Micali views pure proof of stake as an improvement upon proof of stake in that proof of stake protocols can be “monopolized” by large users with large amounts of the given currency, creating a “rich get richer” cycle which takes away from true decentralization.
While it has become a major cryptocurrency, note that its market cap is still far lower than that of tokens with considerably less real world utility such as Shiba Inu or Dogecoin, and there is no fundamental reason that Algorand should not one day surpass these tokens in terms of market capitalization.
At the end of the day, any blockchain needs to have real world utility to have true staying power like Bitcoin or Ethereum.
Algorand was even chosen by the Marshall Islands to power its digital currency, the SOV.
I care about the planet.” The Algorand Foundation pointed out that the amount of energy needed to run a node on the Algorand network is so negligible that it can be done on a Raspberry Pi, a simple single-board computer used for teaching computer science in the developing world and in schools.