Algorand is a blockchain project developed by MIT professor, Gödel Prize winner, Turing Award winner Silvio Micali. The project successfully raised a $4 million seed round from investors including well-known VCs Pillar and Union Square Ventures.
Algorand does not introduce an incentive mechanism or issue digital cryptocurrencies. The project itself has a broad market space. It improves the efficiency of the blockchain and expands the area through technological innovations such as BA*'s consensus mechanism and cryptographic lottery. The application prospect of blockchain enjoys a high reputation in Silicon Valley.
What is Algorand’s Vision?
Algorand is building a decentralised blockchain network that is secured globally with easy implementation for all types of users. Algorand hopes to provide a tool that eliminates barriers for anyone to enjoy a safe internet.
Algorand's core algorithm
1. Cryptographic lottery algorithm, this algorithm is used to ensure that the members of the consensus committee participating in the consensus are nearly completely random;
2 . BA* algorithm, which is run by members of the consensus committee to produce the blocks that should be packaged this time.
Advantages of the Algorand project
The block generation time is only two steps when everyone is a benign user. If any malicious user attempts to tamper with the information, five steps are required. Even so, the time to generate a block is fixed (a few minutes). Here, all users don't need to sync their time, they just need to get work done within their own time frame and ensure that each user's time passes at the same rate (one second in New York and one second in Japan). the same length of seconds).
The protocol is formulated that no two benign users can agree on two different messages. So only one message can be true if someone tries to double spend. In theory, he can open a new block containing wrong information and extend the broadcast time of the previous block to an infinite length, but subject to the restriction of the first rule, the generation time of each block is fixed and after passing In the five-step method that will be introduced, any malicious forks will be killed.
Double spend attack (double spend attack), this term appeared when introducing the 51% attack. Just looking at the Chinese name may be misunderstood because of the multiple meanings of Chinese, but the English name clearly expresses the meaning. A double-spend attack is when a sum of money is spent twice, which can also be called a double-spend attack.
If a fork is forced, the new fork will be eliminated by the five-step method, and then the whole network will zero the wasted time of the fork and start over.
Where to store ALGO?
Algorand is based on its Algorand blockchain network, thus you would need a wallet that supports it. Some of the wallets that support Algorand are Pera Wallet and MyAlgo Wallet.
