Algorand

Algorand is a platform for creating decentralized applications based on new technologies. Blockchain was developed by Massachusetts University professor Silvio Micali in 2017. Information material from site Cr​yptoDeFix. The goal of blockchain is to show the new possibilities of decentralized finance, increase the speed of transactions and scalability.

Algorand works on a new type of consensus mechanism, Pure Proof-of-Stake (PPoS), to verify blocks in a chain. It is designed to solve three cryptocurrency issues, which include scalability, decentralization and security. This consensus mechanism randomly selects 1,000 ALGO tokens to validate the next block, each token can become a validator. This provides decentralization with more validators in the network, the randomness of the selection reduces the load due to the lack of a large number of calculations.

The platform’s native coin is called ALGO, with a supply of 10 billion tokens. The developers intend to distribute it by 2030. The staking mechanism within the network is built differently from PoS, here users only need to have 1 ALGO in their wallet to receive rewards. Also when adding a new block a user can get APY of 5-8%. ALGO is also used to pay fees within the network.

Algorand specifics

• Pure Proo-of-Stake mechanism
• Innovative approach to stacking
• Native ALGO currency
• Blockchain scalability
• High transaction rate