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Algorand is a decentralised, scalable and “forkless” open-source blockchain project aiming to solve the “trilemma” of high security, high speed and low cost. Algorand has the objective of enabling “frictionless finance” across borders. The Algorand network runs on a Pure Proof of Stake (Pure PoS) consensus mechanism. New blocks are finalised within seconds during two phases with the participation of users depending on their stake in the network. ALGO is Algorand’s native token and can be used to pay DApp computations, staking and earning in the Algorand network and also for transaction fees.
