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What is the Algorand blockchain, and how does it work? -Breaking


Algorand is an Algorand blockchain network Silvio Micali (MIT Professor) created Algorand in 2017. He won the Turing Award in 2017 for his cryptography work. Algorand, a permissionless decentralized blockchain protocol anyone can use for developing applications or transferring value. Algorand uses a unique consensus algorithm to enable fast, secure and scalable transactions.

Algorand addresses some of the issues older blockchains experience, namely scalability or consensus. Pure proof-of–stake (PPoS) is a consensus protocol which selects validators randomly based on the amount of stake they have in ALGO coins.