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Algorand (ALGO) – Can a VPN Succeed On The Blockchain?
Algorand is something that has taken the cryptocurrency market by storm, not with its amazing market performance but with the tech behind the token. In fact, it’s not just a blockchain, it’s so much more.
What Is Algorand?
Algorand is a next-generation cryptocurrency designed to help create a transparent system in which everyone is able to benefit from and participate in decentralized projects and platforms.
This will provide sustainable and boundless opportunities for everyone. It’s also a platform the cryptocurrency is based on. Users can join or leave without having to be vetted or approved.
Algorand offers a solution to the Bitcoin Trilemma in the way it has developed its three main features: security, scalability, and decentralization.
In the past, it was nigh on impossible to have two of these working at peak performance without losing the other. Now, Algorand is fixing that problem. In addition, its core principles include performance, simplicity, direct usage and adoption, and instant verifiability.
Algorand uses several new technological breakthroughs to assist with the way the platform and protocols work. One of these is the use of Pure Proof of Stake (PPoS) consensus mechanism as well as pseudorandom functions.
Native token issuance (Algorand Standard Asset) was recently added to help with token creation and issuance.
The platform itself provides a way to buy and sell, as well as stake the Algorand cryptocurrency token. In addition, it now provides ways to acquire digital collectibles.
Decentralization is the main key to keeping a network such as this secure. In addition, the blockchain remains a single chain, it doesn’t fork, so there is no way for user accounts to be hacked.
Random generation chooses the participants in block proposal and in block confirmation with nobody being involved in both rounds of block-creation.
If there is a malicious attack on the network, there are protocols in place that allow the platform to recover quickly. The platform is never fully disrupted, and user account balances are always secure.
Scalability is how many and how fast transactions are handled by a platform. It is necessary if the token is to be accepted and used by global markets.
Algorand has solved the issue of sacrificing scalability in favor of security and decentralization by using protocols that allow the finalizing of blocks in two rounds.
Currently, Algorand can process 1000 transactions a second with a 5% latency if the network experiences a malicious attack.
Traditional cryptocurrency is either bought or mined or earned in tiny amounts from various sites. Algorand, being a next-generation cryptocurrency does things differently. There are two ways to gain ownership of an Algorand token.
- Buy it.
Algorand is available on several exchanges including Coinbase and Uphold. After the initial offer was made using the Dutch auction method to put 25 million tokens into the market, Algorand was released on Coinbase a few months ago.
Regardless of the fact, there was no prior notice of the sale, activity was so strong that prices shot up 30% with an 84% favorable review of its future.
- Stake It
Algorand can’t be mined, but it can be staked. You buy a small amount of Algorand to start, store it in an offsite wallet and turn on your participation node.
The Algorand will start to accrue in your wallet as you participate in the creation of blocks on the blockchain. These blocks are permanent on a single chain so your balance will always be secure.
Algorand’s founder received his initial funding from Venture Capitalists all over the world. He searched for investors worldwide not only to be able to give the platform as much exposure as he could but also to make sure no one investor had the most control over the project.
He was able to raise $4 million in seed money, and this helped him successfully launch his project.
Now that Algorand is established with its initial Dutch auction of 25 million tokens grossing $60 million, the Algorand Foundation is giving back via grants.
This is to help with tools and infrastructure, research, application development, education, and community in regards to the Algorand protocol and platform.
Some of the top venture capitalists who believe in this project are Pillar, 11-11 Ventures, ASV, and Applied Crypto Ventures.
In addition, Algorand has formed many valuable partnerships to help further the direct usage, adoption, and development of its token and platform.
Several partners are Republic, Tether, PlanetWatch, Monerium, and SFB Technologies.
While the foundation has accounts on Facebook, Twitter, and Telegram, its members are also very active on all of the aforementioned social media platforms as well.
In fact, they are all doing a great deal better on Telegram than they are anywhere else with thousands of followers compared to the hundreds on Facebook.
In addition, The Algo Foundation provides for its own community with a forum, developer resources, SDKs, and upcoming event information — to name a few things.
The Algorand Foundation is dedicated to helping keep the community informed and involved in all aspects of the token, its protocols, and the platform itself.
The future has already begun with the development of Algorand 2.0. The platform has just recently undergone an upgrade. This upgrade included the implementation and offering of Atomic Transfers, Algorand Standard Asset (ASA), and contact support by way of the TEAL scripting language.
ASA makes it extremely easy to create tokens and issuing them on the main chain. Many fungibles as well as non-fungibles are supported. Fungible simply means an item has a value that can be divided into units.
Non-fungibles can’t be divided into units, but they do have value as collectibles such as skins and digital pets. There is more on ASA than just this and more information can be found on the Algorand Foundation website.
Atomic Transfers provide a way to handle transactions amongst a group securely. Implemented on Layer 1, these transfers are all done at once, or they’re not done at all.
This means there’s no need for escrow, among other time restraints. This is good for many things like expediting the payment of debts and paying for multiple transactions all at the same time.
Transaction Execution Approval Language (TEAL) is a programming language being used to write Algorand Smart Contracts at Layer-1(ASC1). This is a brand new and incredibly innovative way to fix issues with contracts and transactions on a global scale.
Many transactions require intermediaries in order to ensure security and reliability. In a market where time is money, these intermediaries cause costly delays in transactions.
The ASC1s, with the support of TEAL, removes the need for the intermediaries while still providing security and reliability. Some of these include escrow accounts, loan payments, and subscriptions.
In addition to the above, a recent partnership with Flipside Crypto is aiming at creating an advanced toolset for DApp analytics.
Team Behind The Company
Although we’ve talked a bit about Algorand itself, let’s talk about the people behind this breakthrough technology and rising cryptocurrency star.
The initial team consists of its founder and several of his fellow cryptographers and scientists as well as mathematicians and economists.
A foundation was created once Algorand was completed, and the mainnet was ready to be launched.
This foundation is called The Algorand Foundation, and its core team includes the founder and several more people.
The Algorand Foundation itself provides a solid base for governance and research to further the development of Algorand.
- Professor Silvio Micali – Founder and award-winning professor from MIT.
Fields include the science of cryptography, as well as pseudo-random generation, mechanism design, zero-knowledge and secure protocols.
He is the one who created most of the protocols now being used by modern-day cryptographers
- Steve Kokinos – CEO
He is the former co-founder and CEO of Fuze, a platform aiding in cloud communication and collaboration.
He brings his vast expertise in building general tech companies to the table to help stabilize and strengthen the platform. He helps provide the vision and strategy of the business side of things.
- Sean Ford – COO
He is the former Chief Marketing Officer of LogMeIn. He is now in charge of many of the aspects of Algorand including product management, engineering, and global community development. He brings many years of experience and achievement to the table.
Algorand is still moving forward with the goal of truly providing a borderless, decentralized economy that is fast, secure, and beneficial to everyone.
The team behind this well-written code is not only full of scientists and researchers, but it also has mathematicians and economists. They are all dedicated to the development of the platform and the adoption of the token and protocols on a global scale.
While this article cannot promote the Algorand as an investment vehicle, it can encourage the reader to do their own research into this exciting newcomer to the cryptocurrency scene.
It’s already turned heads and tweaked noses. It’s sure to do more as the technology in cryptocurrency and its protocols advance.
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