How does Algorand work?

The Algorand blockchain uses a consensus mechanism it calls pure proof of stake. ALGO, the native coin of the Algorand platform, is used to secure the platform and reward the ecosystem's governors. Algorand markets itself as a highly efficient, scalable platform that can immediately finalize transactions.

What is Algorand (Algo)?

Algorand (ALGO) is both a digital currency and blockchain platform. The Algorand platform is designed to process many transactions quickly, similar to major payment processors like Mastercard or Visa. In addition, Algorand can host other cryptocurrencies and blockchain-based projects, making it a direct competitor to Ethereum.

What is Algorand's approach?

Algorand’s approach makes it virtually impossible for holders with smaller stakes in the system to harm the whole network. Meanwhile, majority holders would also not dare to act maliciously, as such actions will result in the devaluation of their own assets and a reduction in the currency’s purchasing power.

What is Algorand network?

The network is built on a decentralized, permissionless public ledger and supports smart contracts and multiple applications. The Algorand network is known for its security, scalability, speed, and cost-efficiency. It has already seen adoption from millions of users worldwide and has a growing ecosystem of DeFi, NFT, and Web3 projects.