Hello everyone, I am new to Algorand. I did you BTC several times but algos seem completely a different technologies.
Can anyone please help me understand a couple of things. I apologize in advance for my stupidity and ignorance. Here we go:
Can I “mine” algos with my pc? Beside buying BTC and covert them to algos on an exchange, can I just mine them by solving some algorithms? like in Bitcoin?
who regulates the quantity of Algos ? Is the number finite like in bitcoins or the developers can create more algo capital if needed?
Those are my main questions. Thank you for your patience.
You cannot “mine” Algos as you “mine” BTC. Algorand is a pure Proof-of-Stake protocol, which has many benefits over Proof-of-Work protocols like BTC: in particular it is much faster (less than 5s to confirm a transaction), has lower transaction fees (currently 0.001 Algo), support a much higher throughput (1,000 transactions per seconds), … See https://algorand.foundation/algorand-protocol/about-algorand-protocol/pure-proof-of-stake for more details. Note however, that if you hold Algos (on a non-custodial account), you automatically receive rewards: https://algorand.foundation/faq#participation-rewards-