Algorand (ALGO) was launched in 2019 by Silvio Micali, a computer science professor at Massachusetts Institute of Technology, who won the Turing Award in 2012 with his work on digital currencies and blockchain protocols.
Algorand is a self-running, blockchain-based decentralized network, which supports multiple applications. Designed to solve the speed problem on the Bitcoin and other cryptocurrency networks, the Algorand network aims to provide fast transactions and increased productivity.
Algorand runs with the Pure PoS system. In this system, committees of ALGO holders are randomly chosen to validate and confirm blocks. This system was made possible thanks to VRF (Verifiable Random Function), a unique encryption tool developed by the creator of Algorand. ALGO is the native token of the Algorand ecosystem. In the Algorand network, miners are rewarded with ALGO.
ALGO is up 6.21% in the last 24 hours. Algorand has recently announced a partnership with India on a project called AlgoBharat that can boost the country's economy, which is currently in the process of transitioning to Web3. Staci Warden, CEO of the Algorand Foundation, told CoinDesk that this newly formed partnership will focus on supporting Indians with Algorand's blockchain applications, which can also be implemented in the DeFi ecosystem. Moreover, the Algorand Foundation has also announced the launch of a developer tool suite called “AlgoKit”. All these developments may have been instrumental in the rise of ALGO.
