What 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.

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Is 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.

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Is 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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