just taking a quick glance at the site, i think its a similar product to phosguard or phoszorb.. except algone is a nitrate/ammonia/nitrite resin.
"Algone Safely removes nitrites and nitrates, reduces ammonia, clears cloudy water and inhibits algae growth.
100% chemical free Algone safely and efficiently removes and controls nitrogenous compounds in fresh and salt-water aquariums.
Algone is safe for reefs, inverts, and plants.
Further, Algone naturally improves and balances the chemistry and clarity of the water column through enhancement of the bacterial environment and dissolved oxygen.
Through effective nutrient control Algone significantly reduces existing algae and inhibits future growth."
I say test your water parameters before you try it. Being limited in nitrates means unhealthy plant growth, but too much means poor fish health.
algae problems is usually a result of a poor balance between available nutrients and lighting (so you can fertilize more, or feed less, or increase your lighting).