What Is Algorand (ALGO)?

Algorand was founded in 2017 before launching its mainnet and ALGO token in June 2019. The blockchain deals with the common scalability and consensus mechanism issues common to first and second-generation blockchains. Algorand's main feature is its Pure Proof of Stake consensus protocol that randomly selects validators weighted by their staked ALGO coin. Users who stake their ALGO have the chance of being selected to propose and validate a new block, which is then verified by a randomly-selected committee. Once the block is added to the blockchain, all transactions are considered confirmed. If the block is deemed bad, a new user is selected as a validator, and the process starts again. The system's main strength is its decentralization of power, as every single staker has the chance to be a validator. Apart from consensus, ALGO is also used for network transaction fees and to earn block rewards. If you want to buy or sell ALGO, you can easily do so through Binance's convert feature or exchange view.