Buy Algorand

Algorand is a Layer-1 blockchain built for fast, secure and low-cost transactions, and ALGO is the cryptocurrency that powers it. It is designed to support payments, smart contracts and applications while remaining energy-efficient.

It helps to separate two names. Algorand is the blockchain network and project, while ALGO is its native cryptocurrency. People often use the names interchangeably, but you buy and hold ALGO, while Algorand is the underlying network.

Like other smart contract platforms, Algorand lets developers build decentralised applications across areas such as decentralised finance (DeFi), payments and the tokenisation of real-world assets. It is known for its focus on speed, low fees and a design intended to avoid the trade-offs that some older blockchains face between security, scalability and decentralisation.

What is Algorand used for?

Algorand is used to run decentralised applications and to move value quickly across its network. ALGO is the asset used to pay fees, help secure the network, and interact with apps built on Algorand.

ALGO is used to:

• pay transaction fees on the Algorand network
• help secure the network by taking part in its Proof of Stake consensus
• take part in governance and interact with apps built on Algorand

Algorand runs on a system called Pure Proof of Stake. Instead of mining, the network is secured by ALGO holders, and the design is intended to make participation accessible and energy-efficient, with transactions that settle quickly and at low cost.

Algorand has a fixed maximum supply of 10 billion ALGO. These tokens are released into circulation gradually over time according to the network's rules, and because the supply is capped, no ALGO can be created beyond that limit.

The history of Algorand

Algorand was founded by Silvio Micali, a professor at MIT and a Turing Award-winning cryptographer, and its main network launched in 2019. It was created to address what is sometimes called the "blockchain trilemma," the challenge of achieving security, scalability and decentralisation at the same time.

To do this, Micali developed the Pure Proof-of-Stake approach, along with the Algorand Virtual Machine, which allows smart contracts and applications to run on the network. You can find out more on the official Algorand website.

Since launching, Algorand has been used in a range of payments, financial and enterprise projects, and is often highlighted for its focus on efficiency and sustainability. People buy ALGO for many reasons, including using Algorand applications, helping secure the network, paying fees, or gaining exposure to the Algorand ecosystem.