BTSE is pleased to bring Algorand (ALGO) onto its platform on Thursday, April 20, 2023, adding to its users’ selection of quality digital assets. Additionally, ALGO will be listed on BTSE’s wider ecosystem of 10+ white-label crypto exchanges, enabling better liquidity and pricing. Users will be able to trade ALGO via the ALGO/USDT and ALGO/USDC trading pairs.
1. Deposits and withdrawals enabled: effective immediately (supported network: Algorand)
2. Trading enabled: 8:00 AM (UTC) on April 20, 2023
About Algorand (ALGO)
Market Cap: $1,417,876,323
Total Supply: 7,432,808,873 ALGO
Circulating Supply: 7,218,483,946 ALGO
Algorand is a blockchain protocol that leverages a unique pure proof-of-stake (PPoS) consensus mechanism to address the scalability challenges often faced by first and second-generation blockchains. The PPoS mechanism promotes decentralization by enabling all online nodes to participate in block validation while maintaining low computational and financial costs for setup. Additionally, it offers a sustainable solution, eliminating the need for forking.
The ALGO token serves several purposes within the Algorand network:
- Transaction Fees: ALGO is used to pay transaction fees on the Algorand network, which boasts lower costs compared to Bitcoin (BTC) and Ethereum (ETH).
- Staking and Consensus Participation: Users can stake ALGO for the opportunity to be chosen as a block proposer or validator and to cast their votes in the consensus process.
- Passive Income Generation: By holding ALGO in a non-custodial wallet, users can effortlessly earn passive income whenever new blocks are generated on the blockchain.
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