Algorand is a decentralized public blockchain designed to solve the 'blockchain trilemma,' which is the balance between security, scalability, and decentralization. It was founded by cryptographer Silvio Micali, a Turing Award winner.
Operation
Algorand uses a unique consensus mechanism called Pure Proof of Stake (PPoS). Unlike other Proof of Stake (PoS) systems where validators are randomly selected from a small group of stakers, Algorand's PPoS randomly selects validators from all ALGO token holders, enhancing decentralization and security.
Random and secret selection: Every ALGO holder has a chance to be selected to propose a new block or to verify it, and the selection is secret to prevent attacks.
Instant finality: Once a block is added to the chain, it is final and cannot be changed. This allows for fast transactions.
Main Features
Scalability: Algorand can process a large number of transactions per second, making it suitable for large-scale applications.
Low transaction fees: Fees for transactions on the Algorand network are generally very low.
Decentralized Finance (DeFi) Ecosystem: Algorand supports smart contracts and assets on its platform, which has enabled the development of many decentralized finance (DeFi) applications and non-fungible tokens (NFT). #algoran #blockchain #crypto #squarecreator #Binance
