We often talk about not only popular and interesting, but also significant blockchain projects. One of these – Algorand, allows you to expand the scope of cryptocurrency and create new promising projects on its basis. In a new article, we prepared a forecast for the Algorand course from various experts, talked about what can affect the course, and what users say on social networks.
What are Algorand and ALGO?
Algorand is a blockchain project aimed at expanding the possible use cases of cryptocurrency by increasing the speed of transactions. Algorand also allows users to create smart contracts and tokens that can represent both new and existing assets.
The Algorand protocol distributes the ALGO cryptocurrency, which it injects into its system with each new block, to everyone who has a certain amount of currency in their wallets. This is the so-called Pure Proof-of-Stake, “pure proof of ownership”, a consensus algorithm in which all platform participants and currency owners are involved.
What can affect the ALGO course?
Major updates always affect the cryptocurrency rate in one way or another. The project team strives to work out all possible flaws of Algorand so that the network works quickly and attracts new users.
Algorand was last updated on August 19, 2020. Back then, the nonprofit Algorand Foundation and Algorand unveiled a protocol update that should expand the network’s capabilities to support DeFi applications that scale to “tens of millions of transactions per day.” The main point was the addition of the function of smart contracts, the state of which can be tracked.
In 2021, a major upgrade will be activated on the Algorand blockchain to achieve better performance and increase the speed of the Algorand blockchain. In 2021, the developers will add the following changes:
- Block size: 25,000 transactions per block.
- The block rework time is 2.5 s.
- Guaranteed finality for all transactions.
Listing on exchanges
Listing on major cryptocurrency exchanges has a positive effect on the rate of cryptocurrencies, including Algorand. In August, the Coinbase exchange added ALGO to its list, after which its rate increased by 30%.
Since the Algorand blockchain allows the creation of new stablecoins, many large organizations are turning their attention to this opportunity. In the last year, it became known about plans to create three large stablecoins based on Algorand:
- the Center consortium announced support for USD Coin not only on the Ethereum blockchain, but also on Algorand;
- The Bank of the Marshall Islands will issue a stablecoin pegged to the rate of the sovereign, the national currency of the state;
- Tether will also release a stablecoin based on Algorand 2.0.
Due to the release of new tokens, more users are attracted and the popularity of ALGO grows.
Algorand Price Prediction for 2021
WalletInvestor Algorand Price Prediction: $ 0.491
WalletInvestor analysts believe that in January 2021 the ALGO rate will be $ 0.372. Over the course of the year, the cost will rise to $ 0.491. Thus, the currency will rise in value.
Algorand price prediction 2025. Source: WalletInvestor
CoinArbitrageBot ALGO prediction: $ 0.63629
According to CoinArbitrageBot, at the end of 2021, the Algorand rate could be $ 0.63629. According to the technical analysis of experts, the cryptocurrency will grow.
Over time, the Algorand developers plan to constantly develop the blockchain and introduce new technologies, so it can be assumed that the ALGO course will grow.