Binance Learn & Earn ALGO Quiz Answers
Binance Learn & Earn ALGO Quiz, Binance Learn & Earn ALGO Quiz Answers – Hi Guys, Hope you are enjoying our daily posting of amazon quiz answers & Binance WODL quiz answers. Meanwhile , Binance the popular crypto platform of the world has announced another learn & earn ALGO quiz program for all users. Binance learn & earn is great source of free crypto earning without spending any penny.
There will be 4 Quizzes (BNB, BUSD, ALGO, POLYX) on 7th December 2022 in Binance learn & earn. we have already posted the Binance learn & earn BNB quiz answers & Binance Learn Earn POLYX Quiz Answers. keep that tab open while solving the questions.
We have already posted each & all Binance Learn & earn quiz answers in 1 post. must check out that one too.
Meanwhile , Binance has announced next chapter of “Binance Learn & Earn ALGO quiz“, where users can gain knowledge about ALGO coin and earn up to $2 in crypto by completing course and quiz of ALGO.
Algorand was founded in 2017 before launching its mainnet and ALGO token in June 2019. The blockchain deals with the common scalability and consensus mechanism issues common to first and second-generation blockchains. Algorand’s main feature is its Pure Proof of Stake consensus protocol that randomly selects validators weighted by their staked ALGO coin.
Binance Learn & Earn ALGO Quiz
| Binance Learn & Earn ALGO Quiz | Details |
|---|---|
| Quiz about : | ALGO Token |
| Quiz Date : | 7th December 2022 |
| Quiz Time : | 2.30 PM IST |
| Number of Questions : | 10 |
| Number of winners : | 1st come 1st serve |
Binance Learn & Earn ALGO Quiz : How to Participate
- First of all update your Binance app from Playstore to latest version of visit this Binance Learn & earn quiz webpage directly
- New Users of Binance can create new account from here
- Login into your Binance account
- Go to homepage & you will see this Binance learn & earn quiz banner
- Click on that
- New chapter of learn & earn BNB quiz will live from 2.30 PM IST
- start the quiz at same time & solve using below already solved Binance ALGO Quiz answers
Binance Learn & Earn ALGO Quiz Answers
Answers will be updated here soon & on Our Telegram channel
Question 1:
Answer is :
Details About ALGO Tokens (Useful in Binance ALGO Quiz)
Professor Silvio Micali, a computer scientist from MIT who received the Turing Award and is regarded as one of the founders of contemporary encryption, established the blockchain network and project Algorand in 2017. In June 2019, ALGO, the network’s native cryptocurrency, and the mainnet network both became live. As was already mentioned, the blockchain facilitates smart contracts and focuses on increased scalability.
A custom layer-1 blockchain can be supported by the public, decentralised, Pure Proof-of-Stake blockchain on the Algorand network. These can be used to build blockchains that are customised for particular purposes. The project asserts that it has found a solution to the trilemma and that the technology it has developed is especially beneficial for the creator economy, Decentralized Finance (DeFi), and fintech.
How Algorand Works?
The Pure Proof of Stake consensus process used by Algorand is the key to its scalability. This protocol enables rapid processing of a large number of transactions without compromising decentralisation. Proof of Stake (PoS) blockchains are scalable, but frequently at the expense of a small group of validators that control block approvals due to their enormous holdings. The problem with Proof of Work (PoW) is that massive mining pools almost always prevail in the race to produce new blocks.
Algorand’s PPoS consensus process, in contrast, randomly selects validators and block proposers from among all users who have generated participation keys. The percentage of the participant’s stake to the total amount invested directly affects the likelihood of getting chosen.
Use Cases of ALGO Tokens :
- ALGO can be used to pay transaction fees on the Algorand Network. Compared to networks like Ethereum (ETH) and Bitcoin (BTC), Algorand has minimal fees (0.001 ALGO). As of October 2022, it costs only $0.0003 per transaction.
- ALGO can be registered to have a chance of being selected as a block proposer or validator.
- ALGO can be used to participate in the Governance Program, to vote on important measures regarding the future of the protocol, which also rewards its participants.
The third use case provides a large incentive for the average user investing in ALGO. There’s no need to deal with a Decentralized Application (DApp) to register your coins for Governance.
Algorand also publishes a list of projects adopting the blockchain’s technology, many of which require ALGO to be used.
Terms and Conditions Of Binance ALGO Quiz :
- All eligible users are required to complete KYC to receive rewards from this activity.
- Illegally bulk registered accounts and sub-accounts shall not be eligible to participate or receive any rewards.
- Rewards are limited and are available on a first-come, first-served basis. Users can only claim the reward for each course after completing the respective quiz.
- There will be caps imposed on the amount of rewards available to eligible users per country/region.
- Eligible users may complete multiple quizzes to claim multiple rewards. Users will not be able to participate in this activity once all rewards are distributed.
- The actual value of the reward received is subject to change due to market fluctuation.
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