Algorand

Algorand ALGO

$0.2968
Market Cap $ 314.173 MM (#46)
24h Volume $ 126.580 MM
Chg. 24h: -8.54%
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Algorand project purpose and description

Algorand clarity of purpose

Algorand purpose and aspects

The Algorand Foundation is dedicated to fulfilling the global promise of blockchain technology by leveraging the Algorand protocol and open source software, which was initially designed by Silvio Micali and a team of leading scientists. The Algorand network supports two types of nodes to simultaneously optimize for transaction throughput and decentralization: relay nodes and participation nodes. The difference between these nodes is one of configuration only, not software.

Short description

Algorand is defining the standard for blockchain technology. Our pure proof-of-stake protocol is the first of its kind to support the scale, open participation, and transaction finality for billions of users. All backed by a sustainable business and a renowned team of experts.

Abstract

A public ledger is a tamperproof sequence of data that can be read and augmented by everyone. Public ledgers have innumerable and compelling uses. They can secure, in plain sight, all kinds of transactions —such as titles, sales, and payments— in the exact order in which they occur. Public ledgers not only curb corruption, but also enable very sophisticated applications —such as cryptocurrencies and smart contracts. They stand to revolutionize the way a democratic society operates. As currently implemented, however, they scale poorly and cannot achieve their potential. Algorand is a truly democratic and efficient way to implement a public ledger. Unlike prior implementations based on proof of work, it requires a negligible amount of computation, and generates a transaction history that will not “fork” with overwhelmingly high probability.

Link to Roadmap: n/a
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