- Category: Smart Contract Platform
- Coin Launched: September, 2020
- Resources: White Paper
- Official Website: Algorand
- Reddit: Algorand
ALGORAND History / Information / Buying / Staking
Algorand was founded in 2017 by Silvio Micali. Algorand is composed of a company and a foundation. Algorand Foundation manages ecosystem growth, award funding, cryptographic research primitives, on-chain governance and decentralization of the Algorand network, including nodes. The core development of the Algorand protocol is overseen by Algorand Inc., a private corporation based in Boston. The Algorand test network was launched to the public in April 2019, and the main network was launched in June 2019.
HOW ALGORAND WORKS
Algorand uses a pure proof-of-stake (PPoS) protocol built on Byzantine consensus. Each user's influence on the choice of a new block is proportional to its stake (number of tokens) in the system. Users are randomly and secretly selected to propose blocks and vote on block proposals.
BENEFITS OF USING ALGORAND
Algorand developers claim that its speed, efficiency, architecture, and governance make it superior as a foundation for a blockchain ecosystem.
CAN YOU STAKE ALGORAND
Algorand is available for staking on most exchanges that offer staking rewards on your algo balance. You only need a minimum balance of 1 Algorand to start staking and need to enable staking to start earning rewards.
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