Algorand, launched in 2019, is the novel blockchain platform used to create powerful decentralized applications (apps). And financial primitives that use as the backbone of the economy of the future.
And, the platform is designed to address several of the critical challenges facing other competing platforms today: decentralization, scaling, and speed.
It also offers the infrastructure and tools builders need to create applications and assets that billions can use.
He’s an internationally recognized computer scientist and MIT professor noted for winning the Turing Award in 2012 for his work in cryptography.
And today, Algorand’s existence develops by a multi-disciplinary team comprised mainly of researchers, cryptographers, mathematicians, and developers.
How Does Algorand Work?
- The Algorand protocol divides into two layers. And layer 1 is where most of the magic happens. It uses to run smart contracts and handle atomic swaps (rapid peer-to-peer exchanges of cryptocurrency).
- Also, create new Algorand-based blockchain assets (known as ASAs). Layer 1 is only capable of running relatively basic smart contracts (each known as an ASC1).
- Also stack on additional functionality, Algorand the second layer, which is capable of running larger.
- And extra feature-packed smart contracts—like the kind we expect to power modern decentralized finance (Defi) apps.
What’s so Special about Algorand?
- When it comes to blockchains, speed matters—after all, transaction delays and congestion can make for a frustrating experience.
- And Agorand designed to overcome this issue by supporting somewhere in the order of 1,000 transactions per second (fps)—including innovative contract transactions.
- And compared to Bitcoin’s five tips and Ethereum’s current rate of 15-30 leads, that’s impressive. However, other blockchains claim to take bettered it; Solana claims to have reached over 50,000 tps.
- For example, Ethereum’s own ETH 2.0 upgrade promises to increase its capacity to between 1,000-2000 tps.
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