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Wednesday, 22 Dec 2021
Crypto Notes
A weekly newsletter decoding crypto, blockchain and the entire ecosystem.
By Rohas Nagpal

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Good morning!

All about Algorand (ALGO)

Over the last few weeks, we discussed Dogecoin (DOGE), Cardano (ADA), Binance Coin (BNB), Solana (SOL), Bitcoin (BTC), Ether (ETH), Filecoin (FIL), Polkadot (DOT), Polygon (MATIC), Chainlink (LINK), Theta, Chiliz (CHZ), Avalanche (AVAX), Terra (LUNA), Arweave (AR), the top Metaverse cryptos, the to DeFi protocols. and the most important DAO cryptos.

This week we take on Algorand (ALGO).

     

Let's start with some interesting crypto news:

SBI Group, one of Japan's largest financial institutions, has launched a Crypto Asset Fund which enables general Japanese investors to purchase seven cryptos - Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), XRP, Bitcoin Cash (BCH), Chainlink (LINK) and Polkadot (DOT).

The Dubai World Trade Centre is becoming "a comprehensive zone and regulator for virtual assets and cryptocurrencies".

The first five Polkadot parachains are going live with multiple decentralized finance (DeFi) use cases.

Here's a great value proposition:

A digital subscription to Mint can be yours with a flat 25% off (Up to 40% with bank offers), at just ₹159 per month. But hurry, offer expires on 23rd Dec. Check out the convenient and affordable plans we have for you here.

1. What is Algorand (ALGO)?

Name: Algorand

Symbol: ALGO

Overview:

Algorand is a new-gen blockchain bridging the decentralized and centralized world of finance.

Algorand Standard Assets run on the blockchain's "Layer-1" and include fungible, non-fungible, restricted fungible, and restricted non-fungible assets.

Here's what I like the best about Algorand Standard Assets:

Role-based asset controls are supported for business, compliance, and regulatory requirements.

Asset accounts can be "quarantined" for investigations.

"Forced" asset transfers can be done for legal compliance.

Permissions can be configured so that only "whitelisted" addresses can transact.

Off-chain asset documentation can be included in the on-chain asset definition.

Users can "opt-in" to accept new assets.

Another feature I like in Algorand is "Rekeying in Layer-1", which enables users to change their private key without changing the public address.

2. Metrics

As of 21 December, its core metrics are:

Price metrics:

Current Price $ 1.33
All-time high (Nov 05, 2021) $ 3.28
All-time low (May 27, 2020) $ 0.1024

Supply metrics:

Circulating supply 6.35 billion ALGO
Total supply 6.8 billion ALGO
Maximum supply 10 billion ALGO

Note:

Circulating supply is the number of coins/tokens in public hands.

Total supply is the number of coins/tokens created minus the number burned.

Maximum supply is the maximum amount of this crypto that can ever exist

Figures have been rounded off for convenience

Marketcap & Volume metrics:

Market Cap: $ 8.6 billion
Fully Diluted Market Cap: $ 13.6 billion
Volume (24h): $ 238 Million
Volume / market cap ratio: 0.03

Note:

Market cap = Current Price x Circulating Supply

Fully Diluted Market Cap would be the market cap if the maximum supply was in circulation

Volume (24h) is the fiat value of this crypto traded over the last 24 hours

Volume / market cap ratio = 24h Volume / Marketcap

Figures have been rounded off for convenience

3. Wallets

Algorand's Official Wallet enables holders to earn rewards simply by holding ALGOs.

Note: The data/graphs are from CoinMarketCap, Messari, and Future Money Wallet and may be rounded off.

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The author is an amateur boxer, a blockchain architect, a Tintinologist and a retired hacker.

     

Written by Rohas Nagpal. Edited by Saikat Chatterjee. Produced by Nirmalya Dutta. Send in your feedback to newsletters@livemint.com.

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