Review on Algorand by gregori cordova
an example of success in the crypto market with only 1 year in the market
Although the Project that I am going to talk about below has only been on the market a little over a year, it has the support of great experts in blockchain, and its creator Silvio Micali, a professor at MIT, was the winner of the Turing award that It is awarded to those scientists who have made contributions in a transcendental way in the field of computing. This open source project is called Algorand, and it has a permissionless blockchain that aims to solve the 3 main problems that arise in the cryptographic environment, which are: decentralization, security and scalability. The network implements a consensus algorithm called pure Pos that allows transactions to be faster, more profitable and that energy consumption is much lower, and that allows the honesty of the participants to make decisions about the future of the project, thus avoiding future forks or divisions in the project. This consensus algorithm does not penalize participants for trying to validate blocks more than once or for low activity times as other consensus algorithms usually do, since as long as the majority are honest, the system will work correctly, creating a increasingly inclusive and efficient ecosystem in which we can all be welcome.
This project encourages decentralization in all its aspects, and they even chose an auction mechanism for the distribution of tokens because they expected that the price of their native token would be decided by the market itself, an aspect that speaks highly of the transparency behind it. The scalability with Algorand is enormous and in recent months it has gained an important place in the ranking of cryptocurrencies with the highest market capitalization and with very high daily transaction volumes, making it a very successful project just 1 year after its launch.
Pros
- Users can participate in the consensus system by storing the cryptocurrency something in their wallets
- They have a wallet that can be downloaded only on Android devices for free
- Token holders can propose changes to the project for its successful evolution and can even decide how much it will cost
- The distribution of the Algo tokens were made in the form of IEO in binance in which the value of the assets was determined by the market itself.
- No need for large mining equipment or very powerful equipment to participate in algorant
- After the ALGO cryptocurrency was listed in coinbase, its price shot up by more than 400% and it is currently ranked 41st in the ranking of coins with the highest market capitalization
- Due to all its functionalities, the Algorand project is ideal to promote the development of defi applications or the execution of atomic transfers
Cons
- nothing negative to say
