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Algorand is a permissionless and open-source Pure Proof-of-Stake (PPoS) blockchain system designed for "the next generation of financial products."Algorand is developed by a team with strong roots in academic theory and science, led by Turing prize winner Silvio Micali, who has dedicated his career to pioneering cryptography research.The Algorand mainnet went online in June 2019 and by December 2020, it could process around 1 million transactions per day. ALGO is the Algorand Protocol's native token and acts as a medium of trade and a store of value.