Algorand (ALGO): Does It Have a Future?
![algorand-algo-deep-dive.png](https://files.bitscreener.com/blog/algorand-algo-deep-dive.png)
Algorand is a blockchain-based cryptocurrency platform designed to execute transactions in a large quantity with rapidity similar to traditional payment methods like Mastercard or Visa.
With the aim to ensure its decentralization, Algorand gives priority to transparency, security, and high processing speed for the entire ecosystem. Algorand supports cryptocurrencies and blockchain-based projects, making it a serious competitor to Ethereum. Algorand serves as an open-sourced blockchain, incentivizing users on a global scale to participate in and benefit from the platform. Algorand makes use of a PoS variant called pure proof-of-stake (PPoS), which relies on network operators from the entire pool of ALGO coin holders.Algorand (Symbol: ALGO) is the native utility token of the Algorand blockchain, fueling internal activities within the entire ecosystem.
ALGO token can be used for the following purposes:Algorand stands out from other blockchains by using PPoS, a consensus mechanism based on a Byzantine agreement protocol to operate the whole network.
PPoS enables Algorand to accelerate the validation and creation of new blocks while maintaining accuracy and efficiency.Deemed the competitor to Ethereum, Algorand also launched the Algorand Virtual Machine (AVM), which supports smart contracts written in Turing, facilitating the creation of smart contracts in Python or Reach.As a decentralized permissionless blockchain protocol, Algorand shows outstanding features as follows:
Founded in 2017 by Silvio Micalia, a computer science professor at the Massachusetts Institute of Technology, Algorand is currently led by a group of experts from various industries including blockchain technology, cryptocurrencies, and finance.
On June 10, 2021, Algorand received an investment worth $100 million from Algorand Capital for the project’s growth and expansion.
Algorand received financial support from other investors, including $250 million from Skybridge and $300 million from the Algorand Foundation.With the use of PPoS protocol, Algorand managed to overcome three knotty problems faced by most current blockchains, namely security, scalability, and decentralization.
Characterized by prominent features such as a fast and secure transaction process, high throughput, and low transaction fees, Algorand has won the affection of users worldwide and showed its potential for growth in the upcoming future. Explore all the trending topics and hottest news in the crypto market with our Blogchain.Meanwhile, play trading game and earn real tokens with CryptoSim - Virtual Trading Game.