Welcome back to another episode of this podcast! Today’s topic will be centered on Algorand and what it entails.
Algorand is one of a slew of recent initiatives aiming to broaden the scope of cryptocurrency’s potential applications by speeding up transaction processing and shortening the time it takes for transactions to be deemed complete on its network.
Read on to learn more about this initiative:
The idea that blockchain progress necessarily comes at a cost for the environment is just the dystopia of the uninformed
Algorand is a decentralized network that aims to address the blockchain trilemma of speed, security, and decentralization all at the same time. Algorand is a permissionless and open-source blockchain network that anyone can build on.
The majority of modern blockchain-based networks aim for a balance of scalability, security, and decentralization.
Few platforms today can be rendered totally well-rounded. Most make compromises on either one of these sides: giving up decentralization for better scalability, sacrificing scalability for security, or something else. This is what Algorand aims to solve.
It was launched in the summer of 2019 by a computer scientist and professor at MIT by the name of Silvio Micali – who has also won the Turing Award and is a famous expert on cryptography.
Algorand is a network that has a particular focus on payments, with fast transactions and a massive emphasis on near-instant finality. What this means is that it processes more than a thousand transactions per second (TPS) and completes transactions in under 5 seconds.
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Algorand is a decentralized, open-source blockchain network that uses a two-tiered structure and a unique form of the Proof-of-Stake (PoS) consensus process to improve transaction speeds and obtain finality.
The block rewards of Algorand are given to all ALGO coin holders, giving everyone a chance to acquire rewards rather than only block creators.
This newbie in the blockchain arena has already established itself as a formidable platform with strong tech innovation, developer support, and real-world use cases.
Algorand’s remarkably equitable currency rewards system and consensus method are setting a new bar in blockchain, and the project’s prospects are skyrocketing.
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