What is Algorand?
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 PoS, 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.Official Algorand Website
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The Algorand mainnet became live in June 2019, and was able to handle almost 1 million transactions per day as of December 2020.
The Algo can also be used to send money to anybody, instantly. No wire transfers, no forms to fill, no banks or exchanges to be used, no delays. Instead of moving money around being a task that takes days to happen, the Algo can do it in under 4.5 seconds - and the Algo is in the wallet of the receiver, ready for them to use instantly! Plus, the Algo transfer will be recorded on the Algorand blockchain, making it easy for verification by the payer and receiver. In addition, digital money like the Algo opens up new possibilities on how to distribute money to not just one person but many people, instantly and simultaneously. Sending Algo to one person or many people is virtually the same digital task - and so occurs at the same speed. Money can be distributed to any number of people in under 4.5 seconds.
Crypto-currencies like the Algo perform the same key tasks as paper money (often now referred to as FIAT currency) but, since they are truly digital, they can do so without all the challenges of paper money. The Algo can be used for buying and selling goods or services - whether that’s through e-commerce or retail - but unlike credit or debit cards, the transaction is truly instant. As a buyer, the crypto-currency (an Algo) leaves your wallet and is immediately in the wallet of the seller, at virtually no cost.The fact that this can occur instantly, at almost no cost, is hugely important - if you used a credit card instead for this purchase, there could be anywhere between 3% and 7% transaction fees on top of what you have purchased. This fee is usually charged to the seller who in turn adds it to the price of the product you buy! By using the Algo, you and the seller both save on these fees - meaning more money in your pocket and greater spending power.
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