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What is Algorand (ALGO): The Blockchain That Solves the Trilemma crypto

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Dec 21, 2023
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22 min read
what-is-algorand

This blog post will cover:

  • What is Algorand (ALGO)?
  • Algorand (ALGO) price, supply and Market cap
  • Algorand - How Does it Work
  • Blockchain Algorand (ALGO) operates on
  • How To Use Algorand (ALGO)
  • What Makes Algorand Unique?
  • Who created Algorand?
  • History of Algorand
  • How Is Algorand (ALGO) Different To
  • Advantages of Algorand 
  • Disadvantages of Algorand
  • How Is the Algorand Coin Secured?
  • Buying Algorand (ALGO)
  • How to Stake Algorand (ALGO)
  • How to Mine Algorand (ALGO)
  • Algorand Roadmap
  • Future of Algorand
  • The Bottom Line
  • FAQ

Disclaimer: SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

Algorand (ALGO) is a widely recognized blockchain platform and cryptocurrency engineered to operate similarly to a leading payment processor. Employing a distinctive consensus mechanism known as pure proof-of-stake (PPoS), it attains instant finality, high throughput, and minimal fees. Algorand also supports smart contracts, other cryptocurrencies, and various projects in the decentralized finance (DeFi) space. ALGO, the native cryptocurrency of the Algorand platform, is employed to secure the platform and incentivize the ecosystem's stakeholders. In this article, we are going to dive deeper into the question of what is Algorand, it’s foundations, and talk about why it might be a good choice, as well as consider its drawbacks.

Key Takeaways

  • Algorand is a blockchain platform and cryptocurrency that can finalize transactions immediately.
  • Algorand is famous for its pure proof-of-stake (PPoS) to select validators randomly and prevent forks.
  • Algorand supports smart contracts, other cryptocurrencies, and DeFi projects on its platform.
  • ALGO is the native coin of Algorand that is used to secure the platform and participate in governance.

What is Algorand (ALGO)?

The first question that we’d like to cover - what is Algorand crypto. Algorand (ALGO) stands out as a decentralized, permissionless, and open-source blockchain network designed to support a diverse array of secure, efficient, and scalable applications. Positioned as a pioneer in the financial landscape, Algorand boasts the distinction of being the world's first blockchain founded on the principles of pure proof-of-stake (PoS). To ensure security, Algorand relies on a Byzantine Agreement (BA) protocol, a mechanism that facilitates consensus among users regarding the next set of transactions.

At the heart of Algorand lies the BA⋆ Byzantine agreement protocol, uniquely tailored to scale seamlessly across numerous users. This feature enables Algorand to achieve consensus on new blocks with minimal latency and eliminates the possibility of forks. A pivotal element enhancing the effectiveness of BA⋆ within the Algorand ecosystem is the integration of verifiable random functions (VRFs). These VRFs serve the purpose of randomly selecting users. The output from these VRFs, when executed for an account, plays a crucial role in sampling from a binomial distribution, simulating a call for every algo in a user's account.

Now, it’s time to talk more about what is ALGO - a unique token with several key features:

  1. Pure Proof of Stake (PPoS) Protocol: Algorand employs its distinctive consensus mechanism, Pure Proof of Stake (PPoS), enabling swift, secure, and scalable transactions.
  2. Efficient Transactions: Algorand can process up to 1,000 transactions per second, enabling faster transactions compared to many other blockchains. All this - at a low fee of one MicroAlgo. Decentralization, Scalability, and
  3. Security: Algorand's distinctive features eliminate the technical barriers that have hindered mainstream blockchain adoption for years. These are decentralization, scalability, and security.
  4. Used for a Variety of Purposes: The ALGO token finds application in various scenarios, serving as a means to pay for transactions, acquire on-chain items like NFTs, make purchases of goods and services, engage in DeFi as an investor, participate in governance processes, earn rewards, and contribute to securing consensus among participation nodes.
  5. Resistance to Quantum Attacks: Algorand has integrated State Proofs, a novel interoperability standard facilitating secure cross-chain swaps. State Proofs not only encourage cross-chain communication but also present a secure alternative to conventional cross-chain bridges. Furthermore, they position Algorand as the pioneering blockchain network resistant to quantum attacks.

Algorand (ALGO) price, supply and Market cap

Price$0.197643
 
 
Market Cap$1,583,153,409
Circulating Supply8,006,615,772 ALGO
Trading Volume$145,718,317

Algorand - How Does it Work

Algorand operates based on the Pure Proof of Stake (PPoS) consensus protocol. This means that Algo network participants are selected based on their staking (holding ALGO tokens to help secure the network) to verify and validate transactions. The project employs a Byzantine agreement protocol that relies on proof of stake. With a supermajority of the stake residing in non-malicious hands, the protocol can achieve consensus without the need for a central authority, even in the presence of malicious users.

PPoS 

In this mechanism, the protocol employs a verifiable random function to randomly and privately select a block leader. This private leader selection is a crucial feature designed to minimize the attack vector posed by bad actors.

When it comes to block validation when we talk about Algorand, especially in the context of Algorand, the protocol randomly selects validators based on the weight of their stake in ALGO coins. A fresh committee is chosen for each new block, achieved by randomly selecting ALGO holders to validate and approve the block in question. If the committee affirms the block's validity, it is added to Algorand's blockchain. In the event of malicious activities, such as double spending, the block is promptly removed, and a new block leader is elected.

This process ensures both randomness and confidentiality in the selection, with no fixed committee and nodes run by individuals globally, making Algorand a highly decentralized system. Every network participant has an opportunity to be part of the committee approving each block. In the event of a compromised node, the native token ALGO, staked by participants, is automatically protected through unique keys.

PoS

Proof of Stake (PoS) and PPoS are two consensuses used in blockchain networks, but they operate differently. In a PoS system, validators are chosen to create a new block based on their economic stake in the network. The more tokens a validator holds, the higher the chance they have of being selected to validate transactions and create new blocks. This mechanism aims to deter malicious behavior as validators have a financial incentive to maintain the network’s integrity.

In general, the biggest difference between PoS and PPoS is that PoS systems often involve a more deterministic method of selecting validators based on the number of tokens they hold, while PPoS uses a more randomized approach to select validators.

How Does Algorand Solve the Blockchain Trilemma?

The blockchain trilemma denotes the difficulty of concurrently attaining three essential properties within a blockchain network: security, scalability, and decentralization. Traditional blockchains often struggle to balance these three aspects, as enhancing one often comes at the expense of the others.

Algorand, however, claims to solve this trilemma through its unique Pure Proof of Stake (PPoS) consensus algorithm described above. What does Algorand do to accomplish this? Here’s how it works:

  1. Decentralization: Algorand functions as a permissionless, pure proof-of-stake approach, inviting participation from anyone without requiring approval from a central authority. This attribute guarantees a remarkably high level of decentralization.
  2. Security: With the aid of Pure PoS, Algorand fortifies its security against potential attacks, relying on a supermajority of the stake residing in non-malicious hands for robust protection.
  3. Scalability: Algorand distinguishes itself through a unique data structure and consensus algorithm that enable the network to attain consensus even in the presence of malicious participants. This is achievable when a sufficient number of honest users control more than two-thirds of the system's stake, rendering Algorand significantly more scalable than many existing blockchain protocols.

Blockchain Algorand (ALGO) operates on

Algorand operates on its own native blockchain platform. The Algorand blockchain operates on a permissionless pure proof-of-stake blockchain protocol. Different to proof-of-work (PoW) blockchains, where randomly-selected validators must validate the root block using computing capabilities, Algorand's pure proof-of-stake way entails validators who are familiar with each other. They only need to agree on the next block to create a new one.

As an open-source platform, Algorand's blockchain welcomes anyone to view and contribute to its code. Positioned for the financial future and Algorand security, it stands as the world's first fundamental blockchain based on pure proof-of-stake (PoS). Algorand's technology encompasses a suite of high-performance layer 1 blockchains, delivering security, scalability, privacy, and transaction finality. A layer-1 blockchain consists of solutions that enhance the fundamental protocol to enhance scalability.

The management of the Algorand blockchain falls under the purview of the Algorand Foundation, offering accessibility to any company or individual seeking to utilize its capabilities. Algorand places a strong emphasis on technical innovation development, with a focus on performance, interoperability, and scaling. Notably, the integration of layer-2 smart contracts, as well as models spanning private and public aspects, underscores Algorand's commitment to staying at the forefront of technological advancements. Layer-2 scaling solutions further enhance the platform's functionality, extending to features such as payment scalability and off-chain computing.

Algorand demonstrates scalability to accommodate numerous users, ensuring swift transaction confirmations with latency on the order of a minute. Even in scenarios involving malicious users or momentary network partitioning, Algorand provides assurance that users will consistently maintain coherent views of confirmed transactions. This stands in contrast to existing cryptocurrencies, which may allow temporary forks and necessitate a significant time frame for verifying transactions with a high level of confidence, often spanning an hour.

What tokens are built on Algorand?

A number of players in the market already know what is Algo coin and are successfully implementing it. Some of the most successful tokens built on Algorand are:

  1. Lofty: Lofty is a platform enabling you to invest in tokenized real estate with as little as $50, and receive rental income directly into your wallet. It uses the Algorand blockchain to manage the accounting of the fractional ownership of the properties on its platform. Each property has its own token, or Algorand Standard Asset (ASA). Your ownership is represented by the tokens you hold in your Algorand wallet.
  2. Algofi: Algofi is a swift and cost-effective cryptocurrency lending marketplace and stablecoin platform built on the Algorand blockchain. It provides lending services for five distinct tokens on the Algorand blockchain: ALGO, goBTC (a wrapped version of bitcoin designed for trading on Algorand), goETH (similarly for Ethereum), STBL, and USDC. Algofi also facilitates the capability to swap between your ALGO and other Algorand Standard Assets (ASAs).
  3. Buying.com: Buying.com is a decentralized e-commerce platform built on the Algorand blockchain. It leverages Algorand's ASC1 to monitor order details. The BUY token is created as an Algorand Standard Asset (ASA). To enhance trading convenience on Decentralized Exchanges, a wrapped variant of the token, known as WBUY, has been introduced, operating on the Ethereum blockchain.
  4. LimeWire (LMWR): LimeWire is making a comeback as a user-friendly digital collectibles marketplace geared towards mainstream adoption in the realms of art and entertainment, with an initial emphasis on music. Positioned as an all-in-one platform, LimeWire aims to simplify the process for both artists and fans, allowing them to effortlessly create, purchase, and trade digital collectibles without navigating the technical complexities often associated with the current NFT landscape. In addition, LimeWire has future plans to introduce a token later this year, offering exclusive community access, voting mechanisms, and a rewarding system for token holders.

How To Use Algorand (ALGO)

One might wonder - what is Algorand (ALGO) used for? There are a few ways to benefit from the coin:

  1. Developing Applications: Algorand’s blockchain provides a secure and efficient platform for developing a wide range of applications. The Algorand Developer Portal provides comprehensive documentation, tutorials, and guides for developers interested in building applications on the Algorand blockchain.
  2. Transferring Value: ALGO, Algorand's native token, facilitates seamless value transfers across the network. You can acquire ALGO through prominent cryptocurrency exchanges such as SimpleSwap or Coinbase. Once the acquisition process is completed, you have the option to securely store your ALGO in a self-hosted wallet or choose a wallet provided by the cryptocurrency exchange.
  3. Staking: ALGO tokens offer the opportunity for staking to earn rewards. For optimal staking with Algorand, utilizing a blockchain wallet is recommended. While the official Algorand wallet is Pera Wallet, alternative wallets that allow to stake Algorand can be Trust Wallet or Atomic Wallet. Following the transfer of your ALGO tokens to your chosen wallet, you can participate in staking to earn rewarding returns.

What Makes Algorand Unique?

To fully capture the essence of what is ALGO crypto, one first needs to understand what makes it different. Algorand stands out due to its distinctive design aimed at addressing the blockchain trilemma, successfully balancing speed, security, and decentralization concurrently. Operating as a permissionless, open-source blockchain network, Algorand provides a foundation upon which anyone can construct their projects.

Here are a few features about  that make this project stand out:

  1. Innovative Protocol: Algorand’s unique consensus mechanism, known as Pure Proof of Stake, allows for fast, secure, and scalable transactions.
  2. Non-Forkable Blockchain: Algorand's blockchain remains free from forks, guaranteeing the network's unity and preventing any instances of double-spending on its blockchain.
  3. Developer-Friendly: Algorand supports many programming languages, making it a developer-friendly blockchain.
  4. Zero Downtime: Algorand has experienced zero downtime since its launch, which is quite impressive given that other blockchains have had numerous outages.
  5. Tokenization: Algorand makes it easy to tokenize, transfer, and program conditions on any instrument of value.
  6. Two Types of Nodes: Another key aspect of Algorand's architecture involves the two node types: Participation Nodes and Relay Nodes.
  7. Low Environmental Footprint: Algorand boasts a minimal environmental footprint compared to numerous traditional blockchains.

Who created Algorand?

In 2019, Algorand was introduced by Silvio Micali, an esteemed MIT professor and computer scientist renowned for receiving the prestigious Turing Award in cryptography. Engaged in cryptographic endeavors since the 1980s, Micali delved into researching blockchain technology in 2015 after encountering Bitcoin and identifying certain limitations in its functionality.

History of Algorand

After its successful launch, Algorand focused on developing its protocol. The development team had plans to extend the Algorand functionalities on top of various networks. However, the Algorand team announced that they are focusing on their own blockchain deployment.

Updates

Algorand has been updated several times, and the latest version is still being actively developed. The protocol released its own decentralized exchange, which uses both AMM and order-book models, in February 2020. The most recent iteration, identified as Algorand 3.15.0, brings enhancements to the algocfg tool. This update introduces a profiles command, streamlining the process for administrators to swiftly configure a new node type without the need to concern themselves with adjusting parameters manually. Additionally, a novel REST endpoint has been incorporated, enabling the retrieval of ledger state delta data for a specified number of rounds.

The major stakeholders of Algorand

The primary entities holding significant stakes in Algorand include the Algorand Foundation, a non-profit organization headquartered in Singapore, and Algorand Inc., a private corporation situated in Boston. Playing a crucial role, the Algorand Foundation oversees various responsibilities, including award funding, cryptographic research, on-chain governance, and the decentralization of the Algorand network, which includes nodes. Meanwhile, Algorand Inc. assumes the crucial responsibility of overseeing the core development of the Algorand protocol.

How Is Algorand (ALGO) Different To

Algorand differs from other popular cryptocurrencies in several ways:

Ethereum (ETH)

Ethereum serves as a blockchain platform dedicated to supporting smart contracts, primarily utilized for constructing decentralized applications (dApps). However, Ethereum relies on a proof-of-stake consensus mechanism, necessitating a stake of 32 ETH for validator activation. In contrast, Algorand adopts a pure proof-of-stake (PPoS) consensus mechanism, enlisting network validators directly from the user pool. Offering swift transaction processing akin to major payment organizations like Mastercard or Visa, Algorand also accommodates various cryptocurrencies and blockchain projects, positioning it as a direct competitor to Ethereum.

Cardano (ADA)

Cardano, a third-generation open-source public blockchain, operates as a proof-of-stake (PoS) coin and distinguished itself as the first blockchain to employ a peer-reviewed research strategy. In contrast, Algorand distinguishes itself as a decentralized network explicitly crafted to tackle the Blockchain Trilemma, accomplishing speed, security, and decentralization simultaneously. Introduced in June 2019, Algorand stands as a permissionless, open-source blockchain network accessible for anyone to contribute to and build upon.

Bitcoin (BTC)

Bitcoin, the inaugural blockchain-based cryptocurrency, functions as a digital currency utilizing a proof-of-work consensus mechanism. This mechanism demands substantial energy and computing power for the creation and validation of new blocks. Algorand's consensus mechanism, designed for ultra-low staking requirements for nodes, aims to process up to 1,000 transactions per second, presenting a more scalable solution compared to Bitcoin.

Advantages of Algorand 

Here are some of the key advantages of Algorand:

  1. Scalability: Algorand's architecture ensures consistent high transaction speeds, distinguishing it from traditional blockchains that tend to slow down as user numbers increase. It boasts the capability to handle thousands of transactions per second.
  2. Security: Algorand adopts a robust security approach through its Pure Proof of Stake (PPoS) consensus mechanism. Specifically designed to minimize the risk of forks and attacks, Algorand stands out for its exceptional security measures.
  3. Decentralization: Emphasizing the core principle of blockchain technology, Algorand places a strong focus on decentralization. By distributing decision-making authority across a diverse network of participants, Algorand prevents any single entity from exerting undue control over the network. This enhances the overall trustworthiness and resilience of the system.
  4. Unique Approach to Consensus: The PPoS consensus mechanism is founded on the principle of inclusivity. In the Algorand ecosystem, any user holding at least one Algo (the native cryptocurrency) is eligible to actively participate in the consensus process. This inclusive approach enhances the democratic nature of the network.
  5. Cost-Effective Transactions: Each transaction on Algorand currently incurs a cost of one MicroAlgo, equivalent to 0.001 algos. This results in exceptionally affordable transaction fees on the Algorand network.
  6. Sustainability: Algorand is sticking to completely Carbon-Negative principles, committed to maintaining this status both presently and in the future.
  7. Speed: The Algorand blockchain boasts an impressive transaction time of approximately 4 seconds, a notable contrast to Bitcoin and Ethereum, both of which experience significantly longer transaction times.
  8. High Performance: the protocol is aimed at high performance and speedy transactions, paired with low Algorand transaction fees.
  9. Influx of Capital into Its Decentralized Economy: Lately, a distinct increase in capital has been observed within its decentralized economy, marked by the introduction of the automated market-making platform referred to as Tinyman, the decentralized lending protocol Algofi, and the asset bridge Algomint.

Disadvantages of Algorand

Despite its many advantages, Algorand also has some disadvantages:

  1. Understanding of PoS: Proof-of-stake is not yet as comprehensively understood as proof-of-work from a security standpoint. 
  2. Competition: Algorand encounters considerable competition from other blockchains emphasizing versatile smart contracts.
  3. Liquidity: there is not much liquidity for ALGO on exchanges.
  4. Tokenomics: some critics argue that the tokenomics of the project are not that great.
  5. Centralization Concerns: despite its decentralized nature, some critics argue that Algorand is still pretty centralized.

How Is the Algorand Coin Secured?

Algorand (ALGO) employs its distinctive mechanism for security. Within this framework, the overall security of the ALGO network is determined by ALGO investors through a randomized "lottery" method, known as the validation protocol lottery. This consensus mechanism ensures swift, secure, and scalable transactions.

The Algorand protocol establishes robust defenses against malicious attacks, rendering it well-suited for transactions, safeguarding high-value assets, and constructing secure enterprise applications. This security is upheld at both the network and consensus protocol levels, extending protection to individual user accounts. In the event of a compromised node, the native token ALGO, staked by participants in the network, is automatically shielded with unique keys.

Buying Algorand (ALGO)

Wondering is Algorand worth buying? If you want to become an owner of the Algorand cryptocurrency- head to SimpleSwap and follow these instructions:

For example, you want to swap BTC for ALGO. Select the currency you want to exchange (e.g. BTC) in the first drop-down list. Then enter the amount you want to swap.

  • Select ALGO in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
  • Click the Exchange button.
  • Enter the Recipient's Address. ALGO will be sent. Be careful and make sure you use the correct address.
  • Create the exchange.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to ALGO exchange.

How to Stake Algorand (ALGO)

Staking Algorand (ALGO) can be done through several methods:

  1. Centralized Exchanges: you can stake ALGO on centralized exchanges like SimpleSwap , Binance or Coinbase. To do this, you need to create an account with the exchange, verify your account, deposit ALGO tokens into your account, and then dedicate them to staking.
  2. Hardware Wallets: you can stake ALGO using hardware wallets like Ledger. To do this, you need to buy a Ledger hardware wallet, set up your device, sign up for the Governance program, and then commit ALGOs.
  3. Software Wallets: software wallets like Exodus, Trust Wallet, and Algo Wallet also support ALGO staking. To stake ALGO using these wallets, you need to transfer your ALGO from a centralized exchange like Binance to your wallet, and then stake directly.

Remember, the rewards for staking ALGO vary based on how much ALGO is put forward in a given voting period. Additionally, it's important to be aware that starting from April 2022, staking rewards have decreased to 0 and have been substituted with governance rewards. To continue receiving rewards, it is necessary to enroll in the Governance program.

How to Mine Algorand (ALGO)

This coin uses a Pure Proof of Stake (PPoS) consensus mechanism, so the traditional Algorand mining, as seen in cryptocurrencies like Bitcoin, is not applicable. Instead of mining, Algorand allows users to earn rewards by staking their ALGO tokens. Here are some ways you can “mine” or earn rewards with Algorand:

  1. Specialized Hardware: although not traditional mining, you can use specialized hardware to run a node on the Algorand network.
  2. Cloud Mining: you can rent computing power from a cloud mining service to run a node and earn rewards.
  3. Pool Mining: joining a mining pool allows you to combine your resources with other miners to increase your chances of earning rewards.

Please note that while these methods can help you earn ALGO tokens, they are not “mining” in the traditional sense. Instead, they are ways of participating in the Algorand network and earning rewards for doing so.

Algorand Roadmap

Algorand has several plans and developments in the pipeline for the year starting from 2024 and beyond:

  1. Ecosystem Expansion: Algorand plans to continue expanding its Algorand ecosystem coin by fostering partnerships and collaborations with various organizations. This includes universities, grants, and early backers.
  2. Governance Improvements: Algorand plans to enhance its governance model by giving the community more opportunities to vote on important issues for the platform and the ecosystem.
  3. Tokenomics Adjustments: Algorand intends to modify its tokenomics to foster the growth of the economic ecosystem constructed on the Algorand public platform.
  4. Facilitating Payments: with the emergence of Central Bank Digital Currencies (CBDCs), Algorand has greatly focused on facilitating payments. This could enable Algorand to reclaim a significant portion of its losses in the upcoming bull market.
  5. ISO 20022 Framework: the anticipated ISO 20022 framework will likely come into full effect in 2025, enabling banks to easily on-ramp into crypto. This could potentially boost Algorand’s growth prospects.
  6. Continued Development: Algorand plans to continue developing its protocol to improve its functionality. This includes updates to the algocfg tool and the introduction of a new REST endpoint.

Future of Algorand

With the key features of Algorand explained, it’s worth saying that the overall mood regarding Algorand is positive, with many in the crypto community praising its unique Pure Proof of Stake (PPoS) consensus mechanism, high transaction speed, and scalability. Algorand’s focus on addressing the blockchain trilemma of achieving speed, security, and decentralization simultaneously has also been well-received.

Looking ahead, Algorand has several promising developments in the pipeline. The platform plans to continue expanding its ecosystem by fostering partnerships and collaborations with various organizations. It also plans to enhance its governance model and make adjustments to its tokenomics to support the development of the economic ecosystem built on the Algorand public platform.

In terms of market perspectives, Algorand has the potential to become a major player in the blockchain space. Its unique features and robust technology make it well-positioned to capitalize on the growing demand for scalable and secure blockchain platforms. However, like all cryptocurrencies, Algorand’s future success will depend on a variety of factors, including regulatory developments, technological advancements, and market dynamics.

The Bottom Line

After reading this article, one should now be more familiar with what is Algorand coin and have an idea of why it’s a unique and powerful platform in the blockchain space. Its distinctive features, such as its PPoS consensus mechanism, high transaction speed, and scalability, set it apart from other blockchain platforms. Looking ahead, Algorand has several promising developments in the pipeline and is well-positioned to capitalize on the growing demand for scalable and secure blockchain platforms. However, like all cryptocurrencies, its future success will depend on a variety of factors. As such, potential investors should carefully consider these factors and conduct thorough research before investing in Algorand.

FAQ

Let's answer the most common questions about ALGO.

What network is Algorand on? 

Algorand operates on its own blockchain network. It has three public networks: MainNet, TestNet, and BetaNet.

When was Algorand created? 

Established in 2017, Algorand was founded by Silvio Micali, who at first taught at the Massachusetts Institute of Technology.

What is the transaction speed of Algorand? 

The go-algorand 3.16 update to Algorand's protocol reduces the average round time to 3.3 seconds, enhancing its capacity to handle a substantial number of transactions per second.

Can Algo coin be mined? 

No, the Algo coin cannot be mined. Algorand operates on a Pure Proof-of-Stake mechanics, wherein validators are chosen randomly based on the weight of their stake in ALGO coins.

What blockchain is Algo on? 

Algo serves as the native cryptocurrency on the Algorand blockchain.

What type of blockchain is Algorand? 

Algorand operates as a decentralized and permissionless blockchain protocol. The core of its operation is a PPoS algorithm, facilitating rapid, secure, and scalable transactions.

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