Algorand (ALGO)

In recent years, many projects with smart contract features have been developed such as Avalanche, Polkadot, Algorand. These projects are also called "Ethereum Killer" and can be an alternative to Ethereum. In this article, Algorand, which is one of the leading projects in terms of technology and the team behind it and will be listed on our ICRYPEX Crypto Exchange as of 25 January 2021, will be examined in detail.

How to Buy Algorand (ALGO)?

To perform your ALGO buying and selling transactions on the ICRYPEX Crypto Exchange:

• First of all, you must sign up to our site by clicking the "New Account" button and filling in the name and surname, phone number and e-mail address fields.
   
• After completing all required fields of the membership, you can deposit TRY from your bank account by clicking "Deposit" or you can start your investment by transferring your ALGO to your ALGO wallet you have created in "My Assets".
   
• You have to write "ICRYPEX Bilişim AŞ" to the Payee/Title field while depositing money via Bank transfers. Transfers sent with different, incorrect, or incomplete Payee names are rejected by the bank.
   
• The transaction description code in the deposit section should be noted to be written on the receipt. You can perform money transfers by using your own TRY checking accounts.
   
• After depositing TL to your wallet, you can buy ALGO easily either by going to the "Easy Buy and Sell" screen or by clicking "Easy Buy". To complete the buying process, you need to enter the ALGO amount you want to buy and choose the rate price and give a buy order. After completing your ALGO buying transactions you can evaluate your investments by following the market conditions.
   

ICRYPEX allows you a quick and secure ALGO trading with its 24/7 Customer Representatives appointed to every user and its daily and weekly analysis support.

What are the Basic Features of the Algorand Project?

Algorand, which was launched in June 2019, is a decentralized, secure, and scalable cryptocurrency project and blockchain network. It is similar to Ethereum with its smart contract feature (contracts coded to create decentralized finance applications). With a capacity of 1,000 transactions per second, it competes with global and traditional payment networks without compromising its decentralized and secure structure. 

Due to the programming behind Algorand, it stands out from its competitors, particularly due to its transaction speed and low transaction fees. While transfers from one account to another take as short as 4 seconds on Algorand, low-fee transactions sometimes wait for approval for days on Ethereum due to Ethereum's higher transaction fees (gas fees). In addition to improved transaction time, Algorand is an alternative to decentralized financial transactions with low transaction fees. Ethereum usage has been limited due to high transaction fees particularly recently while the users can perform decentralized financial transactions on Algorand for a fee of as little as 0.001 USD.

Who is Behind Algorand Project?

Silvio Micali is behind the Algorand Project just like Vitalik Buterin is behind Ethereum. Micali, a professor at MIT, is actually a renowned Turing-award-winning cryptographer and has made many studies on blockchain for several years.  He has been supported by many economists, mathematicians, and software developers at the beginning of the Algorand project; therefore, the project is developed by a team of specialists who know their job well.