Algorand's focus is to ensure that the blockchain system is used not only by institutions but also by individual users. Transactions on the network are both faster and with lower fees compared to the Ethereum network. Its scalability and duration of block rate are very good. It stands out as a decentralized and secure blockchain network. Just like Cardano, Polkadot, Binance Coin, Cosmos and dozens of other projects, it defines itself as Blockchain 3.0.
The project developed by Silvio Micali reduces the block time to the minimum. The CEO of the project is Steve Kokinos. The company has partnerships with Top Networks, OTOY, Flipside Crypto and Syncsort. Firms providing funding for the project are Union Square Ventures, Eterna Capital, Polybius Capital, NEO Global Capital and Pillar. In the last quarter of 2018, the project manages to collect a total investment of 62 million dollars. With Eterna Capital, Algorand uses Orion, one of the most advanced DeFi protocols, on the Algorand network. The Orion protocol enables startups to be built with a decentralized financial infrastructure.
The Spanish company Climatetrade, which carries out activities against climate imbalance and the release of cargo, aims to work with safer data by carrying out its work in cooperation with Algorand.
Algorand, which can achieve three features (scalability, decentralization and security) at the same time that Ethereum could not, has been one of the pioneers of decentralization becoming so important in the digital market. Thus, it manages to attract the attention of very large companies. Large enterprises are increasing their interest in technologies consisting of decentralized networks day by day.
Algorand is the 19th most valuable cryptocurrency with a market cap of $11.3 billion. While there are 6,146,335,064 ALGOs in circulation, there are a total of 6,614,673,216 ALGOs. Its maximum supply is 10,000,000,000 ALGO.
Mining System
The Algorand ecosystem uses the Pure Proof of Stake (PPoS) system, which is their own advanced version of Proof of Stake (PoS). In the mining system, the miner to be used to verify the very fast-running transaction blocks is chosen at random, as in the name of the project. The created PPoS system becomes an ecosystem that moves away from the centrality as much as possible, prevents mistakes in calculations and does not allow unnecessary energy consumption. Each miner can have a say according to the amount of ALGO they hold.
Circle
There is a stablecoin platform that enables transactions on the Algorand network: Circle.
In Circle, banks and customers can make instant money transfers with stablecoins indexed to fiat currencies. Thanks to the very high speed and low fees, users' money transfer transactions become easier. Tether (USDT) is also one of the stablecoins that can be traded on the Algorand network.
Blockstack Browser
The fact that Google Chrome consumes a lot of RAM, does not work as fast as before, does not have its own integrated ad-blocker, does not provide tor service and does not block trackers, pushes users to use other browsers. While Brave Browser has gained a lot of users in this regard, Blockstack Browser is also available as Algorand-based.