Algorand: The New Era Of Cryptocurrencies

On the technological front, the main features of the Algorand platform are its cryptographic sortition, its network level security features and all the benefits that come from its transaction.

Algorand: The New Era Of Cryptocurrencies

Algorand is a new cryptocurrency launched on April 16th, 2019 by an MIT Teacher Silvio Micali. The currency has been listed in Crypto Exchanges with the name of ALGO and received a warm acceptance from renowned companies and exchanges.

Algorand is a Boston Based company whose working is based on open-source software technology. The company has built its own Blockchain which aims to solve the three main problems of the previously built blockchains i.e. security, Scalability and decentralization.  They are working to build a borderless economy. They have developed a permission-less, PureProof of Stake (PPoS) protocol with open participation, scalability, security and transaction finality. 

On the technological front, the main features of the Algorand platform are its cryptographic sortition, its network level security features and all the benefits that come from its transaction. The cryptographic sortition chooses a different set of users for every round of block selection and to protect the network. Users are randomly selected for participation in the consensus protocol. Furthermore, when a block is proposed, and the block is certified if a majority of users decide in favor of the proposal. 

What is Blockchain

Blockchain is a shared inaccessible ledger for recording/saving transactions, Data, Records, tracking assets and to build trust. Companies around the world and even government sector organizations are also adopting this technology for their record keeping, maintaining records and transactions with safety and confidence that their records cannot be hacked nor stolen by anyone.  

Key Features of Algorand

Blockchain is a shared inaccessible ledger for recording/saving transactions, data, records, tracking assets and to build trust. Companies around the world and even government sector organizations are also adopting this technology for their record keeping, maintaining records and transactions with safety and confidence that their records cannot be hacked nor stolen by anyone.  

Followings are the key properties of the Algorand protocol:

  • Low computation requirements: Due to its high-end technology, it does not require high energy consumption mining farms. 
  • Atomic Swaps: While doing transactions between two parties, to exchange different cryptocurrencies/tokens, it has risk of defaulting one party. Previously atomic swaps were conducted by multiple steps using time and hash locks which require too much time. It allows such swaps enabling two uses of The Algorand’s chain / sub chains to simply exchange with single transaction in seconds and without any locks. 
  • Fast agreement: The entire community agrees on the next block and confirms transactions with latency on the order of a minute while scaling to many users.
  • Delegation: Token holders can delegate their tokens if they wish to participate in the consensus.
  • True decentralization: the network is not controlled by a few miners or validators since proposers and committees are randomly selected.
  • Governance: Community token holders can propose changes to the protocols and agree on its evolvability.

Token

The Algorand Foundation will inject tokens into the system through a series of DUTCH ACTIONS.

The refund program allows auction buyers to sell tokens back to the Foundation. The refund program works as a mechanism to reduce supply if demand falls.

What can we build on Algorand?

As the Testnet is now public, you can already start coding with its REST APIs. The team has also released open-source GO, JavaScript and Java SDKs and more will be added over time.

In a goal to democratize finance, Algorand might release sophisticated financial tools for everyone to interact in its own fashion with the network, among which treasury bonds will be one of the key tools.

Companies and Projects working with Algorand Blockchain 

Many companies have started building their programs, software, data centers, and even their financial transaction systems on Algorand Blockchain as it is fast, secure and easily accessible. Following is the list of some companies and their projects/programs who are already on Algorand Blockchain.

  • Attestiv: Enabling Digital Media Validation across the Insurance Ecosystem
  • Verady: Professional-Grade Accounting Integrated Available to Algorand Users
  • Props: Migrating its Rapidly Growing User Network to Algorand Due to Scalability
  • RHOVIT: Paving the Way for Content Monetization and Platform Gamification on Algorand
  • Meld Gold: Transforming Gold into a Digital Asset on Algorand
  • Realio: Leveraging Algorand Standard Asset Technology to Launch RST Token on Algorand’s Blockchain
  • The Republic of the Marshall Islands: Powering the World’s First National Digital Currency with Algorand
  • Tether: Leveraging Algorand 2.0’s ASA Technology to Launch First Stablecoin on Algorand’s Blockchain
  • FlexFinTx: Using Algorand’s Platform to Rebuild Identity for Millions in Africa
  • PlanetWatch: Global Air Quality Monitoring Initiative Launches on Algorand
  • Shyft Network: Providing the Identity Layer for the Growing Algorand Ecosystem
  • Monerium: Supporting Programmable and Redeemable E-Money on the Algorand Protocol
  • Fondazione Ugo Bordoni: Using Algorand to Experiment with 5G Spectrum Allocation, AI, and Digital Networks and Services
  • IBMR.io: Southeast Asia Microfinance Platform and Token on Algorand 2.0
  • SIAE: Open and Efficient Solutions for Copyright Management on Blockchain
  • Stonize: Providing Customers with Faster & More Secure Clearing and Settlement Processes
  • World Chess: Plans for Hybrid IPO on Algorand’s Blockchain and the London Stock Exchange

Conclusion

Algorand is a platform which allows speedy transactions with a very reliable, secure, and decentralized environment for users to transact a cryptocurrency. It also provides a secure platform for other Decentralized Financials to perform their work, make projects, and create new Cryptocurrencies by using Algorand blockchain.

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