Buy Algorand in Australia on CoinJar

Buy Algorand: ALGO was created to address some of the limitations of other cryptocurrencies, such as slow transaction speeds and high energy consumption. ALGO serves as Algorand’s native cryptocurrency.

ALGO can be used to make payments, just like using Dollars or Pounds.

As an investment, ALGO has been on a wild ride. The all-time high price for Algorand was US$3.56, on June 20, 2019. The all-time low price for ALGO was $0.08751, in September 2023. At the time of writing (04 April 2024) the price of ALGO is US$0.24. So ALGO has had its ups and downs.

Algorand uses

Algorand hosts various DeFi applications. Some of these are truly innovative, especially in the financial sector. Another advantage is low fees (around $0.0003 per transaction at the time of writing), making it cost-effective compared to other systems like Visa or Ethereum.

Algorand also allows users to create their own digital assets (tokens) on its platform. These tokens can represent anything from real estate to gold, to loyalty points.

Cool stuff on Algorand

Meld Gold

Meld Gold is a dApp that runs on Algorand. Meld offers digital certificates backed by physical precious metals, including gold and silver. These tokens, such as GOLD$, represent real-world assets and are fully redeemable for their corresponding physical counterparts.

In collaboration with Algorand, Meld Gold modernises the gold industry, bridging the gap between the physical and virtual worlds.

Spindle

Spindle puts experimental fiction on the blockchain using the Algorand ecosystem. Its goal is to provide a platform for fiction authors to publish their stories in innovative ways.

These methods include incorporating multimedia elements, enabling audience participation, and using new payment systems.

By using Algorand, Spindle aims to give authors more control over their narratives and profits.

Nexus

Nexus is a platform for decentralised trading and marketplace activities. The platform eliminates concerns related to scams and uncertainty by requiring both parties to provide collateral before completing an exchange.

It operates on the Algorand blockchain and employs an escrow smart contract to facilitate secure transactions between buyers and sellers.

This smart contract ensures trust and transparency during transactions, whether it is for in-game currency, services, NFTs, or physical items.

Who founded Algorand?

It was founded by Silvio Micali, a Turing Award-winning cryptographer and MIT professor.