Digital Currency backed by precious metal Palladium, part of the ISO20022 ecosystem.
ISO20022 is a worldwide industry standard that has been bought in to regulate the interchange of electronic data between financial institutions.
Algorand is an open source, pure proof of stake blockchain protocol.
It requires a negligible amount of computation, and generates a transaction history with low “fork” probability.
This protocol aims to remove technological barriers: decentralization, scalability, and security, that have undermined the acceptance of mainstream blockchain.
Algorand implements a new Byzantine Agreement (BA) protocol to reach consensus among users on the next set of transactions.
To scale the consensus to many users, Algorand uses a novel mechanism based on Verifiable Random Functions. There are two types of smart contracts on the Algorand network: Layer 1 on-chain, and Layer 2 off-chain, by moving the most computationally intensive smart contracts off-chain, Algorand frees up space on the network for simple transactions, thus reducing congestion to improve processing speed.