What is ALGO?
Friday, August 13, 2021
Algorand is one of a number of newer projects seeking to expand the possible use cases for cryptocurrency by accelerating transaction speeds and reducing the time it takes transactions to be deemed final on its network.
Officially launching in 2019, Algorand seeks to achieve these attributes through decisions that deviate from how cryptocurrencies have traditionally been designed.
Most notable is that Algorand distributes the ALGO cryptocurrency it introduces into its economy with each new block to everyone who holds a certain amount of the currency in its wallets.
Algorand further enables users to create smart contracts (programmatic agreements for building decentralized applications) and tokens that can represent both new and existing assets.
Such features were successful in attracting a diversity of venture investors to early private sales of ALGO conducted to fund the development of the platform.