Algorand is a protocol layer blockchain (similar to Ethereum) on which people can transact, launch smart contracts and build decentralised apps, including DeFi and NFT projects.
Launched in 2019, Algorand was designed as a Pure Proof-of-Stake platform with an emphasis on energy efficiency – it’s one of the only carbon neutral blockchains – and transaction speed: the network is capable of handling 46,000 transactions per second.
Algorand is the brainchild of Turing Award winner Silvio Micali, the inventor of a number of highly technical blockchain innovations such as zero knowledge proofs.
ALGO is the token that powers the network, used to pay transaction fees (currently 0.001 ALGO per transaction) and given out as staking rewards for holders who help secure the network.
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