Algorand is a unique blockchain which relies on its own protocol called “Pure Proof-of-Stake” that seeks to eliminate the flaws inherent to other types of platforms. Namely, Algorand’s approach to achieving consensus on its network is driven by the developers’ desire to minimize the possibility of a malicious attack on the blockchain. To reach this objective, Algorand's blockchain ensures security by randomly and secretly selecting network users to propose blocks, while their impact on the final choice of the block is determined by the size of their stake in the blockchain. Additionally, developers can use Algorand as a platform to build and deploy decentralized applications and finance solutions, as well as issue digital assets.
ALGO is a token that is native to the Algorand blockchain, which means that its primary function is to transfer value within the ecosystem. Moreover, users cannot mine ALGO, instead, they have an option to buy it or receive this cryptocurrency by staking it in their wallets.Algorand Payment Benefits:
- Low Transaction Fees
Algorand conceived its token as a proper means of payment which would not be limited only by the blockchain. Thus, the platform implemented extremely low transaction fees for the coin to make it accessible to millions of people.
- Speed of Transactions
Algorand built its system to process large numbers of transactions in a short period of time. That is why a transfer of ALGO takes less than ten seconds.
Algorand guarantees that all transactions happening on its blockchain are secure.