Review on Algorand by Benaiah A. Akinlade
Algorand championing for financial liberty for all
Algorand is an open source software company based in Boston USA founded in 2019 by Silvio Micali who designed the Algorand permissionless PURE PoS blockchain protocol platform after years of research in cryptography.
His main motivation was to eliminate 3 problems easily identified with general finance. These problems, known as finance blockchain trilemma includes:
1. Decentralisation of financial transactions
2. Security of financial transactions and
3. Scalability of financial transactions
He invented Algorand to ensure that financial transactions are completed fast, most especially those whose funds/transactions are not profitable to banks and can take a number days to be cleared and finalized as compared to other high value transactions that are completed in minutes. This has also led to the denial of more than 2 billion people worldwide, access to modern financial assistances by financial institutions.
Algorand was also invented to eliminate the incessant and high charges by banks which runs to about 5 trillion USD every year.
Finally, he invented Algorand to tackle the shortcomings of blockchain itself as it has been discovered that modern existing blockchains can only solve at most two of the three blockchain trilemmas
.
Pros
- Algorand has a wallet that can be downloaded on iOS and Android devices
- Investors can stake their cryptocurrency assets for more income
- The token trades in over 20 active market exchanges for swapping for some popular tokens
Cons
- ALGO token still has low value
- The ALGO token swaps with few cryptocurrencies
