DISRUPTING THE BLOCKCHAIN 3.0 INNOVATIVE FUNCTIONS UNTO DAPPS.
The revolution of blockchain is not going to happen from outside the system; it’s going to happen from within the system. - Brad Garlinghouse
Hello friends out there. I think everything is going fine with you! Just as always, I love coming up with the potential and well analyzed blockchain based projects, I have been on research and today I’m here to share with you the outcomes of my latest researches at no cost, lol. All you have to do right now is to sit back and enjoy visiting my page for you are just about to learn more of new things! The pleasure is mine…
During the last decade, a huge growth and adoption were recorded in the Blockchain technology from a Bitcoin to over 5,000 cryptocurrencies that we are having in the market of today. Also, at present, blockchain technology is being applied to various industries/sectors where decentralized platforms are one of them, working in totality and dependent on the blockchain tech.
The point is this; Blockchain Tech has been able to prove to the whole world as a successful and very useful technology for this Generation and for even the next to come. In fact, blockchain technology has no limits to growth and that is why we say “Blockchain is Not the Future, It’s The Present!”
The history of blockchain are being categorize into;
i. Bitcoin brought to us the Blockchain 1.0,
ii. Ethereum brought to us the Blockchain 2.0.
I found a nice content on what the Blockchain 2.0 entails, click here to visit the page. You can read through it…
iii. Currently, we many blockchain projects that are subscribing to the Blockchain 3.0 technology.
The Blockchain 3.0 is an upgraded version of Blockchain 2.0, which has been designed to increase technology capabilities, solve existing problems, enabling faster, cheaper and more efficient transactions that enhances scalability. This is leading me to introduce you to an innovatory platform that is using the upgraded technologies coupled with the Blockchain algorithm to solve real life problems.
Algorand is the World’s first open source, permissionless, pure PoS blockchain protocol dedicated to removing friction from financial exchange. Algorand stands out from other high performance blockchains by the credibility of its founder, Silvio Micali, a Turing Award winner, MIT Professor, cryptography expert, co-inventor of probabilistic encryption, co-inventor of zero-knowledge proofs, and co-inventor of Verified Random Functions. The Algorand transaction throughput does competes with traditional financial and payment systems.
Algorand removes the 3 main technical barriers that had for years undermined mainstream blockchain adoption, which are decentralization, scalability, and security. Many have called Algorand as “Blockchain 3.0”, for it solves the most popular problems of Bitcoin that is called scalability even as it maintains decentralization and security. Algorand’s Byzantine agreement protocol is highly efficient to the point that it reaches consensus on a new block as fast as the block can be propagated throughout the network. The Algorand protocol scales to billions of users and sustains a high transaction rate without the participating users having to pay an additional cost.
This will take us to the underlying architecture of Algorand and how the whole process works:
In order to solve these three (3) problems, the Algorand network has two types of nodes that simultaneously optimize decentralization and improves transaction throughput. They are;
i. Relay Nodes: These nodes serve as central network hubs that maintain connections to many other nodes. Relay nodes have high-bandwidth network connections allowing for highly efficient communication paths and ultimately reducing the number of hops in communication. They are able to achieve this by accumulating protocol messages from participation nodes and other relay nodes connected to them, performing signature checks, de-duplication, and other validation steps. After these are done, then they will re-propagate the valid messages. Relay nodes are also often located at internet exchange points to decrease propagation time. Anyone can run a relay node.
ii. Participation Nodes: The nodes in this category are connected to much fewer nodes, most of which are relay nodes. They represent an address’ stake and hold participation keys for proposing and voting on blocks within the consensus algorithm. Anyone may host participation nodes.
In order to ensure the security of the network, it is necessary to have relay nodes be both diverse and decentralized. Some organizations have volunteers to run relay nodes from network launch. In an effort to ensure true decentralization, these organizations will represent a wide array of technical, political, and geographical backgrounds while also offering unique strengths and expertise.
The node operators do well to bring on board their respective resources, strengths, and perspectives to the network. The organizations running nodes from network launch include universities, nonprofits, members of the cryptocurrency ecosystem, and traditional financial and internet infrastructure providers. The beliefs of these organizations is that every single human being should be able to both freely and fairly participate in the borderless economy. This contingency of relay node operators results in a highly resilient distributed network from network genesis.
Geographical distribution is the easiest axis to picture and arguably the most important. Relay nodes must exist in many different countries across different continents. Within these boundaries, they should be located at key internet exchange points in close proximity to most of the world’s population and financial centers.
A smart contract is a self-executing contract with the terms of the agreement between parties directly written into lines of code. The code and the agreements exist across a distributed, decentralized blockchain network. Smart contracts permit trusted transactions and agreements to be carried out among disparate, anonymous parties without the need for a trusted third party. Many existing smart contract platforms are both inefficient and insecure.
WHY ALGORAND LEADS WHEN OTHERS FOLLOW:
Briefly discussed below are the 7 salient benefits of this great platform, ALGORAND:
- Algorand offers a suite of products by implementing scalability solutions to integrating security features into DApps.
- Algorand is developing smart contracts that are more scalable and secure form of a smart contract.
- Algorand is fully decentralized. A consensus is needed for every decision and this is also subject to the will of the majority. All transactions are treated equally, no matter the size.
- Algorand uses a Byzantine Consensus-based protocol.
- Algorand selects a node randomly by its stake to create a new block. Individuals that are randomly selected then vote on the new block. This method is fast, secure, trustless, highly scalable and without miners.
- Algorand transactions are confirmed in less than 5 seconds, and transferred money is available immediately.
- Token distribution at Algorand is by a unique approach of Dutch Auctions.
The upgrade of Algorand to 2.0 has brought to its entire community 3 great and lucrative features. One of these features is called Algorand Standard Asset (ASA) which brings about easy token creation and issuance directly on the Algorand main chain. ASA supports a wide range of tokens, such as fungible tokens and also non-fungible tokens. Algorand’s implementation of tokenized assets is directly on the protocol layer (“Layer 1”), allowing for direct access to assets with maximum security. This is a significant advantage over Layer 2 Scaling which requires payment channels in order to operate.
With Algorand, I can boldly say that the era of a decentralized, borderless economy is here, it’s really a Next Generation blockchain and a revolution to the whole blockchain ecosystem at large. Having Algorand, we can now build on a stable DApp that we can comfortably be trusted!
CONCLUSION
I’m pretty excited to let you that the Algorand provides an easy to use mobile wallet which has version for Android and iOS respectively. https://www.algorand.com/wallet. A very popular cryptocurrency wallet called Coinomi also supports ALGO tokens and can be used as a desktop wallet even on PC. It won’t also be out of place to inform you that Algorand is not just a new project that is trying to raise fund as it is truly an interesting and exceptional project in which its native token, ALGO is serving numerous aspects as their use cases and is doing amazingly well on the CoinMarketCap https://coinmarketcap.com/currencies/algorand/. As of the time of writing this content, Algorand has a market capitalization around $112 million, according to CMC, with a daily volume of over $71,000,000 and it is ranking 45th among the cryptocurrencies in the market. The team at Algorand has in place fantastic business models which are already in operations. Do yourself good today by joining our community at Algorand as we are truly the moving-train blockchain project, we are standing for;
(i) Scalability,
(ii) Decentralization, and
(iii) Security.
PARTNERS
Get connected and familiarize yourself with the Algorand project using the following resource links:
