what is Algorand

what is Algorand

chotu , Divyansh Gupta

Algorand blockchain, developed by Silvio Micali, a Turing Award-winning computer scientist, is a permissionless, scalable, and secure blockchain platform designed to enable fast and efficient decentralized transactions.

  • Published on Apr 19 2024
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Algorand blockchain is often referred to as a "green" blockchain due to its low environmental impact compared to traditional blockchains, such as Bitcoin and Ethereum. The following are some key factors that distinguish Algorand as a green blockchain.Algorand uses a Pure Proof-of-Stake (PPoS) consensus algorithm, which is designed to be energy-efficient. In PPoS, validators are randomly selected to propose and confirm blocks, and they do not require extensive computational power or energy-intensive mining equipment. This eliminates the need for energy-intensive mining processes, common in other consensus algorithms like Proof-of-Work (PoW) used in Bitcoin and Ethereum, where miners compete to solve complex mathematical puzzles, resulting in significant energy consumption. Algorand's PPoS consensus requires minimal energy consumption, making it more eco-friendly.

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