What exactly is Algorand? (ALGO)

Algorand is a blockchain-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’s native cryptocurrency is called Algo.

What is Algorand's mission?

Algorand is one of a number of newer projects seeking to expand the possible use cases for cryptocurrency by accelerating transaction speeds and reducing the time it takes transactions to be deemed final on its network.

Officially launching in 2019, Algorand seeks to achieve these attributes through decisions that deviate from how cryptocurrencies have traditionally been designed.

Most notable is that Algorand distributes the ALGO cryptocurrency it introduces into its economy with each new block to everyone who holds a certain amount of the currency in its wallets.

Algorand further enables users to create smart contracts (programmatic agreements for building decentralized applications) and tokens that can represent both new and existing assets.

Such features were successful in attracting a diversity of venture investors to early private sales of ALGO conducted to fund the development of the platform.

Created by computer scientist and Massachusetts Institute of Technology (MIT) professor Silvio Micali, Algorand is perhaps rare in that it was started by an established academic who already had a distinguished career at the time of its launch.

Micali, for example, is the recipient of a 2012 Turing Award, a notable accolade in the world of computer science, for his work with his colleague Shafi Goldwasser.

According to the Association for Computing Machinery, which awards the honor annually, Micali is credited with helping make cryptography a more “precise science” through work that formalized basic notions about some of the essential building blocks of the field.

Micali would go on to author the Algorand white paper with Stony Brook University professor Jing Chen in 2017. This foundational work has been developed by other academics and cryptographers in white papers available on the project’s official website.

This work is funded by the Algorand Foundation, a Singapore-based corporation founded to advance the technology and which received an allocation of ALGO tokens for its efforts.

Where can I buy ALGO?

Want to know about our offers first?

Subscribe our newsletter