Algorand is a scalable proof of stake blockchain that is looking to bring decentralized applications mainstream. Investors now have the ability to invest in Algorand (ALGO) within their iTrustCapital Crypto IRA retirement account.
Algorand is a proof-of-stake blockchain protocol that is highly scalable for developers to build decentralized applications on it. Its name is derived from the words Algorithmic Randomness, and it aims to resolve the inefficiencies of popular proof-of-work projects like Bitcoin and Ethereum.
Algorand leverages unique features from decentralized and centralized blockchains to deliver an innovative blockchain network. Its blockchain network is efficient and scalable like a centralized platform, and the integrated governance model promotes a more formalized coin voting governance style.
Algorand was founded in 2017 by Silvio Micali, a professor of computer science at the Massachusetts Institute of Technology (MIT). Micali enjoyed a successful career winning the Turing award and Godel Prize.
He is also a renowned cryptographer and was critical in helping develop privacy coins and zero-knowledge proofs. Micali developed Algorand as an innovative limitless transaction protocol that claims to solve the blockchain Trilemma of decentralization, scalability and security.
Micali heads the Algorand team that includes members from academic, financial, and tech backgrounds globally.
Algorand has been slow to grow its developer ecosystem due to a lack of significant grassroot developer adoption. Its blockchain network has been adopted by businesses to some degree including Circle, Archax, and Island nations like the Marshall Islands.
The Marshall Island uses the Algorand blockchain to power its digital currency, enabling residents to make fast and efficient transactions. Instimatch, a payment company, has deployed Algorand within its system to provide financial services for its growing client base. Music distribution company Ditto has also used Algorand for parts of its Opulous program, aiming to create fair opportunities for musicians.
Algorand has a slowly growing DeFi ecosystem with more DeFi protocols taking advantage of the low transaction fees and easy-to-use smart contracts to develop financial products. This includes NFT’s and other exciting decentralized applications.
Algorand’s uniqueness is centered primarily around being scalable and permissionless.
The Algorand blockchain tries to solve scalability while still being decentralized. The blockchain randomly selects a committee of users to approve every block during transactions. As a result, validators on the Algorand network are diverse and located in different locations globally.
Algorand blockchain is a public blockchain protocol, which means that anyone can build applications on the blockchain. There are no requirements to join, and every participant can view transactions on every block created. Algorand has also made a blockchain infrastructure that requires minimal processing power, and anyone with modest computer specifications can join to become node validators.
The Algorand ecosystem is powered by its native token ALGO. ALGO has a maximum supply of 10 billion, which is slowly given out to stakers as incentive for securing the network.
The ALGO token is specifically designed to be used as the security mechanism for securing the blockchain itself, through its Proof of Stake consensus mechanism.
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