5 Cryptocurrencies Millennials are Buying for Retirement

1. Algorand

Algorand is a blockchain platform that uses the Algorand coin as the local token on the network. The Algorand system is designed to process transactions quickly. The network uses the proof-of-stake (POS) consensus mechanism. Algorand was founded in 2017 by Silvio Micali, a professor at MIT and an expert in cryptography. The total supply of the Algorand coin is capped at 10 billion. 7 billion of these are in circulation. Algorand can process transactions quicker than Ethereum. The latter takes about 14 seconds for one while the former can do it in four seconds.

Algorand is one of the most energy-efficient blockchain networks. This differentiates it from other blockchain networks that have come under increased scrutiny because of the energy it takes to mine their coins. Since April 2021, the Algorand network has been carbon-negative. The efficiency of the network depends on factors such as relay nodes, prohibition of forking, and the continual compression of information on the blockchain. The coin has been accepted as the official digital currency of the Marshall Islands since 2020. 

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