Explanation:
The RSA algorithm is one of the most widely used asymmetric encryption algorithms, named after its inventors Ron Rivest, Adi Shamir, and Leonard Adleman. It secures data transmission by generating public and private key pairs.

The security of RSA is based on the mathematical difficulty of factoring large composite numbers. The algorithm supports both encryption and digital signatures, making it versatile in cryptographic applications.

RSA plays a key role in securing web traffic through SSL/TLS protocols and in digital signatures to authenticate messages and ensure data integrity.

Additional Information:
RSA key lengths typically range from 1024 to 4096 bits. The longer the key length, the stronger the security but with increased computational overhead.

The algorithm has limitations in terms of speed and scalability for large datasets. As a result, it is often combined with symmetric encryption in hybrid cryptosystems.

Formal Definition:
The RSA algorithm is an asymmetric cryptographic algorithm that secures data by generating a pair of keys for encryption and decryption, relying on the mathematical difficulty of factoring large prime numbers.