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By Kapil Rajyaguru
Algorand is an open-source, decentralized blockchain network that leverages a two-tiered structure and a unique variation of the Proof-of-Stake (PoS) consensus mechanism to increase transaction speeds and achieve finality.
The Algorand platform is designed to process many transactions quickly, similar to major payment processors like Mastercard or Visa.
In addition, Algorand can host other cryptocurrencies and blockchain-based projects, making it a direct competitor to Ethereum. Thus, Algorand (ALGO) is both, a digital currency and a blockchain platform.
The Algorand platform and accompanying cryptocurrency were founded in 2017 by Silvio Micali, a professor at the Massachusetts Institute of Technology and noted cryptographer.
Algorand’s white paper was co-authored in 2017 by Silvio Micali and Jing Chen, a professor at Stony Brook University.
The total supply of Algorand’s native cryptocurrency ALGO is capped at 10 billion coins, with about 7 billion ALGO already circulating.
Algorand also enables users to create smart contracts and tokens that can represent both new and existing assets.
Moreover, Algorand is the layer-1 blockchain for decentralized and traditional finance. It has added direct fiat payment channels into their network by integrating with Alchemy Pay (ACH).
Alchemy Pay, is a payment solutions provider that connects fiat and crypto economies, and its global merchant network now supports Algorand’s $ALGO token for payments in 65 countries.
Even more, The Marashall Islands is adopting Algorand for the issue of its sovereign currency.
The Marshall Islands is the first country to adopt a national digital currency built on Algorand blockchain.
To summarize, what sets Algorand apart is its speed and advanced capabilities as it is fast, low cost, decentralized, carbon negative, and has advanced smart contract capabilities. Algorand can process thousands of transactions per second with instant finality and with transaction fees of fractions of a penny, whereas other blockchains can be much more expensive.
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