The race to improve the blockchain protocol continues. Founded by Turing award winner and MIT professor Silvio Micali, Algorand is a permissionless pure proof-of-stake blockchain protocol. It has several key improvements compared to existing blockchains. This crypto project aims to allow crypto to work on a global scale in the highly competitive crypto sector.
Unlike first-generation consensus mechanisms, Algorand's technology finalizes blocks in seconds and provides immediate transaction finality while preventing forks. This cryptocurrency uses modern cryptography to emulate the consensus mechanism in a blockchain without the use of resource-consuming PoW.
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