ALGORAND BLOCKCHAIN
Professor Silvio Micali, a computer scientist from MIT who received the Turing Award and is regarded as one of the founders of contemporary encryption, established the blockchain network and project Algorand in 2017. In June 2019, ALGO, the network's native cryptocurrency, and the mainnet network both became live. As was already mentioned, the blockchain facilitates smart contracts and focuses on increased scalability. A custom layer-1 blockchain can be supported by the public, decentralized, Pure Proof-of-Stake blockchain on the Algorand network. These can be used to build blockchains that are customized for particular purposes. According to the project, it has found a solution to the trilemma, and its technology is especially beneficial for institutions, the creator economy, decentralized finance (DeFi), and fintech.
The Pure Proof of Stake consensus process used by Algorand is the key to its scalability. This protocol enables rapid processing of a large number of transactions without compromising decentralization. Proof of Stake (PoS) blockchains are scalable, but frequently at the expense of a small group of validators that control block approvals due to their enormous holdings. The problem with Proof of Work (PoW) is that massive mining pools almost always prevail in the race to produce new blocks.
Algorand's PPoS consensus process, in contrast, randomly selects validators and block proposers from among all users who have generated participation keys. The percentage of the participant's stake to the total amount invested directly affects the likelihood of getting chosen.
A tiny holder will obviously have a lower likelihood of being chosen than a large holder. Algorand, however, does not have a minimum stake requirement, which is a substantial barrier to entry for the typical user compared to other PoS blockchains. The security of the network is more decentralized when every staker that runs a node is a potential validator as opposed to when a predetermined group of validators is used, as in Delegated Proof of Stake (DPoS).
Currently, Algorand's Pure Proof of Stake algorithm processes up to 6,000 transactions per second (TPS) and provides blocks with instant finality every 3.7 seconds on average.
Algorand, like other Bitcoin and Ethereum rival blockchains, has placed a strong emphasis on scalability, speed, and decentralization. Many people find this blockchain technology appealing because of its success in successfully decentralizing power. Its Pure Proof of Stake consensus process offers a novel solution with VRFs.
https://academy.binance.com/en/articles/what-is-algorand-algo