What is the Algorand blockchain, and how does it work? By Cointelegraph

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

Cryptocurrency Mar 05, 2022 07:40PM ET

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

Algorand is a blockchain network created in 2017 by Silvio Micali, an MIT professor who won the Turing Award for his work in cryptography. Algorand is a decentralized permissionless blockchain protocol that anyone can use to develop applications and transfer value. The Algorand protocol is powered by a novel consensus algorithm that enables fast, secure and scalable transactions.

Algorand addresses the common issues that most older blockchains have, specifically concerning scalability and consensus. The blockchain uses Pure proof-of-stake (PPoS), a consensus protocol that selects validators at random according to the weight of their stake in ALGO coins.

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Comments (1)

Daniel Adamu Mar 06, 2022 7:11PM ET

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