Algorand blockchain is a blockchain network that was created in 2017 by Silvio Micali- a professor of MIT who recently won the Turing Aware. Algorand is also a decentralized blockchain protocol that is permissionless- something that can be used by anyone to create applications and transfer value.
The protocol of Algorand has been powered by a novel algorithm that enables secure, fast, and scalable transactions. Algorand usually addresses most of the common issues that most of the older blockchains have, specifically concerning consensus and scalability. The blockchain also uses a pure proof-of-stake- which is a consensus protocol that usually selects validators at random.
Algorand Blockchain- A Boon For Other Networks?
The Algorand blockchain has been designed to solve some of the biggest problems that blockchains, in general, face- scalability, security, and decentralization. This has also been dubbed the blockchain trilemma- as the network of Algorand claims to address all of the issues.
The Algorand blockchain is usually secure against most malicious attacks, which makes it the best for transacting, holding assets that are high-value, and creating a secure enterprise application. It also manages to maintain security on both fronts of the network and consensus protocol levels, while protecting the account of the individual user.
The Algorand blockchain is also pretty capable of bringing forth a large number of transactions every second, making it a far more scalable solution than either Ethereum or Bitcoin. The consensus protocol of Algorand also heavily does away with the need for any form of computational power that is used in Bitcoin to solve most of the cryptographic problems that the blockchain sector faces.
