Created by Massachusetts Institute of Technology professor Silvio Micali in 2017, Algorand (CRYPTO:ALGO) is a relatively new player on the cryptocurrency scene. Algorand's main network was made public in mid-2019, giving this cryptocurrency network a total time in the market of only about a year and a half.
Sure, the cryptocurrency world operates at light speed. A year and a half might be a lifetime as far as cryptocurrencies or blockchain networks are concerned. However, the fact that Algo, the native cryptocurrency of the Algorand network, has grown to become a top-25 cryptocurrency by market cap (just under $12 billion at the time of this writing) is impressive.
As with other cryptocurrency networks, Algorand's purpose is to facilitate efficient and smooth transactions. However, investors note that this network has a number of other features that make it stand out among its cryptocurrency peers.
Let's dive into a few key reasons cryptocurrency enthusiasts may want to consider owning some Algo right now.
Image source: Getty Images.1. Interoperability is increasingly important
Cryptocurrency networks have generally focused on developing unique blockchain networks providing unique benefits to users and investors. The advent of relatively "closed" cryptocurrency ecosystems has forced investors to consider one particular cryptocurrency or blockchain network over another.
In the case of Algorand, a paradigm shift is underway. It is well known for its ability to work across various blockchain networks. That is, developers on Algorand can create digital assets or smart contracts on the blockchain's Layer-1 network. For reference, a Layer-1 cryptocurrency technology is an actual blockchain, while Layer-2 technologies add an abstract operating model that helps increase the efficiency and scalability of the Layer-1 assets. Algorand's Layer-1 network provides a blockchain-based eco...