Try Quests to earn cryptoAlgorand Fees 2022
Algorand blockchain explained
Algorand is an autonomous, decentralized blockchain network. It offers a wide range of secure, efficient and scalable applications. It was built for the financial future and the world's first pure proof-of-stake (PoS) fundamental blockchain. But what is Algorand used for?
Algorand's technology provides a collection of high-performance layer 1 blockchains that offer security, scalability, privacy and transaction finality. A layer-1 blockchain is a collection of solutions that improve the fundamental protocol to make the system more scalable. The consensus protocol changes, as well as sharding, are the two most prevalent layer-1 options.
Algorand was founded by Silvio Micali, a professor of computer science at the Massachusetts Institute of Technology in 2019. Silvio co-invented many breakthroughs at the heart of modern cryptography, such as verifiable random functions, zero-knowledge proofs and other protocols. Silvio launched Algorand in 2017 with the primary goal of overseeing significant research projects in theory, security and crypto finance.
The Algorand blockchain is managed by the Algorand Foundation and is available to any company or individual that wants to use it. Performance, interoperability and scaling as well as layer-2 smart contracts and private and public models are at the forefront of Algorand's technical innovation development. Additional functionality like payment scalability and off-chain computing can be provided by layer-2 scaling solutions.
Algorand scales to many users and confirms transactions with latency on the order of a minute. Even if some users are malicious and the network is momentarily partitioned, Algorand assures that users will never have contradictory views of confirmed transactions. On the other hand, existing cryptocurrencies allow for temporary forks and require a considerable period to verify transactions with high confidence on the scale of an hour. source
As you see in above chart the trend of algorand fee is descending. From the beginning of the new year the situation of the cryptocurrency market is not very good. For the reason I mentioned, the amount of transactions on this network has decreased and due to the reduction of activities, the amount of the fee has decreased.In chart below i show the number of transactions and like above chart we see the number of transactions has decreased.
