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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.Visit Algorand Website
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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Algorand is designed to bridge the gap between traditional finance and blockchain technology and facilitate the future of finance. It is creating next-generation financial protocols and products focusing on scalability, decentralization, and speed. Algorand is solving problems that other competing blockchains are facing. So, let’s dive into the details.
The Algorand mainnet became live in June 2019, and was able to handle almost 1 million transactions per day as of December 2020.
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 goes immediately to the wallet of the seller, at virtually no cost. By using Algo, you and the seller both save on these fees - meaning more money in your pocket and greater spending power.
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.
How to use Algorand (ALGO)
A long-term investment in ALGO with the expectation of it increasing in value. You can safely store your ALGO in Guarda Wallet.
Instantly exchange Algorand with the best ALGO exchange rates. We offer many trading pairs for Algorand trading through our exchange partners.
Guarda allows you to easily buy Algorand online and send it to anyone and anywhere with their Algorand address.
Hundreds of organizations comprised of fintechs, startups, financial services, institutions, and DeFi are currently building on Algorand
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Learn more about Algorand
You can read more detailed articles about Algorand and blockchain as a whole in our Academy.
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