{"description":"<div>\n<p>Algorand is a decentralized network, launched in June 2019 by computer scientist and MIT professor Silvio Micali (recipient of the Turing Award). Algorand is designed for rapid transactions with a strong focus on achieving near-instant finality (i.e. time it takes transactions to be deemed confirmed) while also supporting smart contracts.<\/p>\n<p>Algorand tries to solve speed, security and decentralization simultaneously by introducing a new proof of stake concept (called pure proof of stake) &ndash; allowing for speedy confirmation of one single block at a time by a group of randomly selected validators.<\/p>\n<p>Since only one block is validated at a time, the Algorand blockchain can also not fork (the splitting of the blockchain into two or more incompatible versions) and finality is achieved instantaneously (approx. 4.5 seconds).<\/p>\n<p>The Algo is the cryptocurrency of the Algorand blockchain.<\/p>\n<p>Algorand is a decentralized network built to solve the blockchain trilemma of achieving speed, security, and decentralization simultaneously.<\/p>\n<\/div>","rankedCrypto":[{"coingeckoId":"polkadot","sortingRank":5},{"coingeckoId":"chiliz","sortingRank":3},{"coingeckoId":"apecoin","sortingRank":2},{"coingeckoId":"decentraland","sortingRank":1},{"coingeckoId":"internet-computer","sortingRank":0}],"cryptoCategories":{"Decentralized Finance (DeFi)":["uniswap","compound-governance-token","aave","lido-dao"],"Entertainment":["decentraland","chiliz","axie-infinity","apecoin","immutable-x"],"Currency":["stellar","ripple","litecoin","dogecoin","bitcoin-cash","bitcoin"],"Smart Contracts":["polygon-ecosystem-token","tezos","solana","polkadot","ethereum","cosmos","cardano","avalanche-2","algorand","hedera-hashgraph"],"Computing":["filecoin","chainlink","render-token","the-graph"]},"region":["CH","DE","AT"],"sophisId":153480271,"coingeckoId":"algorand"}