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Algorand — A Unique Cryptocurrency Trading Platform
It has been less than 12 years since Bitcoin’s initial launch. While it was known as the first-ever cryptocurrency to be launched in the market, following the release of BTC, the cryptocurrency market exploded, resulting in several new cryptocurrencies releasing every year.
Pioneered by Bitcoin, crypto trading apps are growing in popularity at the moment. Blockchain is particularly famous in the financial sector for the money and time it can save businesses operating in finance. By removing bureaucratic red tape, lowering third-party dependency and fees, and making ledger systems real-time, blockchain can save the biggest banks around $8 billion to $12 billion per year, according to a study published in ComputerWorld.
Algorand is an open-source, decentralized blockchain network that utilizes a two-tiered structure and a powerful version of the Proof-of-Stake (PoS) consensus mechanism to improve transaction speeds and achieve certainty. The network’s block rewards are spread to all ALGO coin holders, giving all the users an opportunity to earn rewards rather than just block producers.
Now that we’ve gotten an idea of Algorand, let’s dive deep into this particular blockchain network.
