Algorand the next big thing?

Algo was created in 2019 by Silvio Micali who is a mathematician and an MIT professor with the goal of improving blockchain technology by making it scalable, decentralised and scalable. Algorand is a permissionless blockchain network that employs a proof of stake validation method known as pure proof of stake. Permissionless means that anyone possessing ALGO tokens (the native coin of the Algorand blockchain) and an internet connection can participate in the network by acting as a validator for transactions without requiring a substantial amount of processing capacity.

Algorand is distinct from other proof of stake assets in that it is a 'pure proof of stake' token. Micali considers pure proof of stake to be an upgrade above proof of stake in that proof of stake protocols can be "monopolized" by large users with significant quantities of the provided currency, resulting in a "rich get richer" loop that undermines real decentralization. Validators under a pure proof of stake protocol, on the other hand, are chosen at random, regardless of how much of the ALGO cryptocurrency they own.

Algorand is tracking its carbon impact and purchasing carbon offsets to keep its overall footprint carbon negative by utilizing its own blockchain technology in collaboration with ClimateTrade, a carbon credit marketplace. With interest in environmentally friendly operations becoming a crucial component in investing decisions across all asset classes, Algorand's emphasis on green energy is an appealing feature.

Cryptocurrencies are often volatile, and Algorand is no exception, but the growing degree of adoption and real-world use cases, the current market size, and the green credentials of its blockchain imply that Algorand is a digital asset with plenty more blue sky ahead as its profile grows.