The algorithm described by the flowchart is a fingerprint reader that allows three attempts.
The flowchart presents a process where a user inputs a username and scans their fingerprint, followed by a check if both are correct. If not, it checks whether it is the third attempt. If it is not the third attempt, the process restarts (indicating multiple attempts are allowed), and if it is the third attempt, the process stops, implying no further attempts are permitted. This ultimately outlines a system that allows users to try their fingerprint scan multiple times (up to three attempts) before access is stopped.