Algorand, a decentralized Pure Proof-of-Stake blockchain improving scalability without sacrificing decentralization
The Algorand network is a public, decentralized, Pure Proof-of-Stake (PPoS) blockchain with support for customized layer-1 blockchains. The protocol is focused on improving scalability without sacrificing decentralization. The key to Algorand’s scalability comes from its PPoS consensus mechanism, where validators and block proposers are chosen randomly from anyone who has staked and generated a participation key.
Unlike most other PoS blockchains, Algorand doesn’t require a minimum stake, which is a significant barrier to entry for the average user. With every staker who runs a node being a possible validator, the network’s security is more decentralized than in protocols with a chosen set of validators.
Algorand and its native token, ALGO, is founded in 2017 by the non-profit organization Algorand Foundation.