What is Algorand (ALGO)

Algorand is a self-sustaining, decentralized, blockchain-based network on Layer 1 with consensus of Pure Proof-of-Stake (PPoS). Algorand was invented to speed up transactions and improve efficiency, specifically regarding Scalability. Algorand is considered to be another Ethereum Killers.

Algorand Founder

Computer scientist and professor at MIT, Silvio Micali, was the founder of Algorand. He is specialist regarding technology, for he received Turing Award 2012, an award that is considered to be the Nobel Award of the computer field.

Why Algorand

Algorand consensus is Pure Proof-Stake (PPoS), which requires less resources than Bitcoin and other cryptocurrencies. This consensus is highly efficient with fast process and reward community fairly and more secure than Pos consensus.

Algorand operate with 2 layers including:

Base Layer – layer for safely creating Token, NFTs and Smart contracts for Peer to Peer trade. 

Layer 2- for Smart Contract processing which operates off-chain and will send Snapshot back to Base Layer within a set time schedule.

Algorand can process much faster and more efficiently with such a 2 layers model.

Algo Utility

Algo is native coin of Algorand, invented to be free for transactions, and reward for community. 

Roadmap and future of Algorand

With the efficiency and transparency of Algorand, the network is very well accepted in industry. Republic of the Marshall Islands have considered using SOV (Sovereign) as the medium of exchange to lower the cost of trading over the border, and these SOV were created on Algorand blockchain. Also there was a report stating that there are over 16 projects in development on Algorand related to CBDC.