Algorand is a decentralized network created to solve the blockchain trilemma of speed, security, and decentralization. Launched by computer scientist and MIT professor Silvio Micali in June 2019, Algorand is an open-source and permissionless blockchain network that everyone can build on. Algorand is designed to be a payment-focused network with a strong emphasis on fast transactions and almost instant finality, meaning it can handle over 1,000 transactions per second and achieve transaction finality in under five seconds. Algorand uses a Proof of Stake (PoS) consensus mechanism and distributes validator rewards to all holders of its native ALGO cryptocurrency. Thanks to its strong production capacity and fair community incentives, Algorand has the ability to manage the high-efficiency requirements of widespread global use and various use cases.
ALGO is known as the cryptocurrency of the Algorand blockchain. The Algorand blockchain is built to help create an open, borderless economy accessible to everyone. Known as a new type of digital economy, ALGO serves as real digital money for everyone simultaneously. Although ALGO is currently referred to as a FIAT currency, it provides the same fundamental services to individuals as paper money, but ALGO does so in a system without the challenges brought by paper money due to its digital nature. With ALGO, goods and services can be bought and sold via e-commerce or retail without any distinction. The emphasis here is that ALGO can make these transactions much faster, in other words, instantly, unlike credit or bank cards.
Algorand currently has the capability as a public smart contract blockchain based on staking to develop decentralized applications (Decentralized Applications) and provide scalability. Rising gas fees on Ethereum have driven many decentralized application developers and decentralized finance (Decentralized Finance) traders to look for alternative blockchain solutions, some of whom have turned to Algorand as an Ethereum alternative for developing decentralized applications and decentralized finance applications.
Algorand also allows developers to use the Algorand Standard Asset (ASA) protocol to create new tokens or transfer existing tokens to the Algorand ecosystem. For example, stablecoins like USDT and USDC exist as ASAs on the Algorand blockchain and benefit from much higher efficiency and much lower transaction fees than typically found on Ethereum. Moreover, as central banks continue to explore networks for hosting central bank digital currencies (Central Bank Digital Currency), Algorand has become a suitable option and has been chosen to host the Marshall Islands' CBDC.

When transacting with ALGO, the cryptocurrency (ALGO) is withdrawn from the buyer's wallet and sent to the seller's wallet with almost no fee. At this point, the immediacy of the transaction and almost no fee being paid become important. Besides the purchase transaction, if the person makes the purchase transaction using a credit card, they may pay a transaction fee of between 3% to 7%. This fee is usually taken from the seller and added to the price of the purchased product.
The use of ALGO helps both individuals and sellers save on such fees, meaning individuals have more money in their pocket and more spending power. ALGO can also be used to send money instantly without bank transfers, necessary document formats, banks, exchanges, or delays to anyone. Instead of moving money which can take days to process, ALGO can make this transfer in less than 4.5 seconds, thus ALGO becomes instantly available in the recipient's wallet. ALGO transfers are recorded on the Algorand blockchain, facilitating verification by the payer and recipient. Additionally, ALGO offers new possibilities for how money can be distributed not just to one person, but to many people at the same time, and money can be distributed to a large number of people in less than 4.5 seconds.
Another significant advantage of a cryptocurrency like ALGO is that it can be divided into very small amounts (for example, 0.0001 ALGO). These small amounts can be distributed exactly the same way as larger amounts, as rewards or small task payments. This service offers the opportunity to create micro-payments, which would not be possible due to transaction costs and fees associated with traditional money use. Micro-payments will provide new opportunities for people to earn money and create services that have not yet been imagined. At this point, it is important to understand that each cryptocurrency is different from the other. A cryptocurrency benefits from the fundamental features of the blockchain it is built on.
Accordingly, ALGO benefits from the unique features of the Algorand blockchain. These features make ALGO one of the strong and reliable cryptocurrencies available today, including:

ALGO is one of the fastest, safest, and most reliable cryptocurrencies in use today. As the vision of an unlimited economy becomes reality, ALGO will be one of the most critical cryptocurrencies in use. In addition to being designed as a high-performance cryptocurrency, ALGO also serves many other functions for the Algorand community.
Algorand is known as an open-source, decentralized blockchain network that benefits from a two-layered structure and a unique variation of the Proof of Stake (PoS) consensus mechanism to increase transaction speeds and achieve finality. The block rewards of the Algorand blockchain are distributed to all ALGO token holders, offering the opportunity to earn rewards not only to block producers but to all ALGO holders.

Algorand has a unique two-layer blockchain structure. The base layer supports smart contracts, asset creation, and atomic swaps between assets. All these transactions occur on the first layer of the Algorand blockchain, helping to ensure security and compliance. On this first layer of the Algorand network, platforms and users can create ASAs representing new or existing tokens on the Algorand blockchain. This is similar to how ERC-20 tokens operate on the Ethereum network.
Regarding security, simple smart contracts on the Algorand platform are executed as Layer-1 Algorand Smart Contracts; in other words, they maintain the same level of security as the consensus protocol itself. Algorand's second layer is designed for developing more complex smart contracts and decentralized applications. What makes transactions on Algorand so efficiently processed is the bifurcation between Layer 1 and Layer 2 of the network. With more complex smart contracts happening off-chain, simple transactions can be processed more quickly on Layer 1 without getting bogged down by larger, more complex smart contracts.

Algorand uses a unique variation of Proof of Stake (PoS) known as Pure Proof of Stake (PPoS). PPoS is known as a highly democratized PoS consensus mechanism with a low minimum stake requirement for participating and securing the network. Only 1 ALGO token is required to join the network. In contrast, Ethereum 2.0 demands a minimum of 32 ether (ETH) stake for user participation, which creates a much higher barrier for entry. This situation can potentially negatively affect network security, as network participants may be less incentivized to behave optimally when they do not hold significant value on the network.

In Proof of Stake (PoS) networks, validator nodes are randomly selected to verify transaction data in a block. Algorand's PPoS consensus mechanism uses a two-phase block production process consisting of proposing and voting. Any member of the Algorand network can participate in the proposal and voting procedure by staking ALGO and creating a valid participation key to become a Participation Node. Participation nodes are coordinated by relay nodes, another type of Algorand network node that facilitates communication between nodes and does not directly participate in the proposal or voting. In the proposal phase, a block leader is selected to propose the current block. Block leaders are selected through Algorand's Verifiable Random Function. It is a provable random mechanism that selects nodes randomly, weighted by the relative size of their stakes. The block leader is secretly appointed through a special participation key, meaning only the block leader knows they have been appointed to propose the block. The Verifiable Random Function provides a cryptographic proof that allows the block leader to easily and verifiably prove their status as the current block leader. This methodology provides additional network security, in other words, for malicious actors, there is no way to know who the randomly determined block leader is before the block is actually proposed, thus reducing the opportunity to target the block leader in an attempt to compromise the network.
Following the block proposal, there is a voting phase where participation nodes are randomly selected to join a committee responsible for ensuring no double spending, overspending, or other issues occur in the current block. When a sufficient majority agrees that everything is in order, the block in question is added to the blockchain. In the event of malicious attempts, the network enters recovery mode, thereby dropping the block and selecting a new block leader.
Algorand does not use the slashing mechanism. The slashing mechanism means a node cannot reduce its stake balance by proposing a bad block. Instead, the network continues to operate by entering recovery mode. Although this solution might promote speed and efficiency by quickly moving away from errors, some individuals have criticized this aspect of Algorand's block production system for lacking any mechanism to penalize dishonest behavior on the network. With this block production method, two blocks cannot be proposed for the same slot at the same time, meaning there should never be a fork in the blockchain.

ALGO is known as the native cryptocurrency of Algorand and a cornerstone of its network structure. As part of Algorand's unique protocol design, the rewards paid to validators for producing blocks, rather than being given solely to block producers, are split and distributed among all ALGO token holders. This means, as of February 2021, all ALGO token holders can earn an Annual Percentage Yield of approximately 7.5%. Reward distribution occurs approximately every ten minutes and aims to encourage users to participate in the Algorand staking platform and accelerate the path to decentralization. To further facilitate this process, users do not need to "stake" their money as part of the block production and verification process themselves but can hold ALGO in an unattended wallet or on an exchange to access the earned rewards. In this sense, stakers support the network while also being able to passively hold ALGO, bringing Algorand close to automation.
There is a fixed supply limit of 10 billion ALGO tokens allocated as follows:

Like many blockchain-based projects working for an optimally fair coin distribution process, the decentralization of ALGO coins by Algorand is an iterative process. Critics claim that the Algorand Foundation's current possession of a large amount of ALGO centralizes the protocol in the short term. However, Algorand's democratized reward distribution mechanism is created to reduce network centralization over a longer timeframe.

Launched in 2019, Algorand is considered a relatively young protocol. The Algorand Foundation, a nonprofit organization, oversees the financing and development of Algorand Inc. and the Algorand protocol itself. The Algorand Foundation supports developer education in universities and educational settings. The Global University Program includes prestigious universities such as MIT, UC Berkeley, and other leading institutions worldwide. The Algorand Foundation also sponsors blockchain events, hackathons, educational classes, and certifications.
The Algorand Foundation launched two accelerator programs in 2020, the Algorand Asia Accelerator and the Algorand Europe Accelerator, focused on assisting ongoing projects and developers interested in developing Algorand. These programs provide end-to-end support from strategy formulation to launch, aiming to help the growth and development of the Algorand ecosystem.
Relatively new to the blockchain space, Algorand has already proven to be a strong platform with its technological innovation, developer support, and real-world use cases. Algorand's highly fair coin reward structure and consensus mechanism are leading a new standard in the blockchain.

For those interested in cryptocurrency investment, how to buy and sell Algorand (ALGO) is frequently asked. This can be done either through mining or using a cryptocurrency exchange specifically created for these transactions.
In Turkey, contrary to what might be assumed, buying Algorand (ALGO) with Turkish Lira is a very easy and quick process. You can buy Algorand (ALGO) without needing any technical knowledge or official documents.