Transactions by Protocol
What is Algorand digital currency?
Algorand is a blockchain platform that aims to create borderless economic relationships through a decentralized and permissionless public blockchain. In other words, Algorand is looking for a blockchain ecosystem that allows everyone to participate and succeed. The platform is built on the key principles of simplicity, instant transactions, direct use and deployment, and performance.
Algorand digital currency also targets one of the biggest challenges of blockchain technology. The challenge involves how to build a platform that is both fast and scalable without sacrificing decentralization. The Algorand team understands that without a scalable solution, there is no way to achieve widespread adoption of digital currencies. We can see this in Bitcoin and Ethereum, which are popular, but cannot be widely used; These cryptocurrencies are considered too slow for the modern economy for this simple reason.
High scalability should not come at the expense of decentralization and security. All three of these features are critical for a successful blockchain platform, and Algorand Crypto aims to have all three features in its platform and ultimately solve the blockchain's triple problems. In addition, Algorand reduces the computational cost of transactions and provides a scalable, secure and decentralized platform with low fees.