Algorand is Algorand is a scalable, secure and decentralized digital currency and transactions platform. By simply holding Algorand, users are paid out staking rewards for each new block.
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- What is Algorand (ALGO)?
- When was Algorand launched?
- Who are the Founders of Algorand?
- How to stake Algorand?
- Which network metrics do the rewards depend on?
- How often will i receive a Reward?
Algorand is a Boston-based open-source software company working towards building a borderless economy. They’ve developed a permissionless, Pure Proof-of-Stake (PoS) protocol with open participation, scalability, security and transaction finality.
The Algorand mainnet became live in June 2019, and was able to handle almost 1 million transactions per day as of December 2020.
Silvio Micali is a professor of computer science at the Massachusetts Institute of Technology, and the founder of Algorand. He is a recipient of the Turing Award (in 2012) for his fundamental contributions to the theory and practice of secure two-party computation, electronic cash, cryptocurrencies and blockchain protocols. This makes him one of the foremost creators of crypto in the world.
While anyone can run a participation node, not all users will have the technical ability to participate in the consensus protocol. For users who are not able to run a participation node, the Algorand blockchain offers an offline mode. When a user declares themselves offline, their account’s stake is not taken into consideration for the sortition process. This allows any user to have a stake in Algorand without requiring them to operate a participation node.
Currently, the system treats all users equally. In the future, the Algorand Foundation may propose an upgrade to increase the rewards given to online users – incentivizing them for their participation in the cryptographic sortition protocol – and decrease the rewards given to offline users.
Rewards in the form of algos are granted to Algorand users for a variety of purposes. Initially, for every block that is minted, every user in Algorand receives an amount of rewards proportional to their stake in order to establish a large user base and distribute stake among many parties. As the network evolves, the Algorand Foundation will introduce additional rewards in order to promote behavior that strengthens the network, such as running nodes and proposing blocks.
You may see new rewards in your wallet about every 20 minutes.