What makes the Algorand blockchain unique is its use of Pure proof-of-stake. If you're confused as to what that means, we've got you covered.
created in 2017 by Silvio Micali, an MIT professor who won the 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 powered by a novel consensus algorithm that enables fast, secure and scalable transactions.
Everyone on the network also has a chance of being part of the committee of users that approve each block because the selection is both random and confidential. There is no fixed committee and its nodes are run by people from all over the world.What sets Algorand apart from other blockchains is its use of PPoS, a consensus algorithm that employs a
Algorand can process 1,000 transactions per second and all transactions will be final and instantaneous. Algorand also has a fixed supply of 10 billion tokens to add an inflation-resistant mechanism to the network. The majority of these tokens are currently locked up and have yet to be distributed.Transactions
This approach is in opposition to other consensus mechanisms like PoW, DPoS or BPoS wherein small groups within the economy are responsible for the whole system’s security. By principle, a small fraction of users can prevent other users from transacting with these approaches. The second phase in Algorand’s block production process was put in place to combat any percentage of bad actors. By choosing 1000 tokens at random, the malicious intentions of these bad actors will be trumped by the majority and act in accordance with the rules for the welfare of the network.The native currency of the Algorand network is called ALGO. ALGO tokens are used to pay for transaction fees and reward users who participate in the network's consensus process.
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