Algorand (ALGO): questions and answers
Every answer below is written from the sources listed at the end of this page, with the date each one was checked.
The question that decides how you read Algorand
Most proof-of-stake systems ask you to lock coins up. Algorand's founding question was whether you can select validators so unpredictably that locking becomes unnecessary.
The design problem Algorand set out to solve is targeting. In any consensus system where the next decision-makers are known in advance, an attacker knows exactly whom to bribe, pressure or attack. Proof-of-work sidesteps this by making the proposer random but pays for it in electricity; many proof-of-stake systems publish their schedules.
What is still unsettled
The academic case for pure proof-of-stake is strong on paper; the open question is participation in practice. Sortition only samples the stake that is online and registered, so the security argument depends on broad, active participation rather than on the elegance of the lottery. How widely distributed that participation is over time is an empirical matter, not a property the protocol can guarantee.
What this means when you swap ALGO
Blocks are final on inclusion — no confirmation count to wait out — and the minimum fee is 0.001 ALGO. Accounts must keep a 0.1 ALGO minimum balance, plus another 0.1 for each Algorand Standard Asset they opt into.
That opt-in rule is the common trap: you cannot receive an ASA (including most tokens issued on Algorand) until your account has opted into it, and sending one to a non-opted-in account fails. Algorand transactions also carry an optional note field of up to 1KB, which some services use in place of a memo — follow the deposit instructions exactly.
Common ALGO questions
- How do I swap Algorand (ALGO) instantly on Monivo?
- Pick ALGO as the asset you want to receive, choose what you're paying with, paste your wallet address, and confirm. Monivo routes your order to the provider offering the best rate, and most swaps complete in under 10 minutes — no account needed.
- Can I swap ALGO with no KYC?
- Yes. Crypto-to-crypto swaps of ALGO on Monivo require no identity verification and no sign-up. Only fiat purchases (card or bank transfer) require KYC, because banks and payment processors mandate it.
- Is swapping Algorand on Monivo non-custodial?
- Yes. Monivo never holds your funds. ALGO is sent directly to the wallet address you provide, so you stay in control the whole time.
- Which network does ALGO use here?
- Monivo supports Algorand on the Algorand network. Always double-check that your receiving wallet supports this network before confirming.
- What fees apply when I swap ALGO?
- Monivo adds zero fees on top. The quote you see already reflects the strongest quote we found across connected providers, including their network and processing costs — all fees are included in the shown amount.
- Why did my Algorand token transfer fail?
- Almost always because the receiving account had not opted into that asset. Algorand requires an account to opt in to each token before it can hold it, and each opt-in raises the account's minimum ALGO balance by 0.1. Opt in first, then send.
- Do I need to lock or stake my ALGO?
- No. Algorand's design keeps coins in your wallet; participation is based on a private cryptographic lottery rather than bonded stake. You do need to keep the small minimum account balance so the account stays open.
Sources and dates (4)
- Pure proof-of-stake uses verifiable random functions to select a proposer and committee per block. Algorand technology overview · checked 2026-09-21
- Participation keys are separate from spending keys and registered about 320 blocks in advance. Algorand developer documentation · checked 2026-09-21
- The June 2019 Dutch auction sold 25 million ALGO at $2.40, raising over $60 million. CoinDesk · 2019-06-19 · checked 2026-09-21
- Accounts require a 0.1 ALGO minimum balance plus 0.1 per opted-in asset, with a 0.001 ALGO minimum fee. Algorand protocol parameters · checked 2026-09-21