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Algorand (ALGO)

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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.

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ALGORAND History / Information / Buying / Staking

  • 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.

  • 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.

  • BENEFITS OF USING ALGORAND

    Algorand developers claim that its speed, efficiency, architecture, and governance make it superior as a foundation for a blockchain ecosystem.

  • 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.

  • COINS SIMILAR TO ALGORAND

    Direct competition to Algorand which are considered similar coins are:
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