Algorand is a decentralized, public blockchain platform focused on delivering scalability, security, and true decentralization using a unique consensus mechanism. Unlike traditional Proof-of-Work (PoW) or Proof-of-Stake (PoS) systems, Algorand utilizes a Pure Proof of Stake (PPoS) system. This ensures that every single ALGO token has the same potential chance to be selected to propose a block or vote on block proposals.
The project was conceived by Silvio Micali, an MIT professor and Turing Award winner. Launched in 2019, Algorand aims to solve the blockchain trilemma, which refers to the challenges of achieving scalability, security, and decentralization simultaneously.
In 2024, Algorand introduced several significant advancements to enhance its blockchain infrastructure. These include dynamic round times for faster block finality, AlgoKit 2.0 for easier developer access with Python integration, and a transition towards P2P gossip networks to further decentralize data transmission. Algorand also focused on incentivizing staking and consensus participation to improve security and decentralization. Additionally, the network is moving towards sustainability with non-archival relays, reducing energy consumption and cost.
Above are only for introduction, not intended as investment advice.
