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ALGO is the native Algorand cryptocurrency, and is the cornerstone of its network structure.
As part of Algorand’s unique protocol design, the rewards paid to validators for producing blocks are split and distributed among all ALGO coin holders, rather than being awarded only to block producers.
Reward distribution takes place about every 10 minutes and is intended to encourage users to join the Algorand staking platform and accelerate the path to decentralization.
To make this process even easier, users don’t have to actually “stake” the coin themselves as part of the block production and validation process, but can simply hold ALGO in a non-custodial wallet or on an exchange to access earned rewards.
In this sense, Algorand has achieved near automation, as stakers can passively hold ALGO while also supporting the network.