What is Algorand?

Algorand is a secure, decentralized Layer-1 blockchain platform designed to enable the innovative capability.

Key concepts 

• Pure Proof-of-Stake (PPoS): Algorand's unique consensus mechanism. It is energy-efficient, genuinely decentralized, and presents low barriers to network participation. Anyone holding any amount of ALGO tokens can participate in the network.
• Speed and Scalability: Algorand is designed to process 10,000 transactions per second (TPS) with low latency, making it ideal for high-performance applications. The network features a block time of 2.8 seconds and provides instant finality, ensuring that transactions are confirmed and irreversible as soon as they are included in a block. This combination of high throughput, rapid block production, and immediate finality supports demanding use cases that require speed and reliability.
• Low Transaction Fees: The transaction fee on Algorand is currently set at a fixed rate of 0.001 ALGO, ensuring predictable and minimal costs. This makes micro-transactions and frequent interactions economically viable. 
• Instant Finality: Algorand does not fork. Once a block is appended to the blockchain, the transactions within it are instantly finalized and irreversible. This is a critical feature, especially for financial applications.
• Security: Leveraging PPoS and cryptographic sortition, the Algorand network is highly resilient against attacks.
• Developer-Friendly: Algorand is developer-friendly, offering comprehensive SDKs in native TypeScript and Python, detailed documentation, and robust tooling.

Core Concepts

• ASA (Algorand Standard Assets): A Layer-1 feature on the Algorand blockchain that allows for the easy creation and management of various asset types, including fungible tokens, non-fungible tokens and stablecoins.
• Smart Contracts (ASC1 - Algorand Smart Contracts): Algorand supports both stateless and stateful smart contracts natively at Layer-1. These contracts are written in TEAL or compiled to TEAL from higher-level languages such as PyTeal and TEALScript 
• AVM (Algorand Virtual Machine): The virtual machine responsible for executing TEAL code.