The Algorand blockchain is the brainchild of Turing Award Laureate Silvio Micali and was first introduced through a technical white paper in 2017. Since then, the mainnet launch of Algorand blockchain has been widely anticipated by institutional investors, raising $66 million from the likes of Union Square Ventures and Pillar VC. The initial token sale auction raised $60 million in June 2019. The Algorand blockchain uses unique Byzantine agreement protocol to achieve near instant consensus and scaling capabilities.