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What is Algorand? Algorand Potential 2022

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Today I'm going to be taking a look at algorand.  I need to give you a disclaimer before I talk about Algorand. I am not a financial advisor , I'm just an educator and this blog post is written with the sole purpose of providing you factual information. Please contact a financial advisor if your portfolio has been killed. If you're new here, you might be feeling a little bit lost right  My name is "MrCrypt "and I am your crypto geek here at the cryptolibrarynow . I pass on the knowledge of cryptocurrencies, exchanges, DeFi, protocols, NFT'S and market analysis are just a few of the topics I tackle on the daily basis. Now enough with the intro. Let's get it on , Let's unpack "What Is" Algorand... 

What is Algorand ?

Algorand is an exciting project that has quickly made its way into the top 100 cryptocurrencies. The project is backed by many professionals and VCs who are attempting to solve the scalability problem that plagues many blockchains. Primarily, the project wants to create an ecosystem that gives everyone the opportunity to participate. Algorand is built on the driving principles of immediate transactions, performance, simplicity and adoption. The challenge for Algorand is developing a platform that is both scalable and fast without giving up decentralization capabilities. This is one of the most formidable challenges in the blockchain sector, and is often labeled the blockchain trilemma. Algorand and the team behind it know that without scalability, we're less likely to see mass adoption. Ethereum and Bitcoin are great examples of this. Even though these cryptocurrencies are popular in the crypto community, they've yet to reach mass adoption. The reality is that they're just too slow for our current economy, however. Achieving scalability should not directly sacrifice security or decentralization. A successful blockchain will have all three pieces. Algorand is aiming to implement all three into its platform, which they hope will solve the blockchain scalability problem. Now let's take a few minutes to talk about the technology behind Algorand and to start with, I want to talk about the protocol used by algorand . It's specifically built for speed. As a result, algorithms developers believe they have created a way to finalize a block through just a single voting round. Now, why does that matter? Well, I'm so glad you asked. When every block is instantly completed, the number of transactions per second the network can handle increases significantly. At this time, algorand boasts its network can handle up to 1000 transactions every second, and that is pretty impressive stuff. Now, of course, what's the point of having the fastest network if it's not secure, so the team has worked on creating a way for it to recover quickly in the event of network partitions. For those of you who aren't familiar with the term, a network partition is when an attack occurs on the blockchain at the network level, these types of attempts can make it. Almost impossible for users to establish connection with the network. It doesn't matter what type of architecture a blockchain uses, it is always at risk of an attack. If the attacker can hold on to the network partition long enough, blocks cannot be created and confirmed. As a result, the network is essentially shut down. Algorand makes use of a Byzantine agreement for its consensus algorand, however Algorand optimizes it for both increased scale and performance, with an honest leader proposing the bloc voting happens as soon as the participants on the network receive it as a result, once the block makes its way through all participating nodes, it's approved. This happens only after voting for a single round.  So now we know how algorand provides speed and security, but what about scale? Well, the project uses a verifiable random function mechanism which allows users to privately determine. Whether they've been chosen to participate in the following block. This means the project can replace users quickly if necessary after the message from the network is sent. It also prevents individual attacks if the user identity becomes known. As a result, algorand provides a network which is secure, fast, and effectively permissionless. On a platform made-up of a random amount of users, the Holy Grail of decentralized networks. Now let's take a moment to talk about algorand's tokens. The native token on the Algerian network is called algos. Earlier this summer, algorand raised more than 60 million. Was during its initial token cell, which took place on coin list. At the time of its cell, algorand sold its 25 million tokens for $2.40 each. During its auction, algorand implemented a system that stressed inclusivity and fairness. While this is the first time Algorand has released its tokens into circulation, it remains unknown exactly how many users participated in its auction. The event was scheduled for five hours, however, due to unforeseen demand, all available coins were gone in less than 4. Algorand has stated that it plans on auctioning off around 600 million algos every year moving forward, which means that the 25 million they just sold are only a drop in the proverbial bucket. The project says the total token supply is 10 billion algos. Let's take a quick look at the algorand's team  

Algorand's Team -:

If you have any concerns about the credentials of the algorand's team, don't. The project is led by Silvio Micali , who serves as a founder. Micali is an MIT professor with a background in secure protocols, cryptography and pseudorandom generation and here's a fun fact he's also one of the Co inventors of. zero knowledge proofs the privacy tech used in a number of cryptocurrencies . Micali overseas all security and research associated with the project. Now, with a lot of cryptocurrency projects, you'll encounter teams full of entrepreneurs. However, with Algorand Micali has created a team full of scientists and researchers. Because of its inroads with MIT, many of those on the Algorand team reside in Boston. The CEO of the Algorand project is Steve Kokinos. Before joining Algorand Kokinos was the CEO at Fuse at Global communication platform. Also serving on the Algorand project is W Sean Ford. Prior to Algerian, Ford was the CMO for LogMeIn. So as you can see, the algorithm project has plenty of experience and knowledge at its fingertips. It's also received many investments from venture capitalists, so it has the backing it needs to succeed.

Final Thoughts on Algorand -:

Anyways, let's take a quick look at the market for algos, shall we? You can purchase algorand tokens on Binance, which is convenient if you already do a lot of your buying and selling on that popular exchange. Algorand is also available on a number of other exchanges including okx, Bitmap X, Kobe, and Coinbase Pro. You'll find a healthy trading volume spread out across these exchanges, which means the token isn't relying heavily on anyone platform. When you've purchased some algos, you need a place to store them. Ideally you'll store in an offline wallet, if you have a smartphone, then algorand has a mobile wallet available for you. You can download the wallet on both the iOS and Android marketplaces. Coinomi also supports algo tokens if you prefer to have your alt coins in a desktop wallet now.  Now we get down to where the rubber meets the road. What do I think of algorand? It's safe to say that the project got off to a fantastic start with its auction in June 2019. However, since that time the price has dropped quite a bit. Time will tell how well the token performs as the team plans on auctioning off another 600 million  tokens each year . Having a team full of world class researchers, scientists and cryptography professionals certainly means that there are high expectations. Up to this point, the team has delivered with the main net launch that supports more than 1000 transactions a second algorand has shown that they are more than just a bunch of fancy degrees. Additionally, the project has established strong partnerships in the world of real estate and finance, which means that there are real world applications and demands for what Algo Rand is offering. My honest opinion is that the project is both financially and technically ready to be successful in the blockchain world. Even though the project is still in its early stages, it's definitely one we'll be keeping a close eye on moving forward. 

That is all for today's blog-post . If you plan on sticking around for more interesting blogpost like this please pay a visit to cryptolibrarynow by clicking on the link below -: 

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My last Blogpost was on -: Shiba Inu Ecosystem .


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