Algorand is founded and led by MIT Professor, Silvio Micali who has worked on fundamental technologies such as the zero-knowledge proof, and was the recipient of the Turing award.
Algorand uses a pure Proof-of-Stake consensus mechanism (as opposed to the Bonded or Delegated ones) that creates a blockchain that is not susceptible to forks which allows it to reach consensus on a new block with low latency. Algorand has instant transaction finality and new blocks can be generated as fast as you can propagate through the network; if you see a block and you see a transaction in it, you can rely on it, as it will never disappear from the blockchain. Unlike many other blockchains, Algorand does not reward validators with newly minted tokens.
Theoretically, it has the capacity to confirm transactions to many users within seconds and make the transferred funds available immediately, which is an appropriate speed for use cases like payments in large enterprises.