Algorand is among several emerging projects seeking to broaden the possibilities of using cryptocurrency by accelerating the speed of transactions and decreasing the time it takes for transactions to be considered final on the network.
The company is scheduled to launch in 2019. Algorand aims to attain these characteristics through actions thatthat contrast to how cryptocurrencies were traditionally designed.
The essential thing to note is the fact that Algorand distributes the ALGO cryptocurrency that it incorporates into its economy each block to anyone who has an amount of cryptocurrency in its wallets.
Algorand also allows users to build Smart contracts (programmatic agreements that allow for the development of decentralized applications) and tokens that represent both existing and new assets.
The company’s features developed by the company succeeded at attracting a range of venture capitalists to the first public sales for ALGO that were conducted to finance ALGO’s development.
Also Read: NEM Facts
Who came up with ALGO?
Algorand was developed by a Computer scientist and Massachusetts Institute of Technology (MIT) Professor Silvio Micali. Algorand is perhaps unique in that it was created by an academic who had already established a prestigious career prior to the launch.
Micali For instance, Micali was the winner of an award in 2012. Turing Award, a notable recognition in the field of computer science. This is due to his work with coworker Shafi Goldwasser.
In the words of the Association for Computing Machinery that confers the honor each year, Micali is credited with making cryptography a “precise science” by establishing the basic concepts of the fundamental building blocks that comprise the subject.
Also Read: Neo Facts
Micali was to co-author her Algorand white paper with Stony Brook University professor Jing Chen in 2017. Other academics and cryptographers wrote this fundamental work in papers posted at the site of the initiative’s main website.
This project is supported with the help of the Algorand Foundation, an organization based in Singapore that was established to develop the technology. It was awarded the allocation of ALGO tokens to support its work.
What is the reason Algorand has worth?
Algorand is a new public blockchain, meaning its novel technology has not yet seen much testing under real-world market conditions.
The users could find the ALGO cryptocurrency useful if they believe that Algrorand’s technical features could make it a good choice to be the cryptocurrency preferred by developers seeking to create and develop new kinds of decentralized apps.
Also Read: Tezos Facts
Investors might also view Algorand as a possible component of a portfolio of cryptocurrency investments if they think it is the proof of stake Blockchains that reduce the cost of participation in the Blockchain’s operations will be more effective in the marketplace.
The Algorand Foundation, the non-profit organization that oversees and funds the creation of the protocol, states that it is unlikely that 10 billion units worth of ALGO cryptocurrency will ever be produced.
Algorand has an explorer of blocks, which keeps a count of its supply.
Also Read: ZCash Facts
A distribution schedule and distributions, which the foundation anticipates completing within five years after the date of launch of the protocol The schedule is below:
Overall Token Distribution:
Estimated algorithms to be introduced into circulation (initially through auction) within the initial 5 years
Participation rewards estimated (distributed over time)
Relay node runners (distributed over time)
Algorand Foundation & Algorand, Inc.
End-user grant (distributed across time)
The Algorand Foundation has also published further details on how payouts are handled and when customers can expect to receive new money for taking part in the Blockchain.