The Blockchain has become the technology of the future and is rapidly being adopted in the different sectors of the world.
The massive adoption of this state of the art technology is because of all the benefits which it carries and delivers to the systems using it.
Blockchain technology is now the next big thing in the entire digital space and still has the potential of improving the different systems, if given a little bit of a nudge.
THE BLOCKCHAIN 2.0 TRILEMMA
Currently, the present Blockchain 2.0 is confronted by the challenges of scalability, security and decentralization that is collectively called the Blockchain trilemma.
These listed features are the vital features of every Blockchain, as it needs to be scalable to make room for the improvement of any project built on it, without breaking down the entire system.
Full decentralization is also very important because every Blockchain needs to be beyond the control of a central authority, which will make it perfect as the technology of the future.
On the other hand, we can not emphasize the importance of security for blockchain. Total security is also very important in any Blockchain system, as it depicts the true meaning of the technology.
But sadly, the Blockchain trilemma means the achievement of some of these features of the Blockchain, at the expense of the others.
Do you know what this means?
Scalability would only be achieved on today's Blockchain by giving up security or decentralization, and vice versa. This obviously isn't perfect because without these features, the Blockchain is just an ordinary technology which cannot drive efficiency. Hence, there came the pressing need for a scalable, decentralized and secured blockchain that would put an end to the blockchain trilemma. This is where Algorand Ecosystem sets in to play.
ALGORAND PROTOCOL HAS EMERGED, TO INNOVATE THE BLOCKCHAIN INDUSTRY!
It is true that the Blockchain system is flawed and saturated with lots of limitations, but there are solutions which have come forward to help improve it. Interestingly, the Algorand solution is the best of them.
Algorand foundation has developed a better and an improved Blockchain known as the ALGORAND PROTOCOL!
The Algoran Protocol is an open source permissionless Blockchain that uses a superior consensus algorithm called the Proof-of-stake to make transactions seamless, secured and fast.
Algorand protocol is not like your regular Blockchain, as it addresses the problem of Blockchain trilemma that is affecting the current Blockchain technology.
HOW ALGORAND SOLVES THE BLOCKCHAIN PROBLEMS
This system, Algorand, achieves true scalability through the use of its Blockchain protocol with an open source feature that allows users to build and even improve their projects easily.
On Algorand, there is no need to break down the already built projects to start building from scratch again, as it can effortlessly be done without sweat. That is a big step to achieving scalability in this rapidly advancing Blockchain era.
Another milestone that has been made possible on Algorand is the security of the system.
It leverages unique security techniques such as a multi-signature algorithm and a proof of possession technique to ensure that absolute security is maintained in the system and that rogue key attackers are kept at bay.
Algorand even uses a fault tolerant security system and a sophisticated attack aversion method which creates no room for attackers to thrive on the system.
So you see? Algorand protocol is indeed a different kind of Blockchain.
Furthermore, complete decentralization is now in sight through the Algorand protocol.
The Algorand protocol is decentralized at its best, eliminating the possibility of a central system in charge of the different operations.
That is exactly how a centralized system operates, but the current Blockchain has been failing at this for so long, as a result of its inefficiencies, poor design and the Blockchain trilemma.
To process blocks, Algorand secretly and randomly pick users to approve the blocks. So the users are incharge of the unique system and they are not left at the mercy of some central authorities.
This system through its great technologies, design and techniques, has helped the Blockchain elude the trilemma seen in Blockchain 2.0, as it attains both scalability, decentralization and a great security.
By doing this, Algorand gives every system or business the opportunity to build and improve their projects with full security to protect the user's operations, in a decentralized way, without fear.
CONCLUSION
Algorand protocol will help take scalability to the next level and make the Blockchain trilemma a thing of the past.
It expands the benefits of the Blockchain technology and delivers an efficient tool to the global masses.
With Algorand solution in play, the digital system cannot go wrong as all the features of the Blockchain technology is well represented and once it is fully adopted, efficiency will be attained in every system.
RESOURCES ON ALGORAND ECOSYSTEM:
