Algorand

Algorand is a platform dedicated to bringing security, scalability, and decentralization at no expense of one another as the founders promoted it as the future of a borderless economy.

Algorand was created out of an ambition to solve the so-called blockchain trilemma which happens as one cannot have full-blown decentralization, security, and scalability on a single blockchain platform unless there’s at least one component toned down to accommodate for the others. In other words, creating a strong decentralized platform will make it unavoidable to harm the security and the scalability potential. The answer to this challenge came in the form of an Algorand platform that was launched in 2019 as the global proejct sought to promote the decentralization of the entire digital economy based on the open access, verifiability, and the internally developed Proof of Stake protocol and the transaction management system capable of the scaling custom blockchain project.

The main philosophy of Algorand revolves around the “democratic” concept of user participation so instead of the mining-based Proof of Work algorithm that BTC and other cryptos use, Algorand uses a proof of stake protocol and self-validating transactions. The project was founded by Silvio Micali as an MIT professor and recipient of the Turning Award as the annual prize named the Nobel Prize of computing. Micali is joined with a huge team of blockchain experts and reashcers and in 2019, the blockchain platform was listed after a public sale and a booming price which stabilized the initial hype. The foundation in charge of the proejct reported that the sale manage to raise about $60 million.

Algorand is one of the few projects that are new and are seeking to expand the possible use cases for crypto by speeding up the transaction speeds while reducing time for transaction processing at the same time, deemed final on the network. Launching in 2019, the platform seeks to achieve all attributes through decisions that deviate from how crypto assets traditionally got designed. Most notable is that the blockchain distributes the ALGO crypto it introduces into the economy with the new block to everyone that holds an amount of the currency in the wallets. It further enables the users to create smart contracts and the tokens are able to represent both new and existing assets.

These features were successful in attracting a huge diversity of venture investors to private sales of ALGO conducted to fund the development of the platform. The blockchain project has a goal to create a transparent system where everyone can achieve success via decentralized projects and apps. The foundation provides serious assistance to developers in the launch of the network and the development. The main feature of the project is the open-source blockchain and its consensus mechanism promoted the performance, openness, and security of the decentralized networks. With it, the transaction throughput competes with the well-known financial system.

So without further ado, let’s see what we are going to learn in this guide

1. What Is Algorand Trying To Achieve?
2. How Does Algorand Work?
3. Who Created It?
4. How Does ALGO Get Its Value?
5. ALGO Native Token
6. Key Characteristics
7. Algo’s Proof of Stake
8. Best ALGO Wallets
9. Best ALGO Exchanges?
10. Other Technologies
11. Non-Forkable Chain
12. What Problems Does It Try To Solve?
13. Education And Community
14. Future Work