The development of the cryptocurrency market leads to the appearance of many new networks and coins serving different needs of users. Beside some current big names, Algorand (ALGO) is also attracting special attention from investors. So, what is Algorand, how does this project work, let’s find out!
What is Algorand?
Launched in June 2019 by the expert – professor Silvio Micali, Algorand is a decentralized network on the blockchain platform. The platform aims to solve the blockchain dilemma of achieving speed, security, and decentralization simultaneously.
With open-source that allows all members to participate in the development of the system, Algorand is expected to be a platform that helps businesses around the globe operate in a completely decentralized economy.
How Algorand work
Algorand’s scalability is thanks to the help of the Proof-of-Stake (PoS) consensus mechanism. This protocol allows processing many transactions at the same time quickly while maintaining decentralization.
Currently, PoS blockchains, although scalable, often come at the expense of a small number of validators that govern the approval of blocks.
In contrast, Algorand’s PoS consensus mechanism selects validators and proponents at random from anyone who has staked on the network. In addition, Algorand also distributes validator rewards to all holders of the platform’s ALGO cryptocurrency.
Algorand also allows developers to use the Algorand Standard Asset (ASA) protocol to create new tokens or transfer existing tokens to the Algorand ecosystem.
Some highlights of Algorand
With the hope for an open-source, the developers of the project that built the Algorand blockchain were able to solve the following problems:
Transparency: Everyone can initiate and verify transactions on the Algorand network.
High transaction speed: Algorand can process more than 1,000 transactions per second (TPS) and achieve a transaction total in less than five seconds.
Permissionless: Algorand’s blockchain network only requires users to possess minimal computing power to be able to participate in the platform.
Decentralized: No one has complete control over the network as the proponents and testers are all chosen at random
Authorization: Token holders can authorize tokens if they wish
Administration: Token holders are allowed to propose changes to the protocol and agree on their viability
About ALGO token
ALGO is the main asset operating on the Algorand ecosystem, used for purposes such as building applications, transaction costs, rewards for transaction validators. Some basic information about the ALGO token:
- Ticker: ALGO
- Blockchain: Algorand blockchain
- Token Type: Utility token
- Total supply:: 7,103,404,970 ALGO
- Circulating supply: 6,712,759,026 ALGO
Trading ALGO/ USDT with 5ROI Global right here: https://www.5roi.com/exchange/ALGO/USDT
The development team of Algorand
Algorand developers gather many prominent names in the blockchain technology industry with the head of Silvio Micali, who has received many prestigious awards in the field of computer science, specializing in cryptography, protocol research. safe. Beside Pro. Micali, the group also gathers many other talented members such as:
- Keli Callaghan: Marketing Director of Algorand, responsible for promoting and expanding market share for the project, looking for partners.
- Sergey Gorbunov: Head of cryptographic research at Algorand with knowledge of Blockchain protocols, large-scale system security.
- W. Sean Ford: COO of Algorand, has many years of experience while working at LogMeIn company.
- Steven Kokinos: CEO of Algorand with experience working at media platform Fuze
Above is some general knowledge about Algorand. Hopefully, after this article, you will have more knowledge to support your decision-making.
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