Algorand (ALGO)
- Category: Smart Contract Platform
- Coin Launched: September, 2020
- Resources: White Paper
- Official Website: Algorand
- Reddit: Algorand
About Algorand
Block chain-based cryptocurrency platform that aims to be secure, scalable, and decentralized.
The Algorand platform supports smart contract functionality, and its consensus algorithm is based on proof-of-stake principles and a Byzantine Agreement protocol.
ALGORAND History / Information / Buying / Staking
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ALGORAND HISTORY
Algorand was founded in 2017 by Silvio Micali. Algorand is composed of a company and a foundation. Algorand Foundation manages ecosystem growth, award funding, cryptographic research primitives, on-chain governance and decentralization of the Algorand network, including nodes. The core development of the Algorand protocol is overseen by Algorand Inc., a private corporation based in Boston. The Algorand test network was launched to the public in April 2019, and the main network was launched in June 2019.
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HOW ALGORAND WORKS
Algorand uses a pure proof-of-stake (PPoS) protocol built on Byzantine consensus. Each user's influence on the choice of a new block is proportional to its stake (number of tokens) in the system. Users are randomly and secretly selected to propose blocks and vote on block proposals.
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BENEFITS OF USING ALGORAND
Algorand developers claim that its speed, efficiency, architecture, and governance make it superior as a foundation for a blockchain ecosystem.
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CAN YOU STAKE ALGORAND
Algorand is available for staking on most exchanges that offer staking rewards on your algo balance. You only need a minimum balance of 1 Algorand to start staking and need to enable staking to start earning rewards.
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