Algorand is a decentralized network, launched in June 2019 by computer scientist and MIT professor Silvio Micali (recipient of the Turing Award). Algorand is designed for rapid transactions with a strong focus on achieving near-instant finality (i.e. time it takes transactions to be deemed confirmed) while also supporting smart contracts.
Algorand tries to solve speed, security and decentralization simultaneously by introducing a new proof of stake concept (called pure proof of stake) – allowing for speedy confirmation of one single block at a time by a group of randomly selected validators.
Since only one block is validated at a time, the Algorand blockchain can also not fork (the splitting of the blockchain into two or more incompatible versions) and finality is achieved instantaneously (approx. 4.5 seconds).
The Algo is the cryptocurrency of the Algorand blockchain.
Algorand is a decentralized network built to solve the blockchain trilemma of achieving speed, security, and decentralization simultaneously.