Silvio Micali, a well-known computer scientist, founded ALGO, which has emerged as a competitor to the Ethereum blockchain. It is used by hundreds of businesses, according to Securities.io, and El Salvador announced last year that Algorand would be used to build its blockchain infrastructure.
According to Blockworks, the venture capital firm Borderless Capital recently established a $500 million fund to invest in technological assets that support decentralized technologies on Algorand.
Algorand is also used by the Marshall Islands' central bank's digital currency, the Sovereign (SOV), and it recently became the official blockchain of the International Federation of Association Football.

https://www.algorand.com

Algorand (ALGO) is a cryptocurrency and blockchain platform designed to enable fast, secure, and decentralized transactions. Founded by MIT professor Silvio Micali, it utilizes a unique consensus mechanism called Pure Proof-of-Stake (PPoS). This method ensures scalability and security while maintaining decentralization by allowing all ALGO holders to participate in the consensus process. Algorand's blockchain is capable of processing thousands of transactions per second with minimal transaction fees, making it ideal for various applications including decentralized finance (DeFi), supply chain management, and more. Additionally, Algorand supports the development of smart contracts and decentralized applications (dApps), aiming to create an inclusive and efficient digital economy.