Just as the earth was created with borders, countries having boundaries to avoid each other from trespassing into another’s privacy, law, rules, and right for the interest and betterment of their citizens or users. Here, Algorand block-chain enablement gives room for such actions to their users.
Algorand from research made is a Boston based open software company that is in a continuous process of building a border-less economy through the development of P-O-S (proof of stake) with its commitment to ongoing development.
The proof of stake is an enlightening consensus Algorithm that impacts greatly on the blockchain and the company makes utilization easy for its users in the system possible through the process of ensuring to reward its users with what is called financial stake in the network they contribute to.
The way people benefit from the use of other cryptocurrencies and block-chain, Algorand ensures all users benefit from every service they render. Algorand also creates reasons and purpose for the community to interact with each other which was their main focus to generate a bigger community. Details of minuscule transaction fees are incredibly low cost to execute which is shown by Algorand in order to create a remarkable imprint in the heart of their users and subscribers.
Many cryptocurrencies have been developed after bitcoin and the blockchain world keeps getting bigger.
Algorand creates a source of public blockchain-based on its consensus protocol that gives support to scalability and sustainability. As a community, Algorand shows details of its features to the public in order to create a familiar environment with each other. Through this unbeatable effort, ideal features like:
- Algorand standard assets,
- Atomic transfer, a Unique functionality that came into existence and ever since then, it has been an amazing and supporting moment to the users and community as a whole. Just as every enterprise has features and an area of interest as their speciality, it tends to showcase them to the world on what matters they can handle professionally and with diligence. Algorand software bases its speciality and features directly.
Just like the Algorand standard assets (ASA) it can be realized through the issuance of the token, Algorand solves the challenges and benefits core security. This makes it possible for the tokens and issuance of any kind of assets to be possible to the users. The Algorand standard assets in layer create this uniqueness and perfect functionality through quarantining the assets account of the users, creating flexible assets reserve models, and making a room for off-chain assets documentation.
In the business world, the ASA differentiator stands out to be fast among other operation and their output/information tend to be secure at both ends from piracy. There is also easy insurance for users who tend to invest in the community and need a secure place for his to ensure enterprise. Assets like’ in-game point, stable coin, loyalty, etc.’ can be called a fungible token i.e. you can easily see them, and they are also assessable.
During transaction through Algorand, many transactions are grouped so that all transactions in a set can be executed and if it’s not executed none will be executed. The Atomic transfer also offers low cost, fast and simultaneous transfer among multiple users such that every transfer provides solutions.
In a Unique functionality, the Algorand system gives a low cost for all token transactions made just as a bonus to its users to stir up their good works and build a better community. The most interest part is that the community supports all Algorand assets and allows the multi-party transfer and this cases that Algorand unique functionality gives to its users is the instantaneous settlement of complex arty/multi assets, instances of multi-lateral trade, an efficient fund matching and a decentralized exchange rate for the community.
What could be the key characteristics of Algorand?
The key characteristics of Algorand cannot be quantified to any measure in the block-chain system. Algorand block-chain uses properties for easy access to their protocol. Some keys found below has skillfully helped me, and they could be of help to you in the steady running of the Algorand and breached some ends that don’t seem to be realizable, they are listed below as:
- Fast agreement
In the community, there is a fast and reliable agreement between the users of the community and every action carried out. From the user to the end-users, there is free and quick access into the community with the agreement made by them which are usually binding and favourable to all participants.
users in the community can delegate their token to another and still be recovered at a later return and a room is given to everyone to air their view without being interrupted. Also, the community makes it easier for users to share what they have acquired or have as an avenue for free and fair choice.
- Low fork: profitability they say is a vital key for excellence and greatness. Here in Algorand, an amazing profit of the software to new blocks can be relied on by users. The users in the community benefit from the profits accrued to the use of the software. One can buy and share tokens at a lower and affordable rate to the end-users who need or wants to introduce it to others. Note that each user doesn’t have to necessarily look for a means on how to go through it, it is always made available once a request order is made
in the light of community, good governance can lead all users to a more profitable and amazing area of the world. Here, owners of the token can propose changes to its governance, determine or say what happens in the community and how it should be spear-headed thereby creating a decentralized system. Note that governance in the community comes up to be free and resolute to where it is not rigid to everyone but rather favours all.
- True decentralization
A decentralized country can be sure to be free from unnecessary misuse and unsupported information. The network validators in Algorand are not controlled by a few miners or validators set because it is the intention of the validators to see to it that the users can freely access what interests them in the community without obstruction.
- The transparency of tokens in Algorand
Transparency is the watchword of the Algorand platform as every data stored on the software is encrypted and time-stamped by default which ensures complete security and being immutable.
Block-chain community has created an avenue through which the system will flee from insecurity, and have strong scalability with a decentralized system. In as much as the system has become a fearful place, the benefit of the doubt should be given because where there is life, change surely will emerge through the strong mindset which is headed for transformation.
People are afraid to store up or save their token due to what another previous saving site and payment have made them go through. Many lost all their realized token all because of the promised that was made to them while others lost half of their investment due to the rate of increase in fraud activities. It’s ok to feel negative over such outcome because like an adage will always say ‘a fool twice, fool forever’.
Today, I bring us something that is worth the stress, time, and effort. A transparent and fast going channel through which, your savings, earnings, and tokens could be stabilized and saved for you. Algorand tokens are easily realizable and low at cost. We must note that the system allows owners that auction to buy tokens back to the system and through this means, it helps to reduced supply when demand falls through a medium known as the DUTCH AUCTIONS.
Those who auction, stand in an advantage to receive whatever they auction in the community. Furthermore, Algorand can now be bought in one of the crypto exchanges known as binance which grants its users free access in the crypto world. Users don’t have to strive to view, but through making Algorand an avenue to binance, the users can confidently explore the benefits in block-chain.
What can be built on Algorand?
Just like one who dreams of his/her future without a visible mapping and arrangement he/she might not be able to attain his/her desired goals. It is one thing to build up the software and another thing to commence operating in it. The software can only start its functions when one starts to develop it through intelligent thinking on what should be built to get the attention of the public. Well, in this case, Algorand makes it possible for everyone and anyone who knows how to build on their software but there are ideal and likeable qualities that the software would permit existing and should be built on the platform.
Just like an open decentralized system, Algorand has created the era of the decentralized economy for one to build what is attainable and would benefit the world. The software opens to users in the community who can code on Algorand as Java-script and java SDKs as more will be added over time. Coding can be done through REST APIs. Who says barriers cannot be broken? Just as a bad habit can be cut off, the emergence of Algorand broke the barriers of security, scalability, and decentralization.
Now it leaves one with the trust to build a safe, trusted, and stable platform to the point of introducing new members without the guilt or fear because they have embrace transparency and ability to deliver to the taste of their users. Their consensus model is permission-less and creates full transparency with blocks that are finalized in seconds.
Democratize finance/frictionless finance:
In the world of finance, many use the bank as their residing factor where they give in their life savings without interest. Just as you save and invest in banking affairs, one can do the same in the software. Algorand can release tools that it is working on to create a room where people can interact on their own fashion or business with the network. If it becomes successful, treasury bond will become the first tool at which Algorand can meet with its plan and because of the uniqueness of the software is amazing, Algorand was selected following the extensive market research as an underlying tech for marshal island, its upcoming digital currency was also selected through the protocol used.
For a century, the conservation of the use of blockchain has been in use where many are not well motivated to venture into and adopt it and the most faced challenges are the place if security and decentralized scalability. There is a piece of good news with the peace that will change your mindset and attitude towards blockchain.
The beauty behind this project is that in the aspect of finances, it helps you use the treasury bond as a process of handling your finance amicably. Algorand can release tools that it has to create a room where people can interact in their own fashion or business with the network. A number of real estates, financial services, organizations, and enterprise have been from the on-set leveraging on the Algorand decentralized secured mapped out plan to solve challenges that come their way and by so doing, you can engage your business into it and receive the better view you plan to achieve.
All in harmony, Algorand is a profitable investment and an answer to the challenges in the blockchain industry and with certainty, I can say that better change with Algorand will emerge as we keep sailing. Algorand has been working for several months on the multi-year program which will provide funding to projects building apps. I recommend the platform to business and small-scale enterprises in preparation to achieve success.
About the Writer
Chijamz is the Portharcourt Ambassador for Algorand, and also the CEO of chijamzacademy.