Algorand, created by Silvio Micali in 2017, has definitely come a long way. Algorand is designed to be highly scalable, which is an essential consideration for a cryptocurrency that aims to be widely adopted. Having one of the most active and robust communities in the crypto space doesn’t hurt either- head over to Reddit and you will find $ALGO fans pledging their life by the tech.
But, is it actually good, and is it a better bet than other cryptocurrencies such as $ETH, $SOL or $MATIC?
- Scalability: Algorand uses a unique consensus mechanism called “Pure Proof of Stake” (PPoS) which allows for fast, low-cost transactions and can handle a large number of transactions per second.
- Security: Algorand uses a cryptographic technique called “Verifiable Random Function” (VRF) to ensure that the selection of the next block producer is truly random and unbiased, which helps prevent against certain types of attacks.
- Decentralization: Algorand uses a mechanism called “massively distributed randomness” to ensure that all participants have an equal chance of becoming a block producer, which helps promote decentralization and reduces the risk of any one group or individual gaining too much control over the network.
- Interoperability: Algorand provides a set of smart contract protocols that allow developers to create and execute decentralized applications on its blockchain, making it easier for new projects to be built on top of it.
- Adoption: Algorand has a growing community of developers, investors, and users, and is being used by a number of projects and businesses.
- Accessibility: Algorand is a permissionless blockchain, meaning anyone can participate and use the network, which helps promote accessibility and inclusivity.
- Governance: Algorand has a built-in governance system that allows token holders to vote on protocol upgrades and changes, which helps ensure that the network is responsive to the needs and wants of its users.
With the bear market, and $ALGO trading at around $0.15-$0.22, it is an excellent time to grab a bag (Not Financial Advice!). Algorand can definitely turn out to be a game changer- because of its superior tech, it is well suited to be the developer’s choice to build blockchain applications on. What do you think lies in store for Algorand in 2023 and the coming years?
