Algorand is a self-sustaining, decentralised, open source blockchain network that supports a wide range of applications. The core of its ecosystem is the DeFi sector, aiming to connect traditional and decentralised finance. It was created to speed up transactions and improve efficiency in response to the slow transaction times of Bitcoin and other blockchains. The main objectives of the network were to lower transaction fees, increase scalability, speed and avoid high energy intensive mining. As of December 2020, it handled nearly 1 million transactions per day, thanks to the fact that transactions are completed in a fraction of a second. Operating on a pure proof-of-stake protocol, the system allows all stakeholders to participate in block production in return for a reward. The rewards from each block are distributed proportionally among ALGO owners. ALGO is the network's own token. Like other systems, ALGO is used to make payments within the ecosystem. In February 2022, a development was announced that will provide compatibility with the Ethereum blockchain.