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Algorand is a foundation and the associated new, scalable, secure, and decentralized crypto and payment platform. The creator of the project is a professor at MIT and has won many prestigious awards, including the famous Turing Prize for the theoretical foundations of cryptography and the development of new methods for effective verification of mathematical evidence.
The new blockchain created by his team is to set new standards for crypto. The open code protocol is to be hellishly fast and incredibly scalable thanks to the new consensus mechanism, which is a bit like the Tangle IOTA. It is based on the Byzantine agreement and has been named Pure Proof-of-Stake.
No resource-intensive crypto calculations are required to confirm the transaction. Thus, transfers are approved in less than 5 seconds and the scalability is to allow for 1000 transactions per second. Thanks to this, the crypto Algorand can be used as a global payment system, competitive to VISA and MasterCard, as well as in micropayments and IoT (Internet of Things).