Algorand Inc. is the company responsible for creating the world's first pure proof-of-stake blockchain. Algorand Inc. was founded in 2017 by MIT professor Silvio Micali, which saw the development and mainnet launch of their blockchain Algorand on July 2019.

Algorand is the world's first pure proof-of-stake blockchain allowing it to achieve low transaction fees.

Algorand Blockchain

Algorand is a Layer-1 proof-of-stake blockchain whose native currency is Algo. Proof-of-stake allows Algorand to be efficient, secure, and scalable compared to proof-of-work blockchains due to the elimination of miners, as transactions are validated proportional to ownership.

Algorand utilizes timestamp signatures seen in proof-of-work blockchains but relies on Zero-Knowledge-Proof (ZKP) instead of hashing to validate transactions.

Algorand is capable of smart-contracts through their Algorand Virtual Machine (AVM) environment. Smart Contracts are written in a language called Transaction Execution Approval Language (TEAL) as well as in Python using the PyTeal library.

Smart Contracts allow endless use-cases for the Algorand blockchain as we see NFTs and DeFi developing in the ecosystem.

Tokenomics

  • Algorand, as of this writing, has 6.24billion coins in circulation out of a total supply of 6.7billion.
  • The maximum and immutable supply of ALGO is set at 10billion.
  • The remaining Algos will be slowly released into circulation until 2030 with 6.2B allocated for stakers and early-backers, 1.25 for ecosystem development and 2.55 for the Algorand foundation and already in the ecosystem.
  • There are 1.9B Algos committed to governance with over $83.5M TVL in dapps. Check Algorand Metrics.

Concluding Thoughts

Algorand is a strong Layer-1 blockchain contender with exciting features down the pipeline as they work to improve Interoperability, Private and Public Models, Performance and Scale, and Layer-2 Smart Contracts.

As of this writing, Algorand is ranked #21 in terms of market-cap at over $14.89B. There are 1.9M active wallet address vs an average of 15M compared to Ethereum over a 30 day period. If Algorand is able to deliver a robust ecosystem and drive adoption and use, we can expect to see increase in value for Algo.

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