Algorand (ALGO) is a blockchain platform designed for decentralized applications and financial tools. It was founded in 2017 by Silvio Micali, an MIT professor and Turing Award winner. The platform aims to address scalability, security, and decentralization issues. Algorand uses a pure proof-of-stake consensus mechanism and offers fast and secure transactions. The name "Algorand" combines the words "algorithmic" and "random," reflecting the platform's use of cryptographic algorithms.