Algorand

Algorand is a permissionless non-forkable blockchain with its own consensus mechanism called pure proof of stake (PPoS). It is because of this consensus mechanism, Algorand is able to become scalable and secure with fast block creations and transactions without compromising any bit of decentralization.

In PPoS, a small set of verifiers are selected randomly to participate in a voting system. An elected leader proposes a block to this set for a single round of voting, and if the leader is honest, the block verification is completed with only 2 above-mentioned steps. With the help of Verifiable Random Functions, a unique mechanism developed by Algorand, participants will be able to check if they are selected in the set of verifiers.

Algorand is built on the core principle of making the development of dapps and blockchain-based projects simple and quick. The smart contracts running on Algorand’s blockchain are highly customizable and are able to operate at over 1000 transactions per second.

Algorand is founded by turning award-winning MIT professor and co-inventor of zero-knowledge proofs, Silvio Micali. The company was able to raise close US$ 120 million in their ICO and private sale rounds. Other than an experienced team of executives, the project has its own Algorand Foundation which takes charge of all governance, administration, and research-based activities.