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Algorand is a unique protocol-level blockchain for the ALGO cryptocurrency. Algorand was founded in 2017 and has a total supply of 10 billion. Find out how to buy ALGO in Canada, and learn more about ALGO tokens and their use in this guide.
This is our quick guide to just one way to buy ALGO. Compare some other options in the table below.
ALGO is available on a number of popular cryptocurrency exchanges, including:
How to buy Algorand (ALGO):
You’ll need to provide your email address and create a password to register for an account, while it’s also recommended that you set up two-factor authentication to provide an extra level of security.
Depending on the exchange you choose to buy or sell ALGO, you may or may not be able to pay using CAD — compare exchanges by deposit methods to find the right fit.
The exact process for depositing funds into your account varies depending on the exchange you choose.
The final step is to trade your chosen currency for ALGO on the exchange. Once again, the exact process you need to follow may vary slightly depending on the exchange you choose.
The process for selling Algorand is similar to the steps outlined above, except you’ll be exchanging your ALGO for BTC/ETH/CAD (or another cryptocurrency) rather than buying ALGO.
Some people store their tokens on exchanges, but this is generally not recommended. It’s considered safer to hold your own private keys.
There are few wallet choices for ALGO, but the Algorand Foundation has created an official mobile wallet, the Algo Wallet, for iOS and Android.
Algorand, founded in 2017, says it’s a permissionless, public and decentralized blockchain. It’s similar to Bitcoin or Ethereum in this respect.
It’s designed to serve as a base-level blockchain protocol on which other dapps can be built and smart contracts operated.
One thing that makes Algorand different is that it claims to be highly scalable, so it’s not prone to the same bottlenecks or fee issues that Bitcoin or Ethereum frequently are. It uses a proof-of-stake system that provides immediate transaction finality, which eliminates a lot of the “forking” problems of earlier blockchains.
As a proof-of-stake system, it encourages ALGO holders to “stake” their tokens, and essentially become ALGO “miners”. Token holders can enjoy some governance powers. In both network consensus and governance, a super-majority of users is required to pass decisions.
It also offers unique economic innovations, including a public token dispersal process through periodic Dutch auctions. The basic tenet is that the market will always ensure a fair ALGO price, and that users will be able to return their ALGO for 90% of the purchase price for up to a year after the purchase, as a kind of algorithmic “satisfaction guaranteed” arrangement.
The team behind Algorand has attracted a lot of attention. Most notably, it was founded by Turing Award-winning computer scientist Silvio Micali.
There are risks involved in purchasing any cryptocurrency, and even though ALGO aims to offer more assurances through its money-back and Dutch auction system, it still carries many of the same risks as any other cryptocurrency, including a complete loss of funds in the event of hacking or other misadventure.
Other factors to consider include the following:
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