What is Algorand?
Algorand is a platform that supports a wide range of decentralised applications and can be used to trade in decentralised finance. Its blockchain is designed to scale transaction processing, with low fees and a different consensus algorithm than Bitcoin and Proof-of-Work cryptocurrencies. Its consensus mechanism is based on Pure Proof-of-Stake. A variant of the well-known PoS protocol that relies on the random and secret choice of validators.
Why buy Algorand?
Algorand attempts to overcome the famous blockchain trilemma by focusing on fast and scalable operation. As stated in the official blog, its blockchain is capable of handling over 1,200 transactions per second (tps), with the future prospect of surpassing Visa’s 45,000. The credit goes to its “pure” Proof-of-Stake. A consensus mechanism that gives anyone who purchases the ALGO token the right to participate in the validation. It is Algorand’s algorithm that randomly chooses, among those staking the cryptocurrency, who can vote on the validity of the blocks.
How was it created?
The founder of the Algorand project is Italian Silvio Micali. A professor of computer science who teaches at MIT and who has been working on cryptography, blockchain technology and digital assets for years. Algorand’s mainnet is operational from 2019, thanks in part to the funds raised during the Initial Coin Offering that took place at the same time. In 2020, more and more companies, projects and institutions decided to rely on the Algorand protocol, including the stablecoin Tether (USDT) and USD Coin.
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