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What is Algorand?

What is Algorand?

Cryptocurrency and its forms are evolving and becoming flexible day by day. One such example is Algorand which is both a cryptocurrency and blockchain platform.

Cryptocurrency is the new age currency that is transparent, safe, fast and effortless. As a result, more and more sectors are adopting it in their day-to-day businesses. So, one name that is becoming rapidly popular is Algorand. So, let’s have a detailed look at Algorand.

Algorand – An Evolved Cryptocurrency

Algorand is known for its impressive initiatives regarding transaction speed and flexibility. It’s especially great for sports betting fans who bet on exciting matches of the NFL, NBA, NHL, UEFA etc. For example, they can check the latest NFL odds and instantly bet on the game with this fast cryptocurrency.

It avoids currency exchange, geographical restrictions, and currency converter and has become a global form of currency. There is so much buzz around Algorand because it has become a new, evolved digital currency, a blockchain platform. 

It launched in 2019, which is altering traditional crypto with some advancements. For example, ALGO cryptocurrency is presented into the economy with each fresh block to everyone with a particular amount of the currency in its wallet.

Moreover, it gives users the power to create smart contracts (programmatic agreements for building decentralized applications) and tokens. Finally, it will help them to display new and existing cryptocurrencies.

What Makes Algorand Different?

Algorand, commonly known as ALGO, is an open-source and decentralised application. It is created to solve the Blockchain Trilemma of simultaneously reaching speed, security, and decentralization. It’s the work of MIT professor Silvio Micali, who launched it in June 2019. 

The attributes that make it stand out are permissionless, open-sourced, and payment-focused platforms. Interestingly, it can process 1,000 transactions per second (TPS). Also, it’s very similar to another cryptocurrency that is Ethereum. But, rising gas fees on Ethereum have made people and investors turn towards ALGO. Moreover, it offers more flexibility, security, and speed and is a very versatile platform.

Features of Algorand

Some of its features are:

Use of Pixel Multi-signatures for Consensus

Pixel is used as a pairing-based multi-signature consensus protocol to provide proof-of-stake blockchains. It helps to decrease bandwidth consumption and storage usage. It’s a future-proof feature that minimizes posterior attacks on blockchains and is a blessing for signers. For example, it ends all the possibilities to generate new keys from old blocks. 

Compatibility and Ease of use

It has an amazing Byzantine protocol that helps consensus to reach the next block at high speed. As a result, it can sustain billions of users simultaneously. Moreover, it offers incredible speed and low transaction fees because computing power is not lost in translating cryptographic puzzles.

It uses Vault

It uses the blockchain application of Vault, which avoids instant cryptocurrency withdrawal. All the users have to initiate a request to withdraw currency from vaults which requires a set duration of time. It avoids storage usage and bootstrapping costs for participants. Therefore, the users don’t have to download, store, and confirm enormous volumes of data before experiencing consensus protocols. 

Staking

ALGO is complete and can run on any application. It makes the formation of decentralized projects and smart contracts very easy. In addition, you who possess ALGO crypto can vote on block creation, having a higher stake. They make more ALGO tokens too. All of these give them a stronger say over validating transactions.

Lastly, Algorand is a Green Project

Algorand uses PPOs, which have negligible carbon print and are very energy efficient. It’s more environmentally conscious than Bitcoin, which relies on mining. As a result, the operation is environmentally conscious, which makes it a very green project.

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