Algorand (ALGO) aims to solve some of the technical barriers of existing blockchain infrastructure. In particular, the project seeks to improve decentralization, scalability and security. Launched in June 2019, Algorand provides a foundation for existing businesses and new projects to operate globally in the emerging decentralized economy. Algorand’s permissionless, pure proof-of-stake protocol supports the scale, open participation, and transaction finality required to build scalable blockchain projects.


What is Proof-of-Stake?

Proof-of-stake is a type of consensus algorithm by which a cryptocurrency blockchain network aims to achieve distributed consensus. Please note that although this is a feature of ALGO, proof-of-stake/staking and voting are not currently supported on CoinZoom.


Can I send ALGO to CoinzOOM? 

Yes, but please be sure to send ALGO to and from CoinZoom the same way you send all other assets on the platform, within their own separate wallet to the correct address. Select the “Deposit” button next to your ALGO wallet to view your ALGO deposit address. 


If you send to an external (non-CoinZoom) address or wallet that does not support ALGO, CoinZoom is not able tto reverse for that transaction.