The application of cryptography to blockchain prevents an adversary from altering the content of a block or the order of blocks. Algorand uses cryptography for cryptographic sortition. Before generating the next block, the consensus is achieved on the current block. The agreement on blocks is fast at 4.5 seconds.
After the agreement, they begin working on the next block of transaction. Since every partnership gets agreed, the blockchain never forks, and new variations do not come from the blockchain. So, adding blocks happen quickly with finality. Thus, the fork issue is done away with.
Anyone who pays in ALGO will be able to ship the goods right away, as any block produced will stay on the chain forever. If there is a 2/3 majority, it is an honest majority.
Algorand includes zero-knowledge proofs, and they guarantee the integrity of a joint computation.
For clarity, Algorand launched in June 2019. They produce blocks in less than 5 seconds every single time. There has never been an outage or a stopping, nor has there been a calling back. New blocks are minted with greater resilience. Algorand has baked into their very code the ability to change their mechanism in a consensual way. Thus, contributing to a lot of good features.
They have already upgraded their system several times, like the Layer 1 smart contract and several other intelligent adaptation to changing circumstances. Thus, fulfilling the needs of customers, members, and the community. Therefore, upgrading in a consensual way each time.
Algorand (ALGO) Community Excitement: Even Forbes thinks Algorand is a great project.
Goldman Sachs’ recent whitepaper on crypto that was sent to investors and stakeholders mentioned ALGO as faster alternatives to Ethereum. Even Goldman Sachs recognizes Algorand as a better project.
When checking the ALGO performance in June when compared to other crypto, it has been pretty much stable both in good times and in hard times.
Obvious from the end of May 2021, several dozens of new projects are introduced on the Algorand network. Several Dapps are migrating to the blockchain. It is just a few Dapps away from blowing up. So many projects are being built it will not belong. They are constantly improving and updating their protocol. It is set to be the future – it is currently undervalued, though.
Developers: I’m super tempted to build an open-source Algorand DAO generator, where coin holders can vote for innovative contract changes for any DApp. Fully decentralized and on-chain. I know exactly how to do it on the technical side. If only I didn’t have so much else to do.
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
Get the latest Crypto & Blockchain News in your inbox.
