Algorand is a Layer 1 network designed to address the so called blockchain trilemma of decentralization, security, and scalability. It is a smart contract platform that utilizes a two-tier structure and a unique variant of the Proof-of-Stake consensus mechanism to enhance transaction speed and attain finality.
Algorand was created by a highly respected cryptography professor from MIT. The project is also supported by a world-class team of research scientists, business and marketing professionals, and some impressive VC firms funding the project’s ambitions.
I originally loved this project for its original staking rewards program which sadly ended in April 2022. It used to be one of the most popular coins to stake due to how incredibly easy it was, also with no lock up periods. Literally all you need to do is hold at least 1 ALGO in your wallet and the staking happened automatically. It cant get much simpler. Unfortunately this staking system was replaced by Algorand's new Governance Rewards program, which allows you to vote on community proposals and earn staking rewards but you must vote in all voting sessions to remain eligible for the rewards. You also have to commit your ALGO for at least 3 months.
According to Staking Rewards (link below) – 37% of tokens are being staked now compared to the 81% that was over a year ago. I think this tells the story of how the community views this transition of the coins staking approach.
https://www.stakingrewards.com/earn/algorand/
It is worth mentioning that one of Algorand's other unique factors that contributes to its popularity and adoption is that the team places a big emphasis on being “green” and it is one of the most eco-friendly Blockchain networks out there. I am personally a big fan of this responsible approach to sustainability and think more projects should put more emphasis in the modern would we live in. Algorand reached the status of not only being carbon neutral but took it to the next level and became carbon-negative in 2021, which is a truly impressive feat. Show Less