than 5seconds, no matter how many Algo users are online. No slowing down, no element of doubt –confirmation is immediate.
- Trustworthy: The Algorand blockchain has been designed in such a way that it is assured that It cannot fork compare to other blockchains where forking is a major problem. When forking happens there might be a risk not knowing if payments were successful. There can never be any forks with Algorand, Algo can be trusted to be exactly where they’re supposed to be, at all times.
- Transparency: The entire amount of Algo was created when the Algorand blockchain was developed on June 19th, 2019 was 10Bn Algo. Anybody can search the public blockchain of Algorand at any time to see how many Algo are in use.
- Security: In several ways, although the Algorand blockchain is open and secure, it uses the most advanced cryptography (impenetrable cryptographic codes) to ensure that all personal and private information remains secure during Algo payment.
The reality is that ‘The Algo’ is one of today’s quickest, safest and most reliable crypto-currencies in use. As the frictionless economy aims to be achieved, the Algo will become of the most sought-crypto-currencies in use.