What is Algorand coin? How does Algorand coin work?

Algorand: A blockchain platform based on a pure Byzantine consensus protocol

Algorand is a blockchain platform built on a pure Byzantine consensus protocol, aiming to provide efficient , secure and scalable blockchain solutions. The platform was founded in 2017 by MIT professor Silvio Micali.

How it works

The core of Algorand lies in its unique pure Byzantine consensus protocol, the Algorand consensus. This protocol allows nodes to achieve consensus in a trustless environment, even if there are malicious nodes in the network. Algorand consensus achieves this goal through a series of steps.

• Key generation: Each node generates a pair of public and private keys.
• Proposal phase: A randomly selected node proposes a new block.
• Voting phase: All other nodes vote for the block.
• Confirmation phase: If more than 2/3 of the nodes vote in favor of the block, the block is confirmed.

Algorand also uses the following mechanisms to improve scalability and security:

• Sharding: dividing the network into smaller groups (called shards), to process transactions in parallel.
• Verification Committee: Each shard has a verification committee responsible for verifying transactions and proposing blocks.
• Proof of Stake: Nodes conduct weighted voting based on the number of Algorand coins (ALGO) they hold.

These mechanisms work together to enable Algorand to achieve high throughput, low latency, and strong security.

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