You may not have heard of Algorand yet, an incredibly fast blockchain with very low transaction costs. It is included in the top 50 cryptocurrencies with a market capitalization of $ 4 billion. We introduce you in detail about its advantages and differences from other platforms.
The Algorand team is made up of highly qualified specialists, and the blockchain itself surrounds a growing community of developers. The number of projects built on Algorand is growing daily.
The founder of Algorand is Silvio Micali. He received his Ph.D. in Computer Science from the University of California, Berkeley and has been a professor in the Department of Electrical Engineering and Computer Science at MIT since 1983.
Algorand CEO is Steve Kokinos. Previously, he co-founded Fuze, a cloud-based collaboration platform, and launched the BladeLogic network automation tool. Since 2014 Ko’s work includes being named one TechCrunch 20 Under 30 (T20UY) for Blockchain Technology by Digital Currency Group. In 2015 Ko helped create Oasis Global Inc., an online retail payment system founded by eBay employees that raised $500 million without raising capital through venture capital or equity funding. Over time KohaMau worked as R&C Consultant with several technology companies including IBM, Sun Microsystems Holdings Ltd.(NASDAQ:SMITH), Intel Corporation(NYSE :INTC), Oracle Corp, Salesforce.com Inc. It was also announced earlier this month by Amazon.co m that they have entered into negotiation.
Algorand seeks to solve the blockchain trilemma, which is to strike a balance between the following three elements.
Decentralization: The network should not be controlled from a single point.
Scalability: The blockchain must scale to reach a huge number of users.
Security: the system must be resistant to errors, malicious code attacks and other problems.
To do this, Algorand uses a protocol called Pure Proof-of-Stake (PPoS). All details about him are listed on the blockchain website.
Benefits of transactions through the lightweight Algorand protocol:
fast – usually completed in less than five seconds;
small – can be translated from 0.0001 ALGO;
cheap – commission from 0.001 ALGO ($ 0.0014 at the current exchange rate).
These qualities make Algorand an excellent choice for becoming a national digital currency. This also shows that it has no competition with Bitcoin or Ethereum as long after all major cryptocurrencies have been launched by their respective ICOs.
Non-fungible tokens are very popular now and many companies use them for various purposes. Algorand is the leading NFT platform. Italy’s largest copyright agency, SIAE, is creating NFTs representing authors’ rights on the Algorand blockchain.
Algorand also supports Fractional NFT technology, through which tokenized assets can be owned by multiple people. The system could allow investors to share ownership of certain types (such as gold or diamonds) over time using a pre-sale process rather than having to wait until they need it in order; thus lowering transaction costs per unit ownership. This type has been used successfully with cryptocurrencies such Bitcoin, although recently there are concerns that this approach may introduce new tax liabilities after ICO registration completes. Another concept involving an asset class called “asset classes” allows creators/sharership holders (“owners”) access within large ecosystems where other participants might not have enough incentive due too much control while retaining direct equity sharing power under existing rules.