Introduction :
Algorand (abbreviated ALGO) is a decentralized, scalable and secure blockchain network designed to advance the modern digital economy. It was created by renowned computer scientist and Turing Award winner Silvio Micali. The main goal is to build a technology that can simultaneously maintain decentralization, scalability and security — these three aspects, which is called the Blockchain Trilemma.
Year of establishment :
Conception in 2017
Mainnet launched in 2019
Developer: Algorand Foundation & Algorand Inc.
Technical Features :
Pure Proof-of-Stake (PPoS) :
ALGO uses a protocol where every token holder can participate in block validation. It does not require mining, making it energy efficient and environmentally friendly.
Instant Finality :
Once a transaction is made, it cannot be reversed or changed — ensuring transaction security.
High Throughput :
ALGO is capable of processing 7,000+ transactions per second. It is much faster than Ethereum, which is around 15 TPS.
Low Fees :
The gas fee on the ALGO network is around 0.001 ALGO, which is very cheap.
Smart Contract Support :
Algorand's ASC1 (Algorand Smart Contracts) allows for fast and secure smart contracts.
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