Review on Algorand by Olugbenga Ajayi
Algorand will bring about improved security, scalability and decentralization
Algorand is a new crypto currency project that was created by a computer science professor, Silvio Micali, a recipient of 2012 Turing award. He created the project in 2019.
One of the primary aim for creating the project is to provide a cryptocurrency project that can eliminate the trade-off between. Decentralization, scalability and security. This project promise all without affecting others. Another goal is to be able to provide a project that will provide a platform that developers can use to create other smart contracts or even improve existing ones.
The crypto currency of this project is known as algo.This token is distributed with each new block to everyone in the ecosystem.
It uses a special kind of proof of stake algorithm for governance. It is known as permissionless proof of of stake algorithm. With this all holders of algo can be able to have automatic right to participate in all functionalities, voting and consensus.
As a new project though time will tell whether all that are promised will be met or it is just a dream.
Pros
- Can bring about low cost of transaction
- Plan to bring about faster transaction
- Will possibly remove the trade-offs of decentralization, scalability and security. Before now it is add for a single crypto currency to promise or even guarantee all these three without affecting others
- It is a project that can be used to create new smart contract and tokens which means it can be used to develop other project
- All users that own a particular unit of Algo has equal right to consensus, voting etc
- Has many use cases outside the common domain of crypto currency
- Has a great team of computer and crypto experts behind it
- The code is open source and verifiable
Cons
- The project may not yeild much turnover now
- Not yet popular
