Recently, things were not going according to plan for Algorand as its wallet, MyAlgo was exploited for over $9 million. But few days ago, the platform has announced that it will be launching 'AlgoKit', which can become an ideal new tool for developers. This created a much needed perspective change towards the platform.
This new technology did raise the interest of a lot of people but before getting into what it can provide, lets discuss few things about Algorand.
What is Algorand?
Algorand is a decentralized blockchain network that was founded by Prof. Silvio Micali in 2017.
It claims to be
The world’s most powerful and sustainable blockchain.
Algorand uses the PoS (Proof-of-Stake) consensus mechanism and offers its users:
- Scalability
- Security
- Decentralization
- Speed
- Efficiency
- Low transaction fees, and
- Reduced carbon footprint
Algorand (ALGO) Token
Algorand has its own utility token called ALGO. It has a total supply of 10 billion which all of it will be distributed by 2030. The token can be used to:
- Pay transaction fees
- Participate in governance, and
- Become a validator
ALGO has an all-time high price of $3.56 registered in 2019, and an all-time low price of $0.105336 registered in 2020.
ALGO price throughout the years
AlgoKit
On March 21st, there was a tweet announcement form Algorand Foundation that 'AlgoKit' was coming soon. According to Algorand Developer Portal, AlgoKit can help developers by providing:
- Point-of-sale transaction speed
- Industry-leading uptime
- Developer support for every step of your journey
- 10 minute onboarding
These can really benefit developers that use Algorand, specially the 10 minute onboarding. As stated on the Developer Portal,
AlgoKit’s new command line interface removes the pain of onboarding to Web3, helping you set up your environment, manage your project, and deploy in a safe and secure manner.
Algorand also launched a video series that can help guide its developers on creating the best possible ecosystem on the platform. Which I'm sure most beginner developers will find useful.
So what are your thoughts on Algorand and AlgoKit?...... Let me know in the comment section.
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Disclaimer
I am not a financial advisor. The information found here are for educational purposes and cite my personal opinion.
