In this article, What is Algorand (ALGO)? We will answer the question and provide detailed information about the project.
Algorand (SOMETHING) Nedir?
Algorand is an open source, unauthorized, Pure Proof-of-Stake (PPoS) blockchain protocol for “next generation financial products”. Therefore, Algorand provides “full participation, protection and speed in a truly decentralized network”.
Algorand was built by a team with deep roots in academic theory and science, led by Turing award-winning Silvio Micali, who has dedicated his career to pioneering research in cryptography.
Algorand competes with large payment and financial networks and focuses on industrial use cases. One of the more notable use cases included plans to issue Marshall Island’s Central Bank Digital Currency.
Additionally, Algorand offers highly customizable smart contracts (ASCs), Asset Tokenization (Algorand Standard Assets) and Atomic Transfers created directly on Layer-1.
ALGO is the natural asset of the Algorand Protocol and serves as a medium of exchange and value storage. ALGO must be staked higher by network validators.
Algorand (SOMETHING) Token?
Algorand is committed to fulfilling its global blockchain technology promise by leveraging the Algorand protocol and open source software.
Having fundamental beliefs about the establishment of an open and unauthorized blockchain, the Algorand team has a vision of an inclusive ecosystem that provides everyone the opportunity to harness the potential of an equitable and truly unlimited economy.
Algorand is, at its core, a nonprivileged, (PPoS) blockchain that provides full participation, protection, and speed within a truly decentralized network.
It also aims to remove technical barriers that undermine mainstream blockchain adoption: decentralization, scale, and security.
Algorand was built by a team with deep roots in academic theory and science, led by Turing award-winning Silvio Micali, who has dedicated his career to pioneering research in cryptography.
Some of its key features are:
Pure Proof of Stake: Algorand uses a Proof of Pure (PPoS) consensus protocol based on the Byzantine treaty so that the users’ influence on a new block selection is proportional to their share in the system (Algo number).
Instant transaction certainty: The Algorand blockchain is not forked as only one block can have the required signature threshold to obtain a certificate in a given round.
Self-selection: all users are randomly, secretly and consistently selected to participate in the Algorand consensus protocol – neither a few delegates nor a fixed committee are responsible for proposing blocks in Algorand.
User modifiability: Participants change their block selection each round to protect the network from attackers – each group of participants in each round is random and independent of previous participants.
The value proposition is centered around two elements:
Decentralization: The Algorand blockchain is completely decentralized and does not have a strong central authority or a single point of control. A unique user committee is randomly and secretly chosen to validate each block. Nodes are run by organizations representing different backgrounds in many different countries.
Unauthorized: The network is public and open to everyone. To use the Algorand blockchain, users do not need the approval of a trusted authority. There is only one user class and no guard. Each participant can read each block and have the opportunity to write a transaction in a future block. The Algorand platform also requires minimal computing power and modest IT resources to participate. All online users with Algo are automatically eligible to agree to block consensus.
ALGO is the currency of the Algorand Protocol and serves as a medium of exchange and value storage. Currency is the representation of Proof of Stake which facilitates consensus to validate and confirm new transactions.
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