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What is Algorand?
Algorand is a cryptocurrency that was created by Silvio Micali, the former MIT professor who also designed Algorithmic Randomness. His goal with Algorand was to create a more efficient and democratic way of verifying transactions in cryptocurrencies.
What makes Algorand novel is that it uses a new way to organize transactions, through the use of what are called “Masters”. The Masters verify transactions in each round and pass this information onto other trusted Master nodes who continue the verification process until all transaction records have been checked. This means that there are no miners or nodes that have a disproportionate amount of control over the network. This makes the Algorand technology both more democratic and efficient.