$ALGO
Algorand (ALGO) is the native cryptocurrency of the Algorand blockchain, which was created by Silvio Micali, a Turing Award-winning cryptographer, in 2017. The platform is designed to solve issues related to scalability, decentralization, and security, aiming to provide a foundation for a decentralized economy.
Algorand uses a unique consensus mechanism called Pure Proof of Stake (PPoS), which is designed to be more energy-efficient than Proof of Work (used by Bitcoin) and more secure than Proof of Stake (used by Ethereum 2.0). This approach allows the network to process transactions quickly and with low fees, making it suitable for applications in decentralized finance (DeFi), digital assets, and beyondO token is used for network security (through staking), transaction fees, and governance. Holders of ALGO can participate in network decisions, such as protocol upgrades and changes. The network’s consensus model ensures that only a small group of validators can participate in block creation, providing greater scalability and performance than many other blockchain platforms【97†sourceain has been adopted by several high-profile projects, including central banks looking to create digital currencies and various decentralized applications (dApps) in the DeFi space .
