I recently wrote a post on how was my initial experience staking different coins on Atomic Wallet. In case you missed the article you can find it here - https://www.publish0x.com/crypto-projects-sams-reviews/my-first-week-of-staking-crypto-xdrdgml
In this post I will be covering what is Algorand and how you can easily stake it on Atomic wallet.
What Exactly is Algorand?
Algorand is a Proof of Stake project launched in June 2019. It’s principal objective was to address the scalability issue faced my most of the popular cryptocurrencies specially Bitcoin and Ethereum who face challenges when the transaction volume goes up. It’s aim was to resolve the scalability challenge while maintaining the decentralization fundamentals and not compromising on the security aspects.
It makes use of Byzantine Agreement principle to maintain it’s consensus protocol.
Why is it Getting so Popular?
This project has been launched barely a year back but has generated a lot of interest from investors. It has already crossed $170 M in market cap and is already in the top 50 coins by market cap.
The key reason for this fast popularity is that this is technically a very strong project founded by Silvio Micali who is a professor in MIT and has vast experience in the field of cryptography. His team composes mainly of his fellow researchers from MIT who have been exploring the crypto space for many years. This gives investors faith in the capabilities of the team behind Algo that these guys know what they are doing and the project has a high probability to succeed.
Should I just go ahead and Invest in Algo?
Of course not! You need to do your own research and only when you are fully convinced you should invest your hard earned money in this project. Also if you decide to invest I would suggest not investing a high percentage of your portfolio on this as this project still has a long way to go. Though it appears flawless on paper it is yet to start practical implementations. It will be worth it’s value when it can show practical use cases of how it addresses the scalability problems.
How was my Staking Experience?
This is one aspect where Algorand beats all it’s competitors in the staking area. I have already expmerimented with staking over 10 coins and Algo was by far the best experience. Most of the coins have some lock in period, some minimum amount required to stake, some hold period before the dividends get credited, some wait time before you can withdraw the dividends, the need to manually claim the returns from time to time.
Algorand let’s you just buy the tokens and store them in your wallet and they automatically start earning staking rewards from day 1. The expected rate of return is about 5% per year and is rewarded with each block. The best part is that the tokens you earn from staking are automatically put up for staking and you don’t need to do any manual actions. This is thus a project where you can buy the tokens and forget about them as they will automatically re-stake your earning. For people like me who are interested in long term staking this is a great option.
What’s my Plan with Algorand?
I am eagerly waiting for the next market correction to happen so I can stock up on some more Algo. I am planning to stake Tezos, Cosmos, Cardano and Algorand for 3-4 years.
If you liked this article please check out the previous article I wrote about staking Komodo on Atomic wallet- https://www.publish0x.com/crypto-projects-sams-reviews/how-to-stake-komodo-on-atomic-wallet-xxovylp
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A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.