What is Algorand?
Algorand is a decentralized network that aims to address the blockchain trilemma of speed, security, and decentralization all at the same time. Algorand is a permissionless and open-source blockchain network that anyone can build on.
The majority of modern blockchain-based networks aim for a balance of scalability, security, and decentralization.
Few platforms today can be rendered totally well-rounded. Most make compromises on either one of these sides: giving up decentralization for better scalability, sacrificing scalability for security, or something else. This is what Algorand aims to solve.
It was launched in the summer of 2019 by a computer scientist and professor at MIT by the name of Silvio Micali – who has also won the Turing Award and is a famous expert on cryptography.
Algorand is a network that has a particular focus on payments, with fast transactions and a massive emphasis on near-instant finality. What this means is that it processes more than a thousand transactions per second (TPS) and completes transactions in under 5 seconds.