What is Algorand used for ?

Algorand is a scalable, secure and decentralized digital currency and trading platform. Algorand Inc. is a technology company founded by Silvio Micali, a cryptography representative and Turing award-winning MIT professor. It is stated that the Algorand platform was established with a team of internationally renowned researchers, mathematicians, cryptographers and economists. Also, according to the information on the platform's official website, Algorand was designed to guarantee true decentralization, scalability and security.

Algorand's consensus mechanism is based on intrusion and the PURE PROOF OF STAKE. This ensures full participation, protection and speed within a truly decentralized network. However, with the completion of blocks within seconds, Algorand's transaction volume is at the same level with large payment systems and financial networks. In addition, according to Algorand's statements, the platform meets the user as the first Blockchain platform that provides instant transaction precision without forks and uncertainties.

In addition, Algorand Blockchain has a completely decentralized structure. This means there is no strong central authority or a single point of control. A unique user committee is randomly and secretly selected to validate each block on the platform.