Algorand (ALGO) is a blockchain protocol developed by Silvio Micali, a Turing award-winning professor of engineering at MIT. The protocol aims to eliminate the technical barriers that hinder mainstream adoption of blockchain technology.
Algorand's highly scalable network is in the vanguard of the borderless economy. The long-term vision of the Algorand Foundation is to create a robust financial network that is equally scalable, decentralised, and secure.
Unlike its energy-hungry first-generation and second-generation counterparts, Algorand was engineered to be eco-friendly. New coins can be created without high computation power and fast low-cost transactions are facilitated with a permissionless consensus mechanism.
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What is Algorand?
Algorand is an open, public payment network powered by a high-performance blockchain protocol. From smart contracts to cross-border payments to digital dollars, Algorand supports a broad range of DeFi applications. The consensus mechanism employed by the network is based on proof of stake in a Byzantine agreement protocol.
The combination of these consensus protocols ensures speed, security, and participation by all users within a completely decentralised network. Algorand allows users to create their own validator nodes so that blocks are finalized in seconds. The platform has no room for forking or protocol diversions.
Algorand supports decentralised finance (DeFi), asset creation, digital securities, intellectual property, Internet of Things, digitalisation of rewards, decentralised organisations, prediction markets, and product authentication among other use cases.
The native token of Algorand is ALGO. It serves as the medium of exchange for all transactions performed on the Algorand platform. ALGO is widely available to buy on crypto exchanges.