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Algorand is a decentralised network that aims to accelerate cryptocurrency transactions. Computer scientist Silvio Micali, MIT professor and recipient of the Turing Award, founded the decentralised virtual currency and transaction platform in 2019. In conjunction with fellow academic Jing Chen, Micali developed the Algorand whitepaper that set out how the platform would aim to resolve blockchain scaling problems through fast and effective user consensus. Algorand is based on a proof-of-stake (PoS) agreement process. This establishes the distribution of rewards to ALGO cryptocurrency holders, and randomly selects users to propose and vote on blocks, with a user’s stake in the system being proportional. Algorand’s design, with its decentralised finance (DeFi) capabilities and smart contracts, aims to reduce governance issues such as forks. Algorand’s novel approach secured $62 million in funding in 2018 from an investment group representing individuals and organisations from the venture capital, cryptocurrency, and financial services industries. However, the technology has not yet seen much testing under real-world market conditions. Add ALGO cryptocurrency to your eToro investment portfolio and receive updates and news on this instrument.