Review on Algorand by Gabriel Medina
Algorand encourages honesty
Algorand (ALGO) is a blockchain project that has emerged to end three main problems faced by other blockchains:
Security.
Scalability
Decentralization.
The Algorand Blockchain is of the type without permits, whose objective is to create a transparent system.
Algorand implements the algorithm (PoS) to achieve shorter transaction times, lower energy consumption and to provide tools that can facilitate the blockchain. Specifying us, its consensus algorithm is called Pure Pos. This algorithm does not sanction against bad behavior, there are failures that are unavoidable, such as security failures such as trying to validate the same block twice or low activity time.
In Algorand, the blocks are built in two phases through the well-known "cryptographic classification" that will allow a quick completion.
ALGO is the platform token. He has not had a privileged position at all, perhaps he can gain positions or occupy a good place in the ranking if he truly shows what he claims.
Pros
- Low calculation requirements therefore no energy consuming mining farms will be needed.
- The entire community agrees with the following block and confirms the transactions.
- Those who own tokens will be able to delegate them and participate in the consensus.
- There is a true decentralization whereby the network is not controlled since the proponents and commissions are randomly selected.
- The owners will have governance of the tokens so they can make a proposal to change the protocols and agree on the evolutionary capacity.
- Influential Business Partners and Use of Science.
Cons
- There are other projects with the same characteristics.
