Algorand

Algorand is a non-forkable smart contract platform with a unique consensus mechanism called pure proof-of-stake which eliminates middlemen, delays, intermediaries, and high fees.

Overview

The Algorand blockchain is developed to create an open, borderless economy that anyone can take part in. ALGO is the cryptocurrency of the Algorand blockchain. 

Algorand nodes reach a consensus on what will appear on the blockchain via a process called PPoS or Pure Proof of Stake. PPoS uses a staking system, instead of proof-of-work, to discover new transaction verification and the production of new cryptocurrency tokens. Participants on the Algorand network (or nodes) can stake a part of their ALGO for a randomly selected chance to offer a new block of verified transactions. Winners receive a new ALGO. 

Algorand makes it easy to tokenize, broadcast and program conditions for any valuable instrument. Create exchangeable tokens, NFTs and security tokens in a single transaction (no smart contract code required). Or advanced decentralized application programs (dApps) with Algorand smart contracts.

Algorand also allows developers to use the Algorand Standard Asset Protocol (ASA) to create new tokens or transfer existing tokens into the Algorand ecosystem. Stable coins like USDT and USDC also exist as ASA on the Algorand blockchain and enjoy much higher bandwidth and much lower transaction fees than Ethereum. As central banks continue to explore the network to host on their Digital Currencies with Central Banks (CBDC), Algorand has become a viable option.

Algorand integrates quantum computer hardware with blockchain software. Quantum computers, such as the Adiabatic quantum computer from D-Wave and the PsiQuantum Photopic Circuit Quantum Computer, scale faster with industrial applications than expected. Algorand scales up its considerations as a blockchain technology based platform. Algorand continues to push for quantum integration as it recently pioneered research in post-quantum cryptography as part of a global research initiative.

Algorand has partnered with leaders in carbon transparency and traceability who use blockchain-based solutions to increase the effectiveness of sustainability efforts for leading companies around the world.

Product Details

Algorand (ALGO) uses a Proof-of-Stake (PoS) consensus mechanism. It distributes the validation price to all holders of its original cryptocurrency ALGO. With a strong capacity for fair community capacity and incentives, Algorand is able to cope with the high performance demands of widespread global use and diverse uses.

Algorand (ALGO) is currently capable of hosting decentralized application (dApp) development and providing scalability. As a smart public contract, Algorand is currently able to host decentralized application development (dApp) and provide scalability. The rise in gas costs on Ethereum has led many dApp developers and decentralized finance (DeFi) merchants to seek alternative blockchain solutions, with some turning to Algorand as an Ethereum alternative to develop dApp and DeFi applications. 

Algorand’s native cryptocurrency (ALGO). ALGO is Algorand's native cryptocurrency and the cornerstone of its network structure. As part of Algorand's unique protocol design, the price paid to reviewers of block production gets shared and distributed among all ALGO coin holders rather than only awarded to block creators. This means that all ALGO coin holders can earn an annual percentage of around 7.5% (APY).  This started February 2021. Prizes get distributed every 10 minutes to encourage consumers to join the Algorand betting platform and speed in the journey towards decentralization.

Algrorand creates a centralized wallet to manage and hold your assets. Algorand Wallet lets you hold and make transactions with Algos and Algorand Standard Assets (ASA). The wallet itself is made up of accounts, each with its own unique address, backup phrase, and assets. Algorand Wallet, designed to alert users and to help users track their earnings. If you use Algorand's updated portfolio, you'll always know what's going on with your earnings.

Algorand’s  hard supply cap of 10 billion ALGO coins, given in different ways. It’s distributed as follows. 3 billion ALGO will be in circulation in the first five years, including the first auction of 25 million ALGO-Coins. 1.75 billion ALGO will split over time as rewards for participating nodes. 2.5 billion ALGO allocated for timely delivery of nodes. 2.5 billion ALGO reserved for the Algorand Foundation and Algorand Inc. 0.25 billion ALGO will, kept for end-user grants

Algorand Provides a Payment Infrastructure for the Future of Finance. Algorand, developed for FutureFi and enables users to develop secure and scalable payment infrastructure and financial applications. The PPoS consensus mechanism, invented by Professor Silvio Micali, enables fast and low-cost payment transactions to the extreme that is almost instantaneous in a really decentralized network.

Algorand is Building a Scalable Blockchain Ecosystem. The PPoS algorithm enables a scalable ecosystem designed for the future of finance. Today, Algorand can process more than 1,200 transactions per second (tps) to 3,000 tps with immediate finality. In addition, it introduces a feature known as block pipelines to increase tps performance to over 45,000, making it more scalable than Visa.

Algorand is Building a Scalable Blockchain Ecosystem. PPoS enables Algorand to build a sustainable and scalable blockchain ecosystem that will set the standard for the future of finance. The Algorand network is growing rapidly thanks to a unique combination of features that would not be possible without an innovative consensus algorithm. This makes Micali discovery ideal for various FutureFi applications such as DeFi, Tokenization, Stablecoin, payments and NFT generation.

Algorand layer-1 allows you to execute numerous transactions simultaneously and with low charges. The core layer supports smart contracts, asset creation, and nuclear asset exchange. These processes occur on Algorand's level 1 blockchain, which helps ensure security and compatibility. In Algorand's first layer network, platforms and users can develop ASAs, which are new or existing tokens on the Algorand blockchain. In terms of security, the simple smart contracts of the Algorand platform get implemented as Algorand Level 1 (ASC1) smart contracts, which means that they maintain the same level of security as the consensus protocol itself.

Recap

Algorand is the world's first open-source blockchain protocol without permission and that works with pure proof of stake. Algorand is driving the development of DeFi by providing ultra-fast transactions on a truly global scale at very low fees. In this way, it enables the creation of new financial instruments and services, the potential for disruptive new payment platforms, quick and easy linking of assets in the chain and provision of robust and stable level 1 and 2 smart contracts.