Algorand (ALG)

Algorand is decentralized digital currency and transactions platform.

Whitepaper

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Interest lvl

NA

Updated: May 31, 2023

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User Rating

Medium

3/5 • 1 votes

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Ticker

ALG

Type

Utility-token

Registration countryUnited States

Ecosystems

Algorand

What is Algorand

For each block of transactions, Algorand randomly selects a small, one-time group of users. To protect them from attackers, the identities of these users are hidden until the block is confirmed. The size of this group remains constant as the network grows.

Any currency representing a significant fraction of the world’s money will be attacked at the user level, the protocol level, and the network level. Algorand remains secure in the face of attacks.

Confirming transactions with Algorand does not require solving cryptographic puzzles. The consensus protocol is both computationally and energy efficient, which keeps transaction costs low. With no heavy lifting, even small players can transact. Algorand  transactions are confirmed instantly, and transferred money is immediately available.

Algorand is fully decentralized. Every decision is reached by consensus and represents the will of the majority. All transactions are created and treated equally, regardless of size.

Algorand is guaranteed to work securely if the majority of the money in the system is owned by honest users. A user in Algorand does not need to put any fraction of his money at stake. A user’s money always remains in her hands, ready to be spent how she wishes.