Algorand (ALGO) is a decentralized blockchain network created by Silvio Micali, a computer science professor at MIT. The platform is designed to support diverse applications while maintaining speed, scalability, and security.
At its launch, the Algorand genesis block minted 10 billion ALGO tokens, which are set to be distributed gradually until 2030.
Algorand was built to solve the slow transaction speeds and high fees found in earlier blockchains like Bitcoin. It uses a Pure Proof-of-Stake (PPoS) consensus mechanism, where validators are publicly known and blocks are created once consensus is reached, eliminating the need for energy-intensive mining. This results in fast, low-cost transactions suitable for a wide range of decentralized applications.
Reference: CoinMarketCap