Algorand: a blockchain that stands out among the others

A network created in 2017 by MIT professor Silvio Micali, Algorand is a decentralized blockchain protocol without authorization. It is powered by a new consensus algorithm that enables fast, secure, and scalable transactions. These features make Algorand the rising star in the blockchain ecosystem.

Solving the Blockchain Trilemma

Thanks to Pure Proof-of-Ptake (PPoS), a consensus that randomly selects validators based on the weight of their stake, Algorand claims to solve the blockchain trilemma. is three of the biggest problems most blockchains face have security, scalability and decentralization. In fact, Algorand can handle a large number of transactions per second, which makes it a more scalable solution than Bitcoin or Ethereum. It can scale to millions of users and maintain a high transaction rate without incurring significant costs for attendees.

Algorand is a fully decentralized network with no central authority or single place of control. Transactions on the network are verified by participating nodes and each of them has an equal voice in the decision-making process. Each user of the network also has the opportunity to be part of the committee that approves each block, because the selection is both random and confidential. There is no fixed committee and the nodes of the network are managed by people from all over the world. The Algorand protocol is protected from malicious attacks, making it ideal for transactions, holding high-value resources, and building secure business applications.

What fundamentally differentiates Algorand from other blockchains is its use of PPoS. If a node were compromised, the native ALGO token held by network participants would be automatically protected by unique keys. PPoS makes creating and validating new blocks faster and more efficient. To do it, ALGO holders are randomly selected to validate and approve each block in the chain.

ALGO tokens are used to pay transaction fees and reward users for participating in the network consent process. Transactions with ALGO are done in less than four seconds, no matter how many trades you make in a day. Transaction fees are also minimal unlike Ethereum which is known for its high fees.

Thanks to this particularly efficient mechanism, Algorand is one of the few blockchains with a negative net carbon footprint. This feat earned him the support of several major investors in the cryptosphere, including Anthony Scaramucci. The latter did not hesitate to say that the blockchain could dethrone Ethereum.

Source: Cointelegraph

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Luc José Adjinacou

Far from dulling my enthusiasm, a fruitless investment in a cryptocurrency in 2017 only increased my enthusiasm. I therefore decided to study and understand the blockchain and its multiple uses and to transmit information relating to this ecosystem with my pen.

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