Algorand

Algorand is an open-source blockchain platform and cryptocurrency designed to be scalable, secure, and decentralized. Founded by Silvio Micali, a MIT professor and Turing Award laureate, the project released its mainnet in 2019 and has since pursued rapid finality and low-cost transactions to support broad use of blockchain applications.

Its consensus mechanism is Pure Proof of Stake (PPoS). Validators are selected randomly among ALGO holders via a verifiable random function (VRF) to propose blocks and vote on them. Participation is determined by stake rather than identity, which helps reduce energy consumption and promote decentralization. Because blocks are finalized quickly, transactions reach finality with minimal, if any, forking—typically within about 4.5 seconds.

Algorand supports smart contracts written in TEAL, including stateless contracts (logic signatures) and stateful contracts that run on Layer-1. The platform also enables asset issuance through Algorand Standard Assets (ASAs), atomic transfers, and cross-asset operations. This framework has facilitated the development of DeFi, tokenized assets, and NFT-like applications on Algorand.

ALGO is the native token used for paying transaction fees and participating in consensus. The network emphasizes low, predictable fees and energy efficiency. Developers can build using official SDKs in languages such as Python, JavaScript, Go, and Java, and rely on the Algorand Foundation to fund ecosystem projects and research.