Exponential Backoff Algorithm:
The exponential backoff algorithm is used to space out repeated retransmissions of the same block of data to avoid bottlenecks and network congestion. The principle behind this algorithm is that the waiting time between retries should increase exponentially to give a higher chance for the congested network or system resource to clear up.

This algorithm involves the following steps:
1. Make a request to the server.
2. If the request is successful, then exit the algorithm. If not, proceed to the next step.
3. Wait for a certain amount of time, then retry the request.
4. If the retry request is successful, exit the algorithm. If not, increase the waiting time exponentially and repeat step 3.

Implementation in Go: