Algorand is a scalable, secure, and decentralized digital currency and transactions platform. It was founded by Silvio Micali, a Turing Award-winning cryptographer and MIT professor. Algorand aims to solve the three main challenges faced by blockchains today, also known as the blockchain trilemma: security, scalability, and decentralization.
Note: Currently, Algorand has not integrated IBC nor any other trustless bridge solution. At the moment, its connection to other chains is dependent on trusted and/or custodial bridges.
Algorand is a unique blockchain designed to deliver decentralization, scale, and security for all participants. It was developed to speed up transactions and improve efficiency, in response to the slow transaction times of
Algorand uses a consensus algorithm called Pure Proof-of-Stake (PPoS). In this system, the users’ influence over the choice of a new block is proportional to their stake in the system (the number of Algos they hold). This approach ensures that all Algos in circulation have a chance to be chosen to propose blocks.
Algorand’s PPoS approach offers immediate transaction finality, meaning there are no forks in the chain. Once a block appears, users can rely on the transactions it contains, resulting in fast, secure, and efficient transfers.
Algorand Standard Assets (ASA) are a standardized Layer-1 mechanism to represent any type of asset on the Algorand blockchain. These could include fungible assets (such as currencies or stablecoins), non-fungible assets (like real estate or art), and more complex types of assets involving roles, whitelists, and clawback options.
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