What is Algorand (ALGO)? How it works?

What is Algorand (ALGO)? How it works?

By PrisonedBus9641 | Cryptonews9641 | 2 Aug 2020


 

Algorand (ALGO) is a cryptocurrency network focused on payments and smart contracts that has a solid foundation in scientific research.

Supported by an educated and experienced team, Algorand has received many investments from some important entities and shows perspectives as a next generation cryptocurrency.

 

ALGO is the token of the Algorand Blockchain network. It plays a role of exchange and storage of value.

ALGO Token participates directly in the transaction consent and confirmation mechanism. ALGO is used to mine within Algorand's Blockchain network. The users' task is to specify whether the network status is Online or Offline.
In addition, ALGO can be used to reward developers participating in Algorand's Hackathon programs, competitions, campaigns to promote the Algorand community and the distribution network. ALGO is also a reward for forwarding nodes.

 

 

 

The decision to reach out to a large group of investors from around the world was used to prevent a single investor from having excessive control and encouraging development globally.

Algorand wants to improve the basis of the current blockchain paradigm to provide what will be the most suitable initial layer for the future of the blockchain. It plans to do this with an improved Proof-of-Stake model.

 

The whole team is led by removing the technical obstacles behind the growth of the blockchain: scalability, lack of decentralization and security. These are seen as the main obstacles that prevent the blockchain from progressing.

The probability of hard fork on the Algorand blockchain is reduced, so each block is actually finalized at the time of validation. Furthermore, there are no monetary incentives to resolve the blockages.

The team plans to use the platform as a payment system, but the network also supports smart contracts.

 

 

 

 

 

 

 

 

 

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PrisonedBus9641
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