Algorand (ALGO) is a permissionless payments-focused Layer1 blockchain that is designed to help the creation of advanced decentralized applications along with complex financial primitives.
Read moreWhat kind of token is Algorand?
Algorand is a pure proof of stake blockchain cryptocurrency protocol that is scalable by solving the blockchain trilemma with its consensus mechanism. The Algorand platform supports smart contracts, and its consensus algorithm is based on proof of stake and a Byzantine agreement protocol.
Read moreWhat is the difference between ERC20 and Algorand?
These are also known as Algorand Standard Assets (ASA), and function in a somewhat similar fashion as ERC20 tokens do on the Ethereum blockchain. One major difference, however, is that you first manually have to give your consent to receiving a certain token . This is also called “Opt-in”.15 Eyl 2020
Read moreIs Algorand l1 or L2?
Even though computation and settlement can be run on both layers , as evidenced by the feature-packed layer 1 smart contract capabilities, computationally-intensive dApps are discharged to Algorand’s off-chain layer (L2) to prevent bottlenecks from materializing.
Read moreWhat type of blockchain is Algorand?
Algorand is an open-source, decentralized blockchain network that leverages a two-tiered structure and a unique variation of the Proof-of-Stake (PoS) consensus mechanism to increase transaction speeds and achieve finality.
Read moreIs Algorand a Layer-2?
This means that every smart contract is directly adding traffic to the network, and too many of them can slow the network down. In order to avoid that, Algorand offers layer-2 smart contracts as well , where the contract will be executed “off-chain”.
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