Algorand (ALGO): blockchain and cryptocurrency overview

Have you ever heard of a blockchain with almost infinite scalability that completely eliminates hard fork? At first glance, that sounds fantastic, but it actually exists. It’s called Algorand cryptocurrency, and the creators claim it’s the world’s first pure proof-of-ownership created for the complex capabilities of smart contracts. In the spring of 2020, the Marshall Islands government decided to issue a state-owned SOV cryptocurrency based on the Algorand platform.

What is Algorand (ALGO)?

Algorand is a digital network that enhances the traditional financial system. Its modernised protocol ensures seamless asset turnover, thanks to the ability to run ASC1 smart contracts integrated into the platform’s first layer.

Customers have the ability to automatically apply custom rules and logic ranging from a simple definition of how assets can be transferred to complex application logic and flow. Asc1 is written in a new language called Transaction Execution Approval Language (TEAL) as well as PyTeal (a python language binding).

The algorand cryptocurrency chain enables DeFi and dApps solutions that can scale to billions of users and process tens of millions of transactions daily, with negligible fees.

Features of ALGO

Asc1 smart contracts enable new business models across industries with efficient and automated transactions and applications, enabling agreements to be executed without the need for mutual trust.

Key points:

  • Ability to create complex applications using TEAL.
  • Scalable, fast and secure execution.
  • Reduced risk in mutual settlement.
  • Low cost of transaction processing and low barrier to entry.
  • Flexible implementation, with the ability to adapt to specific conditions.

No other blockchain offers a way to change private spending keys so easily. The developers have created an innovative way to protect accounts with a private spending key. Users have the ability to enhance account security by introducing a hardware wallet, multi-signature or smart contract-based spending key. As well as creating (updatable) spending policies for their public address to make automatic recurring payments.

Improved performance is made possible by the introduction of a special blockchain compression algorithm called Vault. Nodes are now not overloaded with data on executed transactions, as each transfer is valid only for a period limited by a strict time limit. Wallet balances are not linked to transaction history and accounts with a zero balance are eliminated without affecting the payment network. However, there is a quick and safe way to keep a permanent public wallet address.

The updated Vault protocol uses an adaptive sharding system. Each address is bound to only a few specific nodes. Transactions are checked through adaptive caching using the Merkle tree.

The origin of Algorand and the team

Algorand, Inc was founded by one of the pioneers of cryptography, Turing Prize winner and MIT professor Silvio Micali. He developed the Algorand platform with a team of researchers, mathematicians, cryptographers and economists. Leading the project:

  1. Naved Ihsanulah is a senior technology engineer and former Mozilla employee who was involved in the development and promotion of Quantum Flow. He is also the founder and director of Thought Labs, a successful business consultancy.
  2. Nikolai Zheldovich is Professor of Electrical Engineering and Computer Science at MIT and a member of the Computer Science and Artificial Intelligence Lab.
  3. Jing Chen is an associate professor of computer science at Stony Brook University. Winner of the 2016 NSF CAREER Award.
  4. Sergey Gorbunov is an associate professor at the University of Waterloo and the founder and CTO of Stealth Mine.

The cryptocurrency project algorand was launched through an initial public offering of tokens on the Binance platform. The IEO was conducted as a Dutch auction, meaning that the price was formed based on real demand. The official release date for the coin is 22 June 2019.

ALGO mining capability

The Algorand blockchain is protected by the PPoF (Pure Proof of Stake) consensus algorithm. Every ALGO token holder has the chance to become one of the validators. A new block is formed from all validated transactions in the blockchain.

Verifiers, like validators, are chosen randomly by secret ballot to protect them from attackers. That is, every member of the network can take part in POS-mining and the more coins on your balance, the more likely you are to be selected.

Where to buy ALGO cryptocurrency

The binance exchange has given a way of life to many promising crypto projects, ALGO IEO campaign was held here and, naturally, the token is included among the exchange pairs. On binance you can exchange algorand for BTC, USDT, BUSD and BNB. The coin is also traded on exchanges:

  • Binance;
  • FTX;
  • KuCoin;
  • OKex;
  • Coinbase Pro;
  • Kraken;
  • Bitfinex;
  • Huobi Global.

Algorand wallets

My Algo web wallet can be created at https://wallet.myalgo.com/.

Brief instructions on how to create one:

  • Follow the link and click “New Wallet”.
  • Accept the terms of agreement and create a strong password.
  • Click on “Create Wallet” and save the seed.
  • Confirm to save the mnemonic and enter your password.

Done, your cryptocurrency wallet has been created. You can log into the interface via browser or use Ledger hardware safe. A mobile app for Android and IOS platforms is also available. Algo digital coins are supported by the official Binance wallet, Trust Wallet.

Outlook for ALGORAND

So, what is the outlook for the cryptocurrency algorand. Will Silvio Micali’s project be able to compete with Ethereum and other smart contract platforms? At first glance, ALGO has very good prospects. The protocol is simple and predictable, and the coin is traded on dozens of exchanges.

Although the rate is not growing yet, but as the defi market develops, blockchain entrepreneurs should certainly take notice of a system with such truly limitless possibilities and a professional team. However, much will depend on management’s marketing policy and the ability to keep up the momentum.

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