Review on Algorand by Yenkelys Barcenas
ALGORAND (ALGO). A PROJECT TO COMPETE.
Algorand is a project that promises to be the competition of decentralized blockchains, dedicated to financial operations (DeFi), based on cutting-edge technologies and a team of developers that aims at different strategies that gather the characteristics of the best platforms in a single space whose goal is to create a transparent system in which everyone can achieve success through decentralized projects and applications. Its creators have developed it as a platform without permissions in which the incorporation of new users is not subject to approval processes and its open code allows the participation of all users to create applications on it that allow them to be useful and contribute to the construction of an economy without borders (borderless).
Technically, it guides its improvements in the quality of transactions, search to achieve the execution of multiparty atomic transfers (AMPT) exclusive to Algorand's platform, Pure PoS; the addition of state smart contract functionality to the base layer, in addition the construction of its blocks is executed in two phases through cryptographic classification: an owner proposes the creation of a block and later a committee of 1000 token owners is in charge of block approval. The network is not controlled by a few group of validators, these committees are randomly selected.
Algorand is defined as a secure, scalable and decentralized blockchain, where experts comment that any user who owns $ALGO and is online, will automatically have the right to be chosen to participate in the Algorand block consensus, and this makes it interesting, attractive and highly competitive. However, its token, $ALGO has not had a significant valuation, but has the particularity of being the product of an auction mechanism whose value was determined by market conditions, these were carried out in the form of Initial Exchange Offerings (IEO) in Binance, and in this sense its creators trust that its price will rise over time.
Algorand has established itself on the blockchain network and has earned the trust of many users. Some web´s portals refers to It is among the best decentralized blockchains, in the rank of 54 in the global cryptocurrency rating with an average daily trading volume of $ 123.3M with a very good market capitalization and an excellent growth projection since its launch. The holders of these tokens can propose significant improvements in the protocols and agree on their capacity for evolution. Involving users in the entire process of managing and generating functional blockchain strategies is a powerful tool to guarantee the decentralization of the platform and the management of its assets.
Pros
- It is a really decentralized blockchain, with a good market capitalization.
- It is secure, reliable and scalable.
- It directs its updates to the area of financial operations as a DeFi platform.
- Users have an active and fundamental participation in the process of generating the blocks of the platform.
- There are no second class transactions on the base of algorand.
- Every $ALGO token holder has the right to participate in the Algorand block consensus.
Cons
- It does not highlight sanctions for those users who fail to comply with the objectives of the platform.
- The $ALGO token has failed to gain a good appreciation in the markets.
