Algorand price prediction: Is ALGO Likely to Break $10 ATH

Welcome to Coindictate Algorand price prediction, the crypto sphere is evolving thus many more Crypto/blockchain projects are been created with their own native coin/token on daily basis, both with reputable and disreputable ones while Algorand coin stand to be one among the top and trending coin in the crypto market.

Hence, we created this article Algorand price prediction as many Cryptocurrency enthusiasts will want to know a detailed price prediction analysis for Algorand token. 

To know if it’s a good coin to buy now or not and also to know Algorand’s future projections.

In this article, we aired our opinion on the Algorand project and also provided an Algorand price prediction from 2021 to 2028 base on its historical data.

So let dive in without much ado.

Algorand Review

Algorand is a self-sustaining, decentralized, blockchain-based network that supports a wide range of applications. 

These systems are:

• Secure
• Scalable, and 
• Efficient, 

All critical properties for effective applications in the real world. Algorand will support computations that require reliable performance guarantees to create new forms of trust.

The Algorand mainnet went live in June 2019 and was able to handle almost 1 million transactions per day as of December 2020.

Algorand was invented to speed up transactions and improve efficiency in response to the slow transaction times of Bitcoin and other blockchains. 

Algorand is designed so that there are significantly lower transaction fees, as well as no mining (like Bitcoin’s energy-intensive process), as it is based on a permissionless pure proof-of-stake blockchain protocol.

Algorand token (ALGO) is ranked 35 on Coinmarketcap among all cryptocurrencies in the market and has a total supply of 5,600,247,741 ALGO.

Is Algorand a good investment

Now you would want to know if this Algorand is worth investing in; you ought to analyze the metrics and use cases of a particular crypto coin before you can make a final decision to invest your money in it or not.

Let’s analyze a few of the Algorand vital metrics and use cases and confirm if it’s worth investing in.

Proof Of Stake (POS) Mechanism

Every token holder with at least 1 Algo in their account can choose to participate in the POS consensus mechanism, in which case they can be randomly chosen to propose and add new blocks to the chain, the more tokens one holds, the more likely it is to be chosen.

So, to participate in the consensus process, you’ll need to keep your Algos in their official wallet and declare your availability through a special transaction, but then if you’re not interested in that, you can still reap Algo staking rewards by simply holding Algo in Exodus (a crypto application for your mobile device or your desktop that is home to over 100 cryptocurrency wallets and other crypto apps)

At this time, rewards are distributed universally to all token holders according to the number of tokens they hold, exodus makes it super easy to claim these rewards on your phone and computer. 

The Algorand foundation boasts that this Pure Proof-of-Stake approach has significant advantages over the current implementations of Proof-of-Stake.

Firstly, it enhances security: Since the miners are chosen at random from all token holders, an attacker can’t know which ones they are beforehand to attack them.

Secondly, it promotes decentralization: No complex calculations are needed, so anyone can participate in the consensus process without needing specialized equipment or high energy

usage.

Lightning Network

Algorand transactions are fast, taking about 5 seconds to confirm, and with an average fee of less than $0.001, they’re very cheap too compared to Ethereum’s average transaction confirmation time of 15 seconds and a transaction cost ranging from a few cents to a few dollars, Algorand is both faster and cheaper.

Algorand achieves both the high block speed and the low transaction cost because of the lightweight consensus mechanism it employs, the fact that transactions are immediately

final and by splitting the smart contracts into two layers.

Layer-1: is used for simple, smart contracts, atomic transfers and swaps, and token transactions, things that don’t require much time to be executed and won’t delay block production.

Some examples of Algorand Smart Contracts at Layer-1, called ASC1, include:

• Crowdfunding Accredited-only transactions and
• Multi multi-sig wallets

Furthermore, Algorand has implemented a universal architecture for Layer 1 written in a new language called Transaction Execution Approval Language (TEAL); this universal architecture simplifies the creation of smart contracts, or new tokens, called Algorand Standard Assets (ASA), which work exactly like the native token, Algo.

The universal architecture also removes security or other malfunction risks and guarantees that the execution of these smart contracts doesn’t impede the blockchain’s performance.

Layer 2: Layer 2 is utilized for more complex smart contracts that require longer execution times or access to off-chain data, these smart contracts are executed “off-chain”, in parallel with the block creation.

Once they have finished executing, only the results and a certificate validating them are added to the chain and the block production speed is unaffected.

Co-chains

Co-chains are private blockchains built on the Algorand protocol, they can be utilized by organizations that want a blockchain and perhaps also a token or security built on it, accessible only by their members.

This idea already exists in other blockchains, but the implementation usually leads to the isolation of the users of the private blockchain.

Algorand solves this problem by having built-in the ability to communicate with other co-chains or the main chain and the world at large.

In this way, what needs to remain private does, but at the same time, the co-chain users can also transfer information to other chains and the world.

So, with this few amazing few aforementioned Algorand features, we can consider Algorand as a good investment as many Crypto enthusiast has a great interest in cheaper and faster transaction system and also the fact that it allows anyone holding ALGO to become a validator due to its proof of stake protocol within which will bring scarcity to the coin and more demand with less supply

Can Algorand reach 15 – $20

The price of Algo started strong at the token launch with a valuation of $3 per coin.

In early August 2019, less than two months after the mainnet’s launch on June 19, the rumor of its listing on Coinbase Pro that starts proliferating the net gave it a good bump in price.

But as it usually happens in these cases of “buy the rumor, sell the news,” the price continued its decline after the actual listing happened and has since settled at around $0.8 currently, but with development, partnership, and added features with real use cases of Algorand may likely make the price reach $15 – $20 soon.

Algorand Price Prediction 2021- 2025

Below is our Algorand price prediction based on historical data

Algorand Price Prediction 2021

Algorand Price Prediction 2022

Algorand Price Prediction 2023

Algorand Price Prediction 2024

Algorand Price Prediction 2025

Algorand Price Prediction 2026

Algorand Price Prediction 2027

Algorand Price Prediction 2028

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Disclaimer: Our prediction is made on basis of historical data. We are not responsible for any profit or loss.

Final Verdict

This article Algorand price prediction is for informational purposes only and should not in any way be regarded as investment advice as the Crypto market is highly volatile and investing in it should base on calculated risk. 

This prediction is based on historical data only.

Disclaimer: All the information on this website is published for general information purposes only. They are not financial advice and do not represent the opinions of Coindictate to buy or sell any asset. Please do your own research before taking any action.