Algorand is a blockchain platform that seeks to create a transparent and borderless economy that allows anyone to achieve success by building on its decentralized, permissionless public blockchain. At its core, the platform structure offers simplicity, fast transactions, ease of usage and adoption with increased performance.
Algorand seeks to solve one of the blockchain industry’s biggest challenges by providing a platform that is not only fast, but scalable and without sacrificing decentralization.
The team behind Algorand knows that in the absence of a scalable solution, mass adoption is impossible. This has already been shown with Bitcoin and Ethereum, which although popular, have failed to reach mass adoption because they are not fast enough for the modern economy.
However, decentralization and security cannot be sacrificed for the sake of scalability. All three are important for the blockchain platform to run successfully, and Algorand aims to make all three available, becoming the long sought solution to the Blockchain Trilemma problem.
In addition to this, Algorand will reduce the computational cost of transacting, ensuring the world get a scalable, decentralized platform where transaction fees are low.
The Algorand Network
Algorand uses a protocol that was designed for speed. Theoretically, the developers reached optimal efficiency by finalizing blocks within one round of voting.
This ensures every block gets instantly finalized which will lead to a dramatic increase in transactions per second that the network can handle. The launch of the mainnet provides the capability of handling 1,000 transactions per second with a latency of less than 5 seconds.
Since having speed but no security is useless, the Algorand network is designed to resist prolonged network partitions recovering very quickly, which ensures a number of potential real-world attack vectors are addressed. An attack on network level that restricts users from interacting on the network is called a network partition.
Regardless of the way a blockchain is designed, a network attack can always happen. Anytime an attacker has enough power to indefinitely maintain a network partition, no blockchain can be produced which effectively shuts the network down. The only way this can be resolved is to increase cost to the attacker until they are no longer able to hold.
The worst in these scenarios are Proof-of-Work blockchains. A PoW blockchain forms two separate chains with one in each partition. On closure of the partition, the lesser chain disappears, which removes all transactions from that side. Even worse, a network can be carried out on a particular protocol message, which makes it almost impossible to detect a network partition.
Algorand will be Listed on Atomars
Algorand (ALGO) has announced that it will be listed on Atomars on the 2nd of December and trading pairs will be: ALGO/BTC, ALGO/USDT, ALGO/TUSD, ALGO/USDC, and ALGO/PAX.
Atomars is a new digital assets trading platform on the cryptocurrency marketplace that is currently bridging the gap between fiat and cryptocurrencies. The Atomars platform is a fast, safe, secure and user-friendly platform that seeks to make trading easy for everyone. You can find any of the major cryptos like Bitcoin, Ethereum, USDT, Litecoin, Dash and more on the platform. They have a web and mobile app which makes it easy and fun trading on the go.