Algorand is a decentralized and self-sustaining blockchain-based network designed to support a wide range of applications. It offers secure, scalable, and efficient systems, which are essential properties for practical real-world applications. Algorand is built to support computations that demand reliable performance guarantees, fostering new forms of trust. The Algorand mainnet went live in June 2019, achieving the capability to process nearly 1 million transactions per day by December 2020. Algorand transaction metrics can be viewed on Eulerpool. The initial coin offering (ICO) for Algorand took place in June 2019, with the token priced at $0.24 per unit.

Silvio Micali, a professor of computer science at the Massachusetts Institute of Technology, is the founder of Algorand. He was awarded the Turing Award in 2012 for his pivotal contributions to the theory and practice of secure two-party computation, electronic cash, cryptocurrencies, and blockchain protocols, establishing him as a leading figure in the global cryptocurrency landscape.

Algorand was developed to accelerate transactions and enhance efficiency, addressing the slow transaction times associated with Bitcoin and other blockchains. It is architected to ensure lower transaction fees and eliminates the need for energy-intensive mining, as it operates on a permissionless pure proof-of-stake (PoS) blockchain protocol.

The inception of the Algorand blockchain specifies that 10 billion ALGO tokens were minted. The distribution of this fixed and immutable supply of 10 billion ALGO is now scheduled to conclude in 2030, deviating from the original plan to complete by 2024. For further details regarding the tokenomics of Algorand, refer to Eulerpool.

The Algorand blockchain operates as a permissionless pure proof-of-stake protocol. In contrast to proof-of-work (PoW) blockchains, where the initial block must be validated by randomly selected validators through computational power, the pure proof-of-stake method involves validators who are already known to each other and only need to reach consensus on the subsequent block to generate a new one.

Algorand is available for purchase on the following exchanges: - Coinbase - Binance - OKEx - Kraken - Huobi To view the live price of Algorand in your preferred fiat currency, you can utilize Eulerpool’s converter feature directly on the Algorand price page. Alternatively, you may use the dedicated exchange rate converter page. Popular Algorand price pairs include ALGO/USD, ALGO/GBP, ALGO/AUD, and ALGO/EUR.

On February 17, 2022, the Algorand Foundation announced a $10 million grant to Applied Blockchain for the development of the London Bridge, a trustless bridge designed to establish Ethereum compatibility with the Algorand blockchain. Despite offering low-cost transactions, low latency, and high scalability, Algorand has struggled to draw liquidity to its ecosystem. Establishing a bridge to Ethereum, which boasts the most extensive DApp ecosystem currently, would enable Algorand to connect with these applications and attract more liquidity. In the longer term, the Algorand Foundation's objective is to facilitate the verification of other blockchain networks via Algorand’s smart contracts by integrating state proofs in the form of Compact Certificates into the Algorand Consensus. The foundation ultimately aims to strengthen the DeFi ecosystem on Algorand.

Algorand utilizes a form of Proof-of-Stake known as Pure Proof-of-Stake (PPoS). PPoS is a highly democratized consensus mechanism that requires a minimal staking amount for network participation and security: only one ALGO token is necessary to participate. In contrast, Ethereum 2.0 requires a minimum stake of 32 ether (ETH), posing a significantly higher barrier to entry for users. However, a low minimum staking requirement might negatively impact network security, as participants may be less likely to act responsibly when they have only a small value staked in the network.

In Pure Proof-of-Stake networks, validator nodes are randomly selected to validate transaction data within a block. The Algorand PPoS consensus mechanism implements a two-phase block production process, consisting of the proposing and voting phases. Every participant in the Algorand network can engage in the proposing and voting process by staking ALGO and setting up a valid participation key. A relay node is a type of Algorand network node that aids in communication among participation nodes but does not participate directly in proposing or voting.

ALGO is the native currency of Algorand and plays a critical role in its network structure. Unlike traditional models, Algorand's unique protocol architecture distributes rewards for block creation across all coin holders, rather than exclusively rewarding block producers. This reward distribution takes place approximately every 10 minutes. It aims to encourage participation in the Algorand staking platform and facilitate the path toward decentralization. To simplify participation, users are not required to lock their coins during the block production and validation process. To earn rewards, they can simply hold ALGO in its official non-custodial wallet, the MyAlgo Wallet. In this way, Algorand has achieved near automation, allowing stakeholders to hold ALGO while also supporting the network.