If you’re into blockchain technology or follow cryptocurrencies you may have heard of Algorand, the new blockchain platform founded by Turing Award winner, MIT teacher and zero-knowledge proof creator, Silvio Micali.
Algorand is a Boston-based open-source software company working towards building a borderless economy. They’ve developed a permissionless, PureProof-of-Stake (PoS) protocol with open participation, scalability, security and transaction finality.
Algorand aims to solve the three main problems faced by blockchains today, also known as the blockchain trilemma: security, scalability, and decentralization.
In Algorand’s consensus algorithm, called Pure Proof of Stake, the network ties its security to the honesty of the majority. Essentially, in comparison to Delegated Proof-of-Stake, Liquid Proof-of-Stake or Bonded Proof-of-Stake, there is no sanction mechanism, also known as slashing, in case an actor misbehaves — think about liveness faults such as low uptime, or security faults such as trying to validate twice the same block. Rather than punishing bad actors, Algorand prefers to make cheating by a minority of the money impossible and cheating by the majority stupid. As long as 2/3 of the majority is honest, the protocol will work just fine.
In Algorand, blocks are constructed into 2 phases through lotteries known as “cryptographic sortition” enabling fast finality, long gone would be the days where one would have to wait for 30+ confirmations and eventually several hours to ensure that a transaction really happened.
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The team is also made of several renowned experts and advisors. They’re currently recruiting but also looking for community ambassadors.
The refund program allows auction buyers to sell tokens back to the Foundation. The refund program works as a mechanism to reduce supply if demand falls.
Algorand will be cryptographically signing source and binary releases as part of ensuring a trustworthy secure process. The email@example.com public key can be used to verify git tags, source releases, and most binary releases. The firstname.lastname@example.org public key can be used to verify rpm packages.
Algorand takes the security of the platform and of its users very seriously. To learn more about the programs for submitting a security vulnerability, please visit https://www.algorand.com/resources/security
Flipside Crypto offers a free analytics suite for developers building DApps on Algorand. With real-time updates of on-chain activity, developers can analyze user behavior and identify key trends such as the number of addresses interacting with their application. Click here for more details and to sign up.
Right now, Algorand is backed by some leading cryptocurrency and tech funds including Metastable, Sparkpool, MultiCoin Capital, AlgoCapital, or even NGC. Last October, the company secured $66m in