Algorand Blockchain is an open-source software company working towards constructing a borderless economy. The company created a Pure Proof-of-Stake protocol with open participation, scalability, security and transaction finality. Algorand aims to solve the three main problems faced by blockchains today, called the blockchain trilemma of: security, scalability, and decentralization.
Blocks are built into 2 phases in Algorand. These blocks are built through lotteries known as “cryptographic sortition” which allow fast transactions and ensure that the time of waiting 30+ days for transactions to be completed are truly behind us.
The first stage is the Proposal Phase: A single token is chosen, and the owner proposes the following block. This proposer is only identifiable to the whole network during the propagation phase: it is already too late to interfere. In Pure PoS every token has the same power to be chosen.
Voting Round: a board of owners of 1,000 random tokens are selected, approving the new blocks proposed by the first user. In contrast to the fixed committee system in various Proof-of-stake or Proof-of-work blockchains, this random selection of the committee members makes the protocol extremely secure against outside party attacks as hackers are unsure of what creators to target.
There is a total supply of 5.54 billion Algorand tokens with approximately 3.06 billion in circulation currently.
Algorand was founded by MIT computer science professor, Silvio Micali, in 2017. He is famous for his fundamental contributions to the theory and practice of secure two-party computation, digital currency, cryptocurrency and blockchain protocols. Micali has been renowned as one of the most innovative thinkers in the cryptocurrency realm.
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Interac e-Transfer is the most popular way to pay online in Canada. Canadians want to buy Algorand with Interac, but banks do not make it easy. Bitbuy exists to simplify the process when you want to buy Algorand in Canada with Interac. You can use your bank account directly to fund your Bitbuy account, which you can then use to buy and sell cryptocurrencies in Canada.
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When you log into your Bitbuy account you will be automatically directed to the ‘Accounts’ section of your account. Click 'Express Trade' located at the top of the page if you are already logged in. To institute the trade, click the 'Sell' button which will appear in red.
Click the drop-down and search ALGO to begin the sale.
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Sign into your Bitbuy account and you will be automatically directed to the 'Accounts' section. If you are already logged in, click on 'Accounts' in the bottom right corner of the navigation bar.
Locate ALGO and click on the 'Sell' button.
Enter the amount of ALGO you wish to sell. The value of your sell will be displayed at the bottom of the page. When you are ready to continue, click the 'Place Sell Order' button to complete your transaction!
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