Algorand-Turing Prize Owner's Blockchain Platform
Algorand – a decentralization, easy-to-divide cryptocurrency; a tool that can track titles to property and their sale; a smart contracts platform with added speed and less computing power necessary to run the system.
ALGO is the native coin of Algorand.
Origin of the Algorand
Algorand and ALGO launched in 2019. Its development was overseen by a Massachusetts Institute of Technology professor, an esteemed cryptographer, and a computer scientist who has won the Turing Prize - Silvio Micali. Algorand Inc. in Boston developed the Algorand platform; Silvio Micali started the theoretical work in 2017.
Algorand is intended to solve the "blockchain trilemma": The claim that any blockchain system can have at most two of three desirable properties:
1. Decentralization - Could run on nodes that each have only moderate consumer-grade resources
2. Scalability - Has transaction processing that scales with the total network resources
3. Security - Could not be subverted by attackers who individually possess a significant fraction of the network's total resources
Silvio Micali's Design
A) 'Pure-Proof-of-Stake' PPoS - The protocol selects users randomly, irrespective of their stake, and it also is the most decentralized protocol system.There are two phases to complete the entire process of block creation in this protocol. The block proposer and the committee of validators get selected through the cryptographic lottery.
1. A user is randomly selected among all coin holders.
2. His public key is revealed to all users.
3. The user proposes the block.
1. A committee of 1,000 users which is randomly selected
2. This committee validated the block.
3. Then the Block gets attached to the main chain.
B) Byzantine Agreement. Algorand uses a Byzantine agreement protocol that leverages PPoS; as long as a supermajority of the stake is in non-malicious hands, the protocol can tolerate malicious users and achieve consensus without a central authority.
There are three steps to propose a Consensus on Algorand:
2. Confirm - soft vote
3. Write the block to the blockchain - certify the vote
The Pros and Cons of the Algorand Ecosystem
The maximum supply of ALGO is 10 billion. 30% of that will be used as "rewards" for those users and holders participating in various aspects of developing, maintaining, and improving the network. Algorand Blockchain is quite similar to Ethereum; all financial products or apps which can be used in the real world can also be implemented on Algorand with decentralization. The Algorand blockchain platforms can be viewed as one of the biggest competitors for Ethereum. They both provide infrastructure to support the development of other blockchain-based projects. The Algorand blockchain also supports other cryptocurrencies, such as stablecoins and a digital national currency. Algorand finalized faster than Ethereum. The Ethereum platform can process a new block of transactions approximately every 12-14 seconds, but there are only 4 seconds needed via the Algorand network. In addition, Algorand's transaction fees tend to be lower than on the Ethereum network. Those led Defi developers to look to Algorand to develop applications. However, in Algorand blockchain, most focus on decentralized finance(Defi), like decentralized lending and trading. Additionally, many Blockchains offer the ability to build apps or financial products on them, and Algorand is just one of them, even though Algorand has unique and sustainable advantages. According to that, Algorand has a lower level of adoption than Ethereum.
The Price of ALGO
ALGO is the native currency of Algorand. Over 6.8 billion tokens are circulating with a maximum supply of 10 billion; around 30% of 10 billion is the 'rewards.' The price of Algorand has been incredibly volatile, swinging from above $2 to below 10 cents. ALGO's cost started at $2.19 in June 2019, but the price quickly dropped to $0.19 in August 2019. As the crypto market picked up again in 2020, ALGO's price peaked at $1.71 in February 2020. After considerable volatility, and hit the peak of $2.37 in June 2021. After that, ALGO has fallen with the cryptocurrency market, with the price back to about $0.3.