What is Algorand? Algorand is a layer 1, proof of stake blockchain developed by the MIT professor Silvio Micali in 2019. As a payments-focused network, Algorand provides rapid transaction speeds and near-instant finality, opening the doors to a host of users, developers, and investors seeking to take advantage of the network’s scalability.
Algorand offers low gas costs and fast transaction speeds than Ethereum.
Algorand uses Pure Proof of Stake as its consensus mechanism, which is designed to be accessible to the highest number of participants, requiring only 1 ALGO coin to take part in the staking.