Algorand(ALGO)
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Modified on: Thu, 28 Sep, 2023 at 3:36 PM
ALGO is the native utility token that powers the entire Algorand ecosystem and is used to secure the network through its Pure Proof-of-Stake (PPoS) consensus mechanism, as a medium of exchange, and to pay for fees incurred on the platform.
The Algorand foundation intends to transition to a fully decentralized governance model, in which all ALGO holders will have the option to participate in the Algorand Governors program where they will be able to commit their ALGO to participate in the on-chain governance system and guide future platform directions.
Algorand is an open-source, permissionless Smart Contract platform that aims to bring scalability, efficiency, and security to DeFi. Founded by MIT professor and Turing Award recipient Silvio Micali, Algorand leverages its PPoS consensus protocol to bring DeFi users greater transaction throughput, faster time to finality, and increased security.
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