For each block of transactions, Algorand randomly selects a small, one-time group of users in a safe and fair way. To protect them from attackers, the identities of these users are hidden until the block is confirmed. The size of this group remains constant as the network grows. Algorand’s unique power source is rapid and efficient user consensus, enabling even the smallest transactions, regardless of transaction volume or number of users. Algorand builds technology that accelerates the convergence between decentralized and traditional finance by enabling the simple creation of next generation financial products, protocols and exchange of value.
A security deposit-based economic consensus protocol in which nodes, or bonded validators, have to place a security deposit in order to serve the consensus by producing blocks. Once the deposit is in place, it cannot be removed until a specified amount of time has passed. In many cases, the deposit can be subject to penalties called “slashing” should the network detect malicious behavior of that node.
Algorand Key Information
|ICO start||25th Sep 2017|
|ICO end||10th Oct 2017|
|Distributed in ICO||60%|
|Average price||0.35 USD|
|Price in ICO||0.3700 USD|
|Whitepaper||Click Here For View Whitepaper|
|Website||Click Here For Visit ICO Homepage|
The Game Change Team Behind Algorand
Algorand created the world’s first pure proof-of-stake foundational blockchain designed for the future of finance. Beyond the elementary requirement of an open, public network, Algorand’s technology enables a set of high performing Layer-1 blockchains that provide security, scalability, complete transaction finality, built in privacy, Co-Chains, and advanced smart contracts that are essential in a FutureFi world.
Algorand’s Innovation at Work
The first use of Algorand blockchain technology was the open-source Algorand MainNet. The world’s first pure proof-of-stake protocol, the Algorand blockchain is overseen by the Algorand Foundation and is open for any individual or organization to interact with. In Algorand, the power is in the hands of the users holding stake. Every user receives an amount of rewards proportional to their stake for every block that is committed to the chain. Algorand do so to encourage users to join the Algorand platform and accelerate our path to decentralization.
Algorand decentralized Byzantine agreement protocol can tolerate an arbitrary number of malicious users as long as honest users hold a super majority of the total stake in the system. Two important features of the consensus protocol prevent powerful adversaries from corrupting enough users so as to control block generation. First, the adversary does not know which users he should corrupt.
In fact the users who are called to certify a new block are secretly and individually selected. Second, when the adversary realizes which users are selected, it is too late for him to benefit from attacking them. Those users has already fulfilled their responsibility in the consensus protocol. In the next round of block certification, a new set of users will again be privately and individually chosen.
Algorand is rooted in the idea that the system should allow for changes and avoid inflexible policies—enabling both the community and the protocol to evolve. The Algorand platform takes a consensus approach to protocol changes, which facilitates continuous evolution of the protocol and eliminates potential hard forks that could fracture the community. This ability is powered by the Algorand consensus protocol that enables the users to reach consensus on anything. Not just on the next block, but also on a protocol upgrade.
A system in which a fixed number of elected entities (called block producers or witnesses) are selected to create blocks in a round-robin order. Block producers are voted into power by the users of the network, who each get a number of votes proportional to the number of tokens they own on the network (their stake). Alternatively, voters can choose to delegate their stake to another voter, who will vote in the block producer election on their behalf.
What are Atomic Swaps?
An atomic swap enables two parties to exchange different cryptocurrencies/tokens without the risk of one party defaulting on the trade. Traditional atomic swaps are implemented via multiple steps (using both time- and hash-locks) and require substantial time to be completed. Algorand is pioneering atomic² swaps. Such swaps enable two users of the Algorand’s chain/sub-chains to simply exchange money and/or different assets by means of a single transaction (without any locks).