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What is Algorand (ALGO)?
This is third-generation crypto with the aim of solving the Bitcoin trilemma and other things. Bitcoin trilemma is a situation whereby 3 properties of security, decentralization, and scalability can’t all be increased simultaneously without reducing another component of these three anymore.
The way Algorand works is by staking. That means that anybody can theoretically take part in its “proof of” mechanism. What users need to do is to hold their coins in their wallets. It is therefore not important to invest so much computing power as with other currencies like Bitcoin.
Algorand is also searching for top partners so the currency can be more successful. They’re also trying to create gratification options that’ll make sure that users will be more interested and that totally new individuals will also join. Thus, this gamification offers plentiful chances that introduce people to Algorand in an interacting way, and also makes them remain in it for a long time.
History of Algorand
Silvio Micali is the one who founded Algorand. A lot of people have known him for some decades for his research work around mechanism development, blockchain procedures, zero-knowledge, cryptography, and many more. He’s been working in cryptography and computer science since 1983. In 1983, he became a Ph.D. holder from the University of California. In the team, there are lots of professionals from the cryptocurrency community. Paul Milgrom, who is one of the Advisors, recently received a Nobel Prize for the economics field. Paul also works at Algorand on this exact topic, thereby strengthening the team and also the product.
Performance of Algorand
Besides its lots of other fun features, Algorand also stands as a high-performance chain. The transactions are correspondingly completed in five seconds, and that’s a very fast transaction that’s very difficult for other systems to keep up with. It is also very easy to make these transactions with low fees.
There are currently over 500 companies that use the technology of Algorand. One of this project’s special features is that it makes it easy to create financial protocols, products, and also values exchange through 0decentralized Finance. For example, the first system based on blockchain to track COVID-19 vaccination, VitalPass, was unveiled in Colombia with the plan to expand to lots of Latin American countries.
Future of Algorand
This platform is filled with a highly skilled team of award-winning and experienced advisors and leaders, and one of them even won a Nobel Prize. This quality is also one that makes it have the chance of being more successful in the future.
One thing that makes it more interesting is that there are strong partners behind Algorand, and they are contributing. As stated earlier, these also create gamification systems that make sure that even users that are inexperienced become interested in a long period. Algorand stands as a new crypto that’s filled with experienced team members and a solid community.