What is Algorand?
In this Algorand review, I will outline the pros and cons of this popular blockchain-based development platform. Its main selling point is that it is open-door, meaning that you can create your own participation keys and participate without gatekeepers’ approval. Besides, it uses a Verifiable Random Function to facilitate the self-selection process. We’ll go over those pros and cons in detail, and also discuss how to make the most of this decentralized development environment.
Algorand is a self-sustaining, decentralized, blockchain-based network that supports a wide range of decentralized applications. These systems are secure, scalable and efficient, all critical properties for effective applications in the real world. Algorand will support computations that require reliable performance guarantees to create new forms of trust.
The Algorand mainnet became live in June 2019, and was able to handle almost 1 million transactions per day as of December 2020. Algorand transaction metrics can be viewed here. Algorand initial coin offering (ICO) was held in June 2019, with the Algorand price of $2.4 per token, and at the time of writing this article it’s down to about $0.41.
Algorand Foundation and Decentralized Protocol
The Algorand protocol is resistant to arbitrary partitions, and recovers quickly. The majority of network nodes are selected at random, and the next validator is chosen secretly. This means that any attacker would have to pay significant costs if he managed to stall the network. With this, the first vote occurs when the participating nodes receive the block. This process eliminates the need for hash contracts, and it also allows users to participate in the system without requiring special skills.
While there are some drawbacks to the Algorand system, its advancements in technology make it a great choice for cryptocurrency trading. Algorand is a leading global platform for trading cryptocurrency. It is also listed on all major global cryptocurrency exchanges like Binance, Kucoin, Bittrex, Gate.io, or UniSwap. In addition to its advanced technology, Algorand is known to be so called “green”, apart from other consensus protocols such as Bitcoin and other Proof-of-Work (PoW) based blockchains. It is certified as carbon-negative by 2021, which may appeal to developers worried about the environmental impact of Blockchain technology.
Founder of Algorand Silvio Micali and Team
The founder of the company is Silvio Micali. Micali has expertise in cryptography and security protocols. He is also a co-inventor of numerous cryptographic protocols. The company has a stellar management team. The CEO is Steve Kokinos, who previously served as the CEO of global enterprise communications platform Fuze. He brings a wealth of entrepreneurial experience to the table. The COO is W. Sean Ford, a former CMO at LogMeIn.
Among its executives, Algorand has the backing of a strong board of directors and an experienced marketing team. The company is backed by MIT professor and former CMO at Upromise inc. Keli Callaghan previously served in executive roles at Microsoft, including as the head of global business unit marketing. It also has a governing board and a research organization leading the development of the Algorand platform.
The Algorand blockchain is scalable, secure, and decentralized. Algorand’s unique Proof-of-Stake consensus algorithm ensures that the network remains decentralized and will not be forked. It aims to become a true means of exchange, with tokenization of any asset. While there are some cons, the Algorand blockchain has a unique approach and vision for the future of crypto technology. So, you can expect a scalable blockchain platform with much lower transaction fees than for example on Ethereum Network.
There are a number of wallets available for users to store their Algorand. Mobile and online wallets are the most convenient, but can’t offer all the features of a desktop wallet. But, desktop wallets are among the most secure wallets. The best desktop wallets for Algorand include BitPanda, Guarda Wallet, and Linda Wallet.
