What is ALGO
Algorand is an open source, pure proof of stake blockchain protocol. It requires a negligible amount of computation, and generates a transaction history with low “fork” probability. This protocol aims to remove technological barriers: decentralization, scalability, and security, that have undermined the acceptance of mainstream blockchain. Algorand implements a new Byzantine Agreement (BA) protocol to reach consensus among users on the next set of transactions. To scale the consensus to many users, Algorand uses a novel mechanism based on Verifiable Random Functions. Experimental results show that it confirms transactions in under a minute, and incurs almost no penalty for scaling to more users.There are two types of smart contracts on the Algorand network. Layer-1 on chain, and Layer-2 off chain, by moving the most computationally intensive smart contracts off-chain, Algorand frees up space on the network for simple transactions, thus reducing congestion.Algorand is built by a team with deep roots in academic theory, science, and matv
