[step:Verify that the seminorm satisfies the $C^*$-identity]
The function $p:A_{\mathrm{alg}}\to[0,\infty)$ is a seminorm. For $[i,a],[j,b]\in A_{\mathrm{alg}}$, choose $k\in I$ with $i,j\leq k$. Given $\varepsilon>0$, choose $m_1\geq k$ and $m_2\geq k$ so that
\begin{align*}
\|\varphi_{im_1}(a)\|_{A_{m_1}}\leq p([i,a])+\varepsilon
\end{align*}
and
\begin{align*}
\|\varphi_{jm_2}(b)\|_{A_{m_2}}\leq p([j,b])+\varepsilon.
\end{align*}
Choose a common upper bound $m\in I$ of $m_1$ and $m_2$. Since the two norm nets are decreasing, monotonicity gives
\begin{align*}
\|\varphi_{im}(a)\|_{A_m}\leq p([i,a])+\varepsilon
\end{align*}
and
\begin{align*}
\|\varphi_{jm}(b)\|_{A_m}\leq p([j,b])+\varepsilon.
\end{align*}
Applying the triangle inequality in $A_m$ yields
\begin{align*}
\|\varphi_{im}(a)+\varphi_{jm}(b)\|_{A_m}\leq p([i,a])+p([j,b])+2\varepsilon.
\end{align*}
Because $m\geq k$, this estimate applies to a representative of $[i,a]+[j,b]$, so
\begin{align*}
p([i,a]+[j,b])\leq p([i,a])+p([j,b])+2\varepsilon.
\end{align*}
Letting $\varepsilon\downarrow 0$ gives
\begin{align*}
p([i,a]+[j,b])\leq p([i,a])+p([j,b]).
\end{align*}
Homogeneity follows from homogeneity of the norms in each $A_j$.
The same common-upper-bound argument proves submultiplicativity. For $m\geq k$,
\begin{align*}
\|\varphi_{im}(a)\varphi_{jm}(b)\|_{A_m}\leq \|\varphi_{im}(a)\|_{A_m}\|\varphi_{jm}(b)\|_{A_m}.
\end{align*}
Taking infima along the decreasing nets gives
\begin{align*}
p([i,a][j,b])\leq p([i,a])p([j,b]).
\end{align*}
Indeed, if $\alpha:=p([i,a])$ and $\beta:=p([j,b])$, then for every $\varepsilon>0$ there are $m_1,m_2\geq k$ with $\|\varphi_{im_1}(a)\|_{A_{m_1}}\leq \alpha+\varepsilon$ and $\|\varphi_{jm_2}(b)\|_{A_{m_2}}\leq \beta+\varepsilon$; choosing a common upper bound $m\geq m_1,m_2$ and using monotonicity gives a product bounded by $(\alpha+\varepsilon)(\beta+\varepsilon)$. Conversely, the infimum of nonnegative products is bounded below by $\alpha\beta$ because each factor is bounded below by its own infimum. Thus the common-upper-bound argument justifies taking the product of the two infima, and letting $\varepsilon\downarrow 0$ gives the displayed inequality.
Also,
\begin{align*}
p([i,a]^*)=p([i,a])
\end{align*}
because every connecting map preserves the involution and each $C^*$-norm satisfies $\|x^*\|=\|x\|$.
Finally, for $[i,a]\in A_{\mathrm{alg}}$,
\begin{align*}
p([i,a]^*[i,a])=\inf_{j\geq i}\|\varphi_{ij}(a)^*\varphi_{ij}(a)\|_{A_j}.
\end{align*}
Using the $C^*$-identity in each $A_j$ gives
\begin{align*}
p([i,a]^*[i,a])=\inf_{j\geq i}\|\varphi_{ij}(a)\|_{A_j}^{2}.
\end{align*}
Since the net $j\mapsto \|\varphi_{ij}(a)\|_{A_j}$ is decreasing and nonnegative,
\begin{align*}
\inf_{j\geq i}\|\varphi_{ij}(a)\|_{A_j}^{2}=p([i,a])^2.
\end{align*}
Thus
\begin{align*}
p(x^*x)=p(x)^2
\end{align*}
for every $x\in A_{\mathrm{alg}}$.
[/step]