Algorand (ALGO) is a blockchain platform that provides decentralization, scalability, and security, which are the three major problems that most current blockchains are facing and cannot overcome. Algorand will provide a platform for new businesses and projects around the globe, helping them operate in a completely decentralized economy.
Algorand uses PPOS (Pure Proof of Stake), based on a Byzantine Agreement (BA), whereby a user’s influence on the creation of a new block will be proportional to their stake in the system. system or the number of ALGO tokens held. This mechanism relies on verifiable random function (VRF) and PoS to gain user consent during the generation of a new block.
What problems does Algorand solve?
The Algorand project development team wants to build a permissionless and scalable blockchain platform. Some of the features of Algorand’s blockchain are as follows:
Trust: Algorand provides decentralized tools and encryption to ensure the reliability of users on the network. Anyone can contribute to and through the PPOS consensus mechanism. ALGO tokens will be stored in a distributed manner across global metrics without being centralized in one place.
Transparency: Anyone can create transactions and check previous transactions on the Algorand network.
High transaction speed: Ensure transaction speed, meet users’ transaction needs almost immediately.
No permission required: To ensure permissionless nature, Algorand’s blockchain network will only require users with minimal computing power to participate. This will attract and facilitate more participants.
What is ALGO token?
ALGO is the native token of the ALGO blockchain network. It acts as a transaction and store of value. In addition, ALGO also participates directly in the PPoS consensus mechanism and transaction confirmation.
Basic information about ALGO . cryptocurrency
Release time: June 19, 2019
Token code name: ALGO
Blockchain: Algorand Blockchain
Total supply: 10,000,000,000 ALGO
Already in circulation: 1,058,509,900 ALGO
24h Volume: $259,297,591 USD ~ 25,086.84 BTC
Silvio Micali, an award-winning professor at the Massachusetts Institute of Technology (MIT), founded Algorand and formed a team of business and academic experts. Algorand, unlike other projects, consists mainly of entrepreneurs in leadership positions. Instead, it includes researchers and scientists connected to MIT, most of which are based in Boston.
Below are brief biographies of typical members of the Algorand team:
Silvio Micali: Founder of Algorand, MIT professor, expert in cryptography, security protocols and emulation, as well as research and security with Algorand. He has co-invented several protocols, including Zero-Knowledge Proofs, verified random functions, and probabilistic encryption.
Steve Kokinos: Steve is the CEO of Algorand and the former CEO of Fuze – a business communication platform – bringing a wealth of business experience to Algorand.
Sean Ford: He is the COO of Algorand, was CMO at LogMeIn and has many years of business experience.
How does ALGO work?
The blocks were built in 2 phases in Algorand. Moving blocks are called “cryptographic partitions” that allow for rapid construction.
Proposal Phase: During this phase, tokens are chosen at random and the next block is proposed by the owner. The system will then notify all other users of this, then select a block of invalid transactions that do not yet exist in the blockchain network to send to other users for verification.
Select a new block validator: A user group consisting of holders of 1000 tokens is randomly selected to approve the block proposed by the first user. This differs from the fixed system found in most PoW or PoS blockchains in that the random selection of team members makes the protocol highly secure against attack because they simply is knowing who to target.
The safest place to store ALGO?
Algorand has officially successfully launched mainnet in May 2019, all ERC-20 tokens have been moved to the Algorand blockchain. The project also launched its own wallet platform for ALGO coins on phones, which is now available for iOS and Android operating systems. In addition, if you often buy and sell ALGO coins, you can store it on the exchange’s wallet for convenience, no need to transfer, but of course, the security of this wallet will not be equal to that of a private wallet.
What is the unique feature that sets ALGO apart from other virtual currencies?
Algorand uses a Byzantine consensus-based protocol.
Transactions on Algorand are confirmed in less than 5 seconds and funds are transferred instantly.
Algorand is fully decentralized. Consensus is required for all decisions and this also depends on the will of the majority. All transactions are treated equally.
Algorand chooses a random node with its stake to generate a new block. Individuals are selected at random then vote on the new block. This method is fast, secure, reliable, highly scalable and miner inoperable.
You can see the price of ALGO here.
According to AZCoin News
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