Deep Dive
1. Purpose and uses
Algorand is a Layer 1 blockchain, meaning a base network where applications and digital assets can be built. It is designed to support payments, smart contracts, and tokenized assets. Its mainnet launched in June 2019, according to CoinMarketCap.
2. Technology
Algorand uses Pure Proof of Stake (PPoS), a system that selects participants to propose and approve new blocks based on their online stake. The network aims for quick transaction confirmation and avoids mining. Algorand added native Falcon 1024 post quantum accounts in August 2026, though some consensus functions still use conventional cryptography, as reported by CoinMarketCap.
3. ALGO token
ALGO is Algorand’s native token. It is used to pay transaction fees and is involved in consensus participation. The token has a maximum supply of 10 billion; Algorand’s Foundation paused a proposal to remove that cap in November 2026.
Conclusion
Algorand is a programmable blockchain focused on efficient payments and digital assets, while ALGO helps pay for and support activity on the network. How effectively can it turn these capabilities into useful everyday applications?
