Algo is a native token of the Algorand blockchain. The Algorand mainnet was launched in the summer of 2019, and the ICO was held at that time with a price of $2.4.
The Algorand blockchain was developed to increase the speed of transactions and contribute to efficiency. The network is highly secure as it’s based on a permissionless pure proof-of-stake blockchain protocol. This approach means that all of the validators are known to one another and agree on the creation of a new block.
The idea behind the Algorand blockchain is the creation of an open, borderless economy for everybody. Algo provides lower transaction fees and no mining. Within the blockchain, Algo is used the same way as fiat currency in the real economy. However, Algo doesn't suffer the challenges that paper money does. Algorand is used for paying for goods and services through e-commerce or retail. But the transaction is done instantly, unlike when using credit or debit cards. So, Algo leaves your wallet if you are a buyer and reaches a seller's wallet immediately. At the same time, there is no transaction fee.
Ten billion Algo tokens have been minted. The distribution of the fixed and immutable 10 billion ALGO will end in 2030.
Although Algo was created in June 2019, its price hasn’t skyrocketed. Most of the time, it's much lower than the ICO price. However, the market capitalization is high. The currency is among the top-30 crypto assets according to market capitalization (CoinMarketCap).
As for the US dollar, it's the most popular fiat currency. The USD is used worldwide. Although USD is volatile, its rate is always high enough to invest in this currency.
To trade the ALGO/USD pair, you should follow crypto market sentiment, check global news, and consider blockchain developments.
Risk warning: Trading in FX and CFDs entails high risk of losing capital.
