Coinbase to Retroactively Airdrop OmiseGo Tokens to Ethereum Holders

2m
beincrypto

ViaBTC Group Announces Strategic Upgrade to Advance Innovation and Improve Customer Experience

20m
thebitcoinnews

Slack (WORK) Stock Jumped 7%, Price Target Raised to $37 from $32

26m
cryptonewmedia

This Crypto Use Case Has Never Been as “Underrated” Due to Twitter and Trump

37m
newsbtc

Coinbase acquire Tagomi in new announcement

38m
cryptodaily

Innovative Staking Introduced By Tachyon(IPX)

38m
bitcoinist

Kazakhstan to Promote Cryptocurrency Mining Institutionalization Bill

38m
coinidol

PPP changes pass House as small businesses hit first loan deadlines |

1h
cryptonewmedia

Bitcoin Google Interest Mimics $10K Price Run as ‘Halving Hype’ Fades

1h
cryptonewmedia

ASIC Repair Technician Certification Coming to the US

1h
cryptonewmedia

China Adds Cryptocurrency to Inheritable Assets

2h
coinidol

Interview With Nils Thomsen About How Lotto Nation is Revolutionising Online Lotteries With Blockchain

2h
nulltx

Trump on Vote by Mail, Poll Worker PPE, Naturalizations and More |

3h
cryptonewmedia

Top Countries That Tick All the Boxes

3h
cryptonewmedia

Analyst: how the mining capitulation could spark something in BTC

3h
cryptodaily

Can BTC/USD Remain Supported by 50-Hour SMA? Sally Ho's Technical Analysis 30 May 2020 BTC

3h
cryptodaily

Bitcoin Steady at $9.5k as Analyst Predicts Price Breakout Before June

3h
zycrypto

MakerDAO (MKR) Surges Over 41% After Coinbase Pro Support

3h
cryptonewmedia

How to Earn 15% Yearly with PointPay during COVID-19 Crisis?

4h
thebitcoinnews

The Last Time This On-Chain Signal Was Seen, Bitcoin Rallied 2,000%

4h
bitcoinist

Analyst Who Called Bitcoin’s 2019 Bottom Down to Dollars Thinks This Comes Next

4h
newsbtc

Change the Terms Slams Facebook Executives’ “Colossal Failures” |

4h
cryptonewmedia

6 Questions for Pascal Gauthier of Ledger – Cointelegraph Magazine

4h
cryptonewmedia

XRP’s Inflation Rate More Than Other Large-Cap Assets

5h
bitcoinnews

Key Derivatives Data Show Crypto Investors Are Finally Betting on a…

5h
cryptonewmedia


What is Algorand (ALGO)?

Algorand is a high performance next generation blockchain that uses advanced cryptography techniques such as cryptographic sortition and pseudorandom functions. Many have called this project “Blockchain 3.0”, as it solves Bitcoin’s well known scalability problems whilst maintaining security and decentralization. Algorand stands out from other high performance blockchains by the credibility of it’s founder, MIT professor Silvio Micali.

Algorand’s founder Silvio Micali is the recipient of the Turning award (the highest award from computer scientists) with innovations built around his research in cryptography, zero-knowledge, pseudorandom generation, secure protocols and mechanism design. On top of this, Dr. Micali is the co-inventor of probabilistic encryption, Zero-Knowledge Proofs, Verifiable Random Functions and many of the protocols that are the foundations of modern cryptography

Check out my video to learn more about Algorand: What is Algorand- Is it really a Next Generation blockchain?

What is Algorand- Is it really a Next Generation blockchain?

Currently, transactions on the blockchain are very slow because of the “Blockchain Trilemma”. This is a term coined by Vitalik Buterin, the founder of Ethereum.

According to this idea, a blockchain has three major features: decentralization, scalability and security.

However, the Blockchain Trilemma proposes that it is very hard for a project to have all three features to a satisfactory condition. A network that is decentralized and has a tough security would not be scalable. Similarly, a blockchain that is decentralized and scalable will have little security etc.

Buterin believes at a fundamental level, a blockchain network can only achieve two of the three features at any time. The Blockchain Trilemma could be the source of scalability issues on most cryptocurrency blockchains. Most cryptocurrency projects cannot handle high numbers of transactions while ensuring network decentralization and security.

To attempt to overcome this, Algorand opted for a Pure Proof of Stake (Pure PoS) consensus mechanism. Interestingly, the mechanism employs a different approach compared to other alterations of the PoS mechanism.

For instance, instead of requiring 100% consensus from all the validating parties, Algorand is comfortable with a two-thirds majority consensus. This means that in order to attack Algorand, you will need to purchase more than one third of the total supply of Algorand. This will anyway be uneconomical and holding such a large volume of the supply means that you have a large stake and would not want to see it fail.

Since today’s blockchain platforms require speed as an integral component, Algorand has a fast transaction time by enabling fast transaction finality through cryptographic sortition.

According to its website:

“All transactions are final in Algorand. Once a block appears, users can rely on the transactions it contains immediately, as they can be confident that the block will forever be part of the chain. Even if the Internet is split into multiple pools of users, only one safe and consistent Algorand chain will exist. [Additionally], Neither a few delegated users nor a fixed committee is responsible for proposing blocks in Algorand. Instead, all users are randomly, secretly, and continuously selected to participate in the Algorand consensus protocol.”

The process of confirming blocks on the platform involves two stages; the proposal and voting stage. During the proposal stage, a token is randomly selected, and its owner suggests the next block to be confirmed. At the voting stage, 1000 random token owners are selected to form a committee that approves the proposed block.

Anyone can participate in the Algorand platform as a block proposer by merely switching their address from offline to online on the Algoexplorer. Luckily, this option does not depend on the amount of Algo tokens staked. Mining is not required, all you need is to stake its ALGO token and have the nodes online.

The Algorand platform supports two types of nodes; relay and participation. An important point to note is that the relay nodes don’t participate in voting or decision making. Instead, they facilitate communication between participation nodes. Relay nodes are also hardware intensive compared to participant nodes.

Although Algorand is designed around being fully decentralized, the foundation still holds a lot of ALGO tokens and hence control. However, the platform is anticipated to be more decentralized in coming months as the foundation continues to liquidate its position.

Regarding any copyrights issue, please contact us:content@hashbee.com.

0 comments