Algorand (ALGO), a scalable, secure, and decentralized cryptocurrency and smart contract platform, eliminates the risk of user and validator funds being cut off with its Pure Proof of Stake (PPoS) mechanism and does not provide rewards. Founded by MIT professor Silvio Micali, Algorand finalizes blocks in seconds, ensuring fast and reliable transactions. With its developer-friendly structure, offering an open-source node repository and comprehensive developer tools, Algorand establishes partnerships with significant companies across various sectors, providing versatile use cases. In this article, you can find answers to two frequently asked questions: What is Algorand (ALGO), and how to buy Algorand (ALGO) with TRY.
What is Algorand (ALGO)?
Algorand is a scalable, secure, and decentralized cryptocurrency and smart contract network designed with the latest technology. The foundation of network security and consensus mechanism is a unique variation of Proof of Stake (PoS) known as Pure PoS (PPoS). Unlike traditional PoS models, PPoS ensures that neither validators nor user funds are at risk of being cut off, meaning no funds are lost to enforce honest behavior. Additionally, Algorand’s protocol does not provide rewards for validators. This approach aims to support a robust on-chain governance system by leveraging the decentralization and security benefits inherent in PPoS.
Algorand was founded by Silvio Micali, a renowned MIT professor and Turing Award winner. Micali’s vision was to create a permissionless blockchain network using pure PoS. Algorand’s innovative technology finalizes blocks in seconds, enabling instant transactions and preventing forks in the blockchain. The rapid execution of transactions is one of Algorand’s standout features, making it an attractive choice for a wide range of applications requiring fast and reliable transactions.
One of Algorand’s strongest aspects is its focus on developers’ needs. By making the Algorand node repository open-source and accessible to everyone, it fosters innovation and collaboration within the developer community. It offers a comprehensive suite of developer tools and analytics to support the creation and optimization of decentralized applications (dApps). Through its partnership with Flipside Crypto, Algorand provides robust dApp analytics that help developers gain insights into their applications’ performance and usage.
Algorand’s ecosystem includes various partnerships with significant companies and organizations built on the blockchain. These include OTOY, a company specializing in cloud graphics, Syncsort, a data management company, TOP Networks, a communication network provider, and Asset Block, focusing on real estate tokenization. All these partnerships demonstrate Algorand’s versatility and ability to support a wide range of sectors and use cases.
How to Buy Algorand (ALGO) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy Algorand (ALGO). Over 100 cryptocurrencies, including ALGO, can be bought and sold on Binance TR, where an account can be quickly created. To buy Algorand (ALGO) with TRY on Binance TR, follow these steps.
How to Open an Account on Binance TR?
Opening an account on Binance TR is quite easy. To do this, go to trbinance.com and continue from the “Create Account” step. In the first step of creating an account, you will be asked to enter basic information such as your email address, phone number, name-surname, date of birth, nationality, and Turkish ID number.
After entering the requested information completely and correctly, email/SMS verification will be done to confirm the information. After completing this process, you will proceed to the second step, identity verification (KYC).
How to Verify an Account on Binance TR?
Identity verification on Binance TR is one of the security procedures that must be completed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can perform the verification process from your phone or the official Binance TR website. Note that you will need your mobile phone to verify your identity from the website.
On the Binance TR website, hover over the “Profile” option in the upper right and click on “Identity Verification and Limits” from the drop-down menu, then click on “Verify.” After this step, you will need to scan the QR code that appears with your phone’s camera and continue the process on your phone. If you cannot scan the QR code, you can click on “Copy URL” to have the identity verification address sent to your phone via SMS.
When you enter the address on your phone or scan the QR code, a screen like the one below will open on your phone. From here, first tap on the “Identity” option to continue.
Then a screen like the one below will appear. To continue with the verification process, first select the document type that suits you best.
After selecting the document type, you can continue by tapping on the “Upload front side” option. After taking a photo of the front side of the document according to the document type you selected, tap on the “Upload back side” option and take a photo of the back side of the document and upload it. When taking photos of the front and back sides of your ID card or driver’s license, make sure the images are clear and the information in the photo is easily readable.
Then you can continue by tapping on the “Selfie” option. At this point, your phone’s front camera will open, and you will need to scan your face. Once the camera opens, make sure your face fills the camera area as much as possible.
After completing all these steps correctly and completely, your identity verification process will be completed shortly.
How to Deposit TL on Binance TR?
You can easily deposit TL into your Binance TR account from all banks. You can deposit TL 24/7 and make uninterrupted transactions from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts. Deposits up to 50,000 TL can be made 24/7 via FAST from other banks. Deposits over 50,000 TL from other banks are processed during EFT hours.
To deposit money into your Binance TR account, first go to trbinance.com and hover over the “Wallet” option in the upper left corner of the homepage and click on the “Deposit” option from the drop-down menu.
Then a page like the one below will open, and you can continue the deposit process by selecting your preferred bank from this page. If your preferred bank is not yet integrated with Binance TR, you should continue by clicking on the “Other Banks” option.
In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on the Vakıfbank option, an account name and IBAN address will appear, where you can make a transfer, EFT, or FAST to that bank. All you need to do now is use the information displayed on the page of your preferred bank to transfer the amount you want to deposit into your Binance TR account via transfer, EFT, or FAST.
After your bank completes the transfer process, the funds you sent will automatically be reflected in your Binance TR account wallet.
How to Buy ALGO Coin with TL on Binance TR?
After the deposit process, you can proceed to the step of buying ALGO coin with TL by clicking on the “Buy-Sell” option in the upper left menu on the Binance TR website.
After clicking on this option, the page below will open. By typing “ALGO” in the search section on the right side of this page, you can go to the ALGO/TRY option and click on the ALGO/TRY option from the results to go to the page to buy ALGO with TL.
Now the ALGO buying and selling page below will open. On this page, in the red marked area, you need to enter the price at which you want to buy ALGO in the first box and the number of ALGO you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy ALGO” button.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR for cryptocurrency investors in Turkey in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.
Binance TR offers both fiat-to-crypto and crypto-to-crypto trading services by leveraging Binance’s technology, security measures, and liquidity provided through the Binance Cloud infrastructure. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) directly through bank channels and trade various cryptocurrencies with TRY trading pairs via Binance TR.
Users gain access to market-leading spot trading liquidity, a powerful matching engine, advanced security protocols, custody solutions, and risk controls, all supported by Binance’s core functionalities through Binance TR.
