A Simple Introduction to Algorand

What is Algorand (ALGO)?

  • Designed to be like Ethereum with faster transaction times, 1,000 TPS and finalization of transaction under 5 seconds
  • Uses a Pure Proof of Stake (PPoS), gives validator rewards to all Algo holders
  • Does not require you to stake any Algo, but all Algo holders will receive 4-6% APR simply by just holding the coin
  • Have smart contracts and dApps can be built on this platform
  • Algorand Standard Assets (ASA) for tokens created on Algorand, similar to ERC-20 standard for Ethereum
  • Viable option to host central bank digital currencies, which is used today for the Marshall island currency
  • Unique 2 layer blockchain: Layer 1 => Smart contracts, tokens and NFT creations, Layer 2 => Verified off the main chain for more complex smart contracts
  • Randomly select validators to execute layer 2 transactions
  • Has governance utility where you can commit your coins for a 90 day voting period to become a governor

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Ricky Young

My belief is that financial freedom can only be achieved through a combination of smart investing and passive income. This is my journey to achieve financial freedom.

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