This blockchain platform uses the ALGO token and a Pure Proof-of-Stake™ (PPoS) protocol. As a result, Algorand helps maintain proper decentralization and prevents monopolization. Plus, there’s no incentive to cheat the system because doing so would devalue the network and the holders’ assets.
MIT professor and Turing award winner, Silvio Macali started Algorand and explores his scientific interests with it: cryptography, secure protocols, proof systems, and distributed computation. He also empowers developers since the platform relies on open source code.
Algorand’s technology finalizes transactions in seconds. Its transaction speed compares with the speeds of large payment and financial networks. Because Algorand never forks, it doesn’t have the usual forking problems. A fork can last for a while before eventually dying off and, as a result, waste time and resources.
Algorand finalizes transactions faster than other blockchains that use Proof-of-Stake. Finality is crucial because it makes crypto transactions become irreversible. Especially in the financial sector, companies need to know as soon as possible if they finally own an asset.
Algorand stands out because of its Pure Proof-of-Stake™ (PPoS) consensus mechanism. It makes sure there’s no incentive for users to cheat the system. Also, users’ tokens are always available, meaning they don’t have to lock their tokens. That freedom may make users more willing to try and explore Algorand.
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