Read other FAQs

What is Algorand?

On Conio it is possible to buy and sell Algo (Algorand's native blockchain currency) at the market price, however, it is not yet possible to withdraw and deposit Algo.

Algorand aims to be a highly efficient and scalable Blockchain platform that can facilitate the development of decentralized applications and speed up transactions. By Algorand we mean the name of the Blockchain platform and its native currency (ALGO).

Algorand is an open source Blockchain, which means that anyone can view and contribute to the code of the platform. Algorand uses an operating protocol called pure-proof-of-stake (PPoS), which achieves consensus among nodes by leveraging ALGOs staked through staking pools.

Algorand's blockchain uses a modified version of the proof-of-stake consensus mechanism. While the traditional proof-of-stake method allows cryptocurrency holders to validate transactions by staking their own coins, the pure-proof-of-stake method "recruits" by exploiting the randomness of validators within ALGO's staking pools, rewarding the addition of blocks to the Blockchain with new coins. This experimental consensus mechanism uses randomness to increase network security.

The total supply of ALGO is limited to 10 billion coins, all of which have already been mined at the foundation, with about 7 billion ALGOs already in circulation. The Algorand Foundation, the nonprofit organization overseeing and funding the development of the protocol, confirms that only 10 billion units of its ALGO cryptocurrency will be created.

It may also interest you: