What is Algorand?
Algorand is a blockchain platform powered by its native cryptocurrency, ALGO, which uses a Pure Proof-of-Stake (PPoS) consensus mechanism. It aims to provide fast, low-cost, and secure transactions, with the goal of building a decentralized financial ecosystem and serving as a platform for smart contracts and dApps. ALGO can be used for peer-to-peer transfers, paying transaction fees, staking to secure the network, and participating in governance.