Algorand: A blockchain that stands out among the rest

A network created in 2017 by MIT professor Silvio Micali, Algorand is a permissionless decentralized blockchain protocol. It is powered by a new consensus algorithm that enables fast, secure and scalable transactions. These characteristics make Algorand the rising star in the blockchain ecosystem.

Solving the Blockchain Trilemma

Thanks to Pure Proof-of-Ptake (PPoS), a consensus that randomly selects validators based on the weight of their stake, Algorand claims to solve the blockchain trilemma. It is three of the biggest problems most blockchains face to have security, scalability and decentralization. Indeed, Algorand can handle a large number of transactions per second, which makes it a more scalable solution than Bitcoin or Ethereum. It can scale to millions of users and maintain a high transaction rate without incurring significant costs for participants.

Algorand is a fully decentralized network with no central authority or single place of control. Transactions on the network are verified by participating nodes and each of them has an equal voice in decision-making. Each network user also has a chance to be part of the committee that approves each block, because the selection is both random and confidential. There is no fixed committee and the network nodes are managed by people from all over the world. The Algorand protocol is protected against malicious attacks, making it ideal for transactions, holding high-value assets, and building secure enterprise applications.

What fundamentally differentiates Algorand from other blockchains is its use of PPoS. If a node were compromised, the native ALGO token held by network participants would be automatically protected by unique keys. PPoS makes it faster and more efficient to create and validate new blocks. To do this, ALGO holders are randomly selected to validate and approve each block on the chain.

ALGO tokens are used to pay transaction fees and reward users for participating in the network’s consensus process. Transactions with ALGO are done in less than four seconds, no matter how many trades you make in a day. Transaction fees are also minimal unlike Ethereum which is known for its high fees.

Thanks to this particularly efficient mechanism, Algorand is one of the few blockchains with a net negative carbon footprint. This feat has earned him the support of several prominent investors in the cryptosphere, including Anthony Scaramucci. The latter did not hesitate to affirm that the blockchain could dethrone Ethereum.

Source: Cointelegraph

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Luc Jose Adjinacou

Far from having dampened my enthusiasm, an unsuccessful investment in 2017 on a few cryptos only increased my enthusiasm. I therefore resolved to study and understand the blockchain and its many uses and to relay with my pen information relating to this ecosystem.

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Algorand: A blockchain that stands out among the rest


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