What is Algorand (ALGO)? | Algorand Explained in Under 60 Seconds

What is Algorand (ALGO)? The Algorand Protocol is a permissionless, pure proof-of-stake protocol that provides security, scalability and decentralization for frictionless finance. The Algorand Token (ALGO) is the native cryptocurrency for the Algorand Blockchain Network used as a transfer of value.

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Frictionless Finance enables financial tools, processes and transaction methods to enable enterprise to embrace decentralized finance.

Smart contract capabilities enable DeFi solutions & dApps that can scale to tens of millions of daily transactions, with low transaction fees.

Algorand Standard Assets (ASA) provide a standardized, Layer-1 mechanism to represent any type of asset on the Algorand blockchain, including fungible & non-fungible assets.

Atomic Transfers is a secure way to simultaneously transfer assets among parties. Transactions are grouped, and either all are executed or none.

Algorand Rekeying in Layer-1 solves these operational inefficiencies by allowing users to change their Private Spending key without the need to change their Public Address.

Pure Proof of Stake - User influence on new a block is proportional to its stake (number of tokens) in the system. Block proposals are issued secretly by randomly selected users.

WEBSITE: https://www.algorand.com/