The Bitboy Crypto Podcast
Can Algorand RECOVER?!? (Price Prediction Department)
Mon Jul 10 2023Description
The episode covers the introduction to Algorand, its ecosystem and governance, as well as its price and market cap.
Insights
Algorand's Advantages
Algorand is known for being fast, energy-efficient, scalable, secure, and decentralized. It has a strong case for decentralization and is suitable for computer science engineers.
Algorand's Consensus Mechanism
Algorand uses verifiable random functions (VRFs) to achieve consensus in a decentralized and secure way. VRFs randomly select one node from the network to create a block in just 3.3 seconds.
Algorand's Ecosystem
The Algorand ecosystem includes DeFi platforms, meme coins like Koop, lending and borrowing sites like Folk Finance, trading protocols like Tiny Man, art music and NFT platforms like Rand Gallery.
Algorand's Governance
Algorand governance allows holders to lock their coins for three months and vote on proposals. Recent partnership with DWEF Labs brings $50 million investment to supercharge the ecosystem.
Algorand's Price and Market Cap
Algorand's all-time high is $2.82 with a market cap of over $13 billion. Currently, the price is around 11 cents with a market cap of $860 million. Price predictions range from 51 cents to $6.
Chapters
Introduction to Algorand
00:01 - 07:13
- Algorand is a fast, energy-efficient, scalable, secure, and decentralized layer one blockchain.
- It uses verifiable random functions (VRFs) for consensus, with a block creation time of 3.3 seconds.
- The founder of Algorand, Silvio Macali, is a world-renowned mathematician and cryptographer.
- Algorand is considered the Cardano of Europe and is suitable for computer science engineers.
- There are resources available for learning how to build on Algorand, including virtual bootcamps and the Algo kit toolkit.
Algorand Ecosystem and Governance
06:49 - 13:10
- The Algorand ecosystem includes DeFi platforms, meme coins like Koop, lending and borrowing sites like Folk Finance, trading protocols like Tiny Man, art music and NFT platforms like Rand Gallery.
- Algorand governance allows holders to lock their coins for three months and vote on proposals.
- Recent partnership with DWEF Labs brings $50 million investment to supercharge the ecosystem.
Algorand Price and Market Cap
12:54 - 17:56
- Algorand's all-time high is $2.82 with a market cap of over $13 billion.
- Currently, Algorand's price is around 11 cents with a market cap of $860 million.
- Algorand has over 7,573 million coins in circulation out of its max supply of 10 billion coins.
- Price predictions for Algorand range from 51 cents to $6 according to various websites and polls.
- Based on estimates, the circulating supply of Algorand is projected to be around 8.5 billion coins by November 2025.