Algorand algo
What is Algorand?
Algorand (ALGO) is the native cryptocurrency of the Algorand public, permissionless Layer-1 blockchain. The network supports fast, low-cost settlement, payments, Algorand Standard Assets, smart contracts, and governance.
What problem does Algorand solve?
Public blockchains often trade off decentralization against throughput and fees. Algorand addresses this with Pure Proof-of-Stake Byzantine Agreement, randomly selecting stake-weighted participants for each block.
How does Algorand work?
Algorand uses Pure Proof-of-Stake (PPoS), verifiable random functions (VRFs), and cryptographic sortition. Online accounts are privately sampled to select a proposer and committees. ALGO pays transaction fees and is used across applications.
Key facts
- Ticker: ALGO
- Maximum supply: 10 billion ALGO
- Consensus: Pure Proof-of-Stake
- Official FAQ: fees start at 0.001 ALGO
- No token lock required for consensus
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Frequently asked questions
What is Algorand used for?
ALGO pays fees and supports Algorand ecosystem activity including native assets and smart contracts.
Does Algorand require staking?
No. PPoS does not require locking or delegating tokens.
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