What is Algorand?
Algorand is a blockchain network created in 2017 by Silvio Micali, an MIT professor who won a Turing Award for his work in cryptography. Algorand is a decentralized permissionless blockchain protocol that anyone can use to develop applications and transfer value. The Algorand protocol is supported by a new consensus algorithm that enables fast, secure and scalable transactions.
What is Algorand trying to solve?
The Algorand protocol is designed to solve the three biggest problems that most blockchains face: security, scalability, and decentralization. Dubbed the “blockchain trilemma,” the Algorand network claims to address the following three main problems.
The Algorand protocol is secure against malicious attacks, making it ideal for transacting, storing high-value assets, and building secure enterprise applications. It maintains security at the network protocol and consensus levels and protects individual user accounts.
The Algorand protocol can handle a large number of transactions per second, making it a more scalable solution than Bitcoin or Ethereum. The Algorand consensus protocol eliminates the need for the computing power used in Bitcoin to solve cryptographic problems.
Algorand is fully decentralized with no central authority or single locus of control. Transactions are verified by the participating nodes in the network and each node has an equal voice in decision making. This makes Algorand a very decentralized system.
Algorand’s native cryptocurrency: ALGO
The native currency of the Algorand network is called ALGO. ALGO tokens are used to pay transaction fees and reward users who participate in the network consensus process.
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