Algorand is a Layer 1, pure Proof-of-Stake blockchain that supports smart contracts and enjoys Ethereum compatibility. It can support decentralized app (dApp) creation thanks to the Algorand Virtual Machine (AVM) and has recently announced a push towards being Ethereum-compatible.
ALGO is the native cryptocurrency of Algorand, allowing its holders to participate in the consensus process of the blockchain and serving as the native currency of the ecosystem. The Algorand blockchain offers a highly efficient ecosystem for dApps that require reliable performance guarantees. The blockchain network enjoys a throughput of over 1,000 TPS, a finality time of fewer than five seconds, meager transaction costs of around 0.001 ALGO, and low energy consumption levels, all thanks to the PoS consensus mechanism.
From NFTs to DeFi and several other applications, Algorand positions itself as a better alternative to Ethereum and is listed among the market's top ‘Ethereum killers.’ The FutureFi network, as it positions itself, aims to be the future of finance as a leading fintech infrastructure provider with an intense focus on sustainability along the way - one of the most significant pain points for blockchain technology.
It calls itself the world’s greenest blockchain, and its commitment to sustainability is reflected in the growing number of environmentally conscious and responsible projects launching on the blockchain. In addition to receiving considerable traction among investors as more blockchains bridge to its ecosystem, Algorand enjoyed notable headlines and attention among investors when it announced a partnership with FIFA to become its official blockchain.
The Algorand Foundation is responsible for overseeing the decentralized governance of the Algorand network and developing its open-source ecosystem.