What is Algorand currency?
Algorand currency is a new blockchain platform used to create powerful decentralized applications. This platform is designed to handle several key challenges of alternative platforms, like decentralization, scaling, and speed. In other words, Algorand is a blockchain and encryption protocol that aims to provide decentralization and security for all participants. The platform was launched in June 2019 by computer scientist and MIT professor Silvio Micali as a blockchain network without the need for an open-source license. Given that the Algorand Network was launched in 2019, it is a relatively new protocol. The Algorand Foundation oversees the budget and development of Algorand Inc. The Algorand Foundation supports developers in universities and educational settings. The Algorand Foundation also sponsors blockchain technologies, training classes, and certifications rusbank.net .
The Algorand Foundation also launched two accelerator programs in 2020, the Algorand Accelerator in Asia and the Algorand Accelerator in Europe. These programs offer promising projects with the ultimate support of strategies that contribute to the growth and prosperity of the Algorand ecosystem. The Algorand token is called ALGO. Algorand uses a stock-proof protocol that all users who own ALGO are automatically eligible to participate in all protocol functions. The ALGO token is used to pay transaction fees and calculate smart contracts. In addition to the benefits available, the ALGO token is increasingly being used in Algorand-based DeFi applications. In fact, the Algorand protocol is divided into two layers. Layer 1 is used to execute smart contracts and create Algorand -based blockchain assets. Layer 1 is only able to execute relatively basic smart contracts. To take benefit of extra functions, Algorand has another layer that is capable of executing larger smart contracts.
Who developed Algorand?
Algorand uses a great team to work in the blockchain space. Silvio Micali, a professor at the Massachusetts Institute of Technology (MIT), developed Algorand in 2017. There are a significant number of scientists and researchers on the Algorand team. Algorand’s main company is located in Boston, USA. Along with the main team, the Algorand Foundation continues to operate alongside the project. Silvio Micali, Steve Kokinos, and Sean Ford are members of Algrand’s executive team. Silvio Micali specializes in cryptography, secure protocols, and pseudo-random generation. Silvio oversees all investigative and security activities. He is one of the founders of projects such as Zero-Knowledge Proofs and Probabilistic Encryption.
Steve Kokinos is known as the CEO of Algorand. Steve has extensive business and financial experience at Algorand. Sean Ford is Chief Operating Officer. He previously worked at LogMeIn as a Chief Marketing Officer. Sergey Gorbunov is another key figure in charge of cryptography. Gorbunov is a distinguished researcher who wrote his dissertation on the development of advanced cryptographic protocols using network cryptography Algorand team has a great partnership with media such as Facebook, Telegram, Twitter. This team can provide comprehensive and useful information to users. There is also a dedicated platform for the Algorand Association, which includes several development resources, a discussion group, SDK, and information about upcoming events.
Features and benefits of Algorand currency
Algorand currency developers have solved the scalability problem by simplifying the adaptation of new users. In this way, they only download the information of the last block and are only effective in creating and saving the next blocks. Due to the increase in bandwidth in Algorand currency, the forgery of digital signatures in this currency is minimized. Another feature of Algorand is that it can confirm any transaction without entering secret keys. In addition, users cannot see any amount, so all user information is guaranteed.
Algorand currency is made of PPOs consensus algorithm, according to which the user has an impact on the selection of a new block depending on user participation in the system. Algorand finalizes transactions instantly because only one block can have the required signature threshold for approval within a specified period. Another feature of Algorand is the ability to replace the user. In this way, users are switched to protect the network against attackers in each block selection. In such a way that for each round, users are randomly selected.
Algorand and its competitors
EOS is the main competitor of the project. EOS also aims to address the problems of scalability and decentralization EOS makes it possible to write decentralized smart contracts on the platform. NANO is another competitor. The goal of this project is to build a high-speed payment platform. Algorand has collaborated in various projects and this is an advantage for it. One of these projects is Top Network, which works in the field of cloud storage communications based on blockchain. Here it is necessary to note that Algorand blockchain has several important advantages over its competitors that make it an attractive project. These advantages are as follows:
As mentioned, Algorand Blockchain was created by a cryptographer from MIT and is supported by an excellent team of scientists, business professionals, and marketers. The Algorand Network has improved the blockchain vision through its technological advances and is now seeking further advances through the recovery mechanism. This mechanism is a pioneer method for repelling attackers. In Algorand, selected users voluntarily approve transactions. In fact, Algorand Network members see private keys but do not see who approves them.
The Algorand blockchain has been impressive in terms of development and the absence of significant bugs. The main competitor of this project is the EOS project. EOS aims to address scalability issues while maintaining decentralization. The Algorand blockchain has great potential and is technically quite acceptable and positive performance. However, excellent technical performance is not enough for a project to succeed in the blockchain world. The future of Algorand is influenced by the PPOs algorithm and can reduce storage costs and bandwidth by compressing it.