What is Algorand?
Erika Marie avatar
Written by Erika Marie
Updated over a week ago

What is a blockchain?

A blockchain is a digitally distributed ledger that facilitates the process of recording transactions and information across a network. It can be viewed as a decentralized database.

What is Algorand?

Founded by Silvio Micali, Turing Award winning Italian computer scientist and MIT professor, Algorand is one of the fastest and most efficient blockchains to date. Algorand was built from the get-go as a green blockchain with an environmental impact focus.

Algorand facilitates secure transactions and tracking ownership of assets with lower fees and a small carbon footprint. Algorand is far more energy efficient than other blockchains, and is going further by offsetting its small carbon footprint in partnerships with ClimateTrade.

Why did EXA Labs choose Algorand?

We chose to build on Algorand because its PPoS consensus algorithm solves in an elegant way the main drawbacks that the current blockchain space faces:

✅ High Decentralization
✅ High transaction throughput
✅ Low transaction fee
✅ Low block confirmation time
✅ Minuscule power consumption (green blockchain)

✅ No fork

In addition to that, we also believe that it is going to be a major player in the blockchain industry.

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