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Algorand is a blockchain platform that enables frictionless finance. It is the world's first open, permissionless public blockchain that aims to create a borderless economy.
Consensus mechanism-
Algorand uses the Pure Proof of- Stake (PPOS) consensus mechanism to improve the scalability of the blockchain. The choice of the new block is proportional to its stake (number of tokens) in the system. It requires only a small fraction of computing power to validate transactions. On the Algorand network, a minimum of one ALGO coin is required for participating and staking compared to 32 ether (ETH) required in Ethereum.
Main features of ALGORAND-
Transaction per second -1000
Transaction speed-5 sec
Transaction fees- $0.001
Block finality- 4-5 seconds
ALGOUSD prices surged more than 155% from Oct low of $0.08974.It hit a high of $0.2232 and is currently trading around $0.210. The pair holds well above the short-term (21 and 55-day EMA) and long-term moving average (200-day EMA).
The near-term resistance is around $0.30, any indicative breach above will take the pair to $0.45/$0.50. On the lower side, immediate support is $0.1650, and any violation below targets $0.12/$0.10.
Indicators ( Daily chart)
CCI(50)- Bullish
Directional movement index - Neutral
It is good to buy on dips around $0.150 with SL around $0.10 for TP of $0.50
Pure Proof of- Stake (PPOS)
