Algorands

Algorand is a blockchain platform and cryptocurrency project designed for speed, security, and open access. It was founded by Silvio Micali, a prominent cryptographer, and the mainnet was launched in 2019. The network is built around a Pure Proof of Stake consensus mechanism, in which validators are selected at random through cryptographic sortition to propose blocks and secure finality. This approach aims to provide rapid finality and energy efficiency, with approximate block times of 4.5 seconds and throughput described by proponents as capable of thousands of transactions per second under favorable conditions.

As a Layer-1 blockchain, Algorand supports native smart contracts, asset tokenization, and payments. Smart contracts run on the Algorand Virtual Machine using the Transaction Execution Approval Language (TEAL), with newer ASC1 programs extending on-chain capabilities. Algorand Standard Assets (ASAs) enable the creation of fungible and non-fungible tokens without requiring additional layers. The protocol also supports atomic transfers and atomic cross-chain operations for coordinated transactions.

The native cryptocurrency of the network is ALGO, used to pay transaction fees, participate in consensus through staking and participation keys, and influence governance mechanisms. Governance and ecosystem development are coordinated by the Algorand Foundation, with continued software development led by Algorand, Inc. Developers and enterprises use the platform for applications in payments, decentralized finance, asset issuance, and digital collectibles.

Algorand emphasizes security, scalability, and simplicity, aiming to provide a cost-efficient and accessible infrastructure for decentralized applications and financial services. It operates in a competitive landscape of smart contract platforms, highlighting immediate finality and energy efficiency as distinguishing features.