A Borderless Economy giving Access to the Advantages the Financial World can provide.

INTRODUCTION

For ages, the world economy has been hampered with unnecessary and insoluble restrictions until technology took center stage. Cryptocurrency, an online exchange mechanism leveraging cryptographical functions and blockchain technology has undoubtedly transformed the world economy into a better phase.

Algorand’s Decentralization

The Algorand Foundation is fully focused on making Algorand a fully decentralized blockchain both in its voting power and distribution of nodes. It’s Relay and Participation Nodes remain public and unregulated and a variety of organizations from a wide range of technical and institutional backgrounds through several countries and continents have leveraged the network.

Algorand’s Scalability

Algorand’s public chain confirms transactions with latency in the order of one minute while being scaled to many users. Algorand ensures users can never have differing views on verified transactions, except when any of the users are fraudulent and the network is partitioned temporarily.

Algorand’s Security

One of the major focuses of blockchain projects is the security of the user’s funds. A place where users can safely transact, reserve assets of high value, and create trusted business applications. At both consensus protocol level and network level, Algorand retains protection from attacks all while securing user’s accounts.

Algorand Smart Contracts at Layer 1

A smart contract is an automated contract featuring written lines of codes of agreement terms between parties. Code and contracts operate over a decentralized blockchain system. Smart contracts enable the conduct of secure transactions and agreements by separate, anonymous parties with no need for a trusted intermediary. Most smart contract systems currently in existence are both unreliable and vulnerable.

Algorand Standard Assets (ASAs)

Algorand Standard Asset is a layer 1 function that enables users to display any asset on the Algorand network, whilst enjoying the same degree of safety and user-friendliness as the native Algo. With this cool feature, any asset can be digitalized on Algorand.

Atomic Transfers

Trading assets in traditional banking typically involves a reliable intermediary, such as an exchange or a bank, to ensure all parties achieve what they have agreed upon. On Algorand, this form of transaction is introduced as an Atomic Transfer within the protocol. This implies transactions that are part of the transfer are either successful or unsuccessful. Atomic transfers enable random people to exchange assets even without a trusted third party while ensuring each party receives what they have agreed upon.

Conclusion

When you refer to a borderless economy that requires something of interest to be exchanged between two or more individuals, whoever they might be, without the interference or congestion of financial networks or central authorities, you refer to the digital economy.

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