![]() Most cryptocurrency projects find it very tasking to handle high numbers of transactions while ensuring network decentralization and security. Scalability is a major issue on most cryptocurrency blockchains. He is one of those who laid the foundations of modern cryptography. Silvio Micali has many awards and mentions his credit, most notably the Turning award (the highest award given to a computer scientists) because of major innovations built around his research in cryptography, zero-knowledge, secure protocols, and mechanism design. He works as a computer scientist at MIT Computer Science and Artificial Intelligence Laboratory, focusing his research on cryptography and information security. Silvio Micali, a graduate of mathematics at the La Sapienza University of Rome and a PhD degree holder in computer science from the University of California, Berkeley, founded Algorad. These features successfully attracted quite a large number of venture investors to early private sales of ALGO conducted to fund the project’s growth. Provided 2/3 or the majority is honest the protocol is good to run. Attempts by a minority of the money are outrightly impossible, and cheating by the majority stupid. ![]() Instead of punishing bad actors, Algorand opts to make cheating unattractive. This essentially means there is no sanction mechanism like in the Delegated Proof-of-Stake or Liquid Proof-of-Stake. In Algorand’s consensus algorithm known as Pure Proof of Stake, the security to the network is tied to the majority’s honesty. It seeks to expand the use cases by accelerating transaction speed, reducing the transaction time and redesign security in a decentralized manner.Īlgorand is unique in that it distributes the ALGO cryptocurrency it introduces into its economy with each new block to everyone who holds a certain amount of the currency in its wallets, further allowing users to create smart contracts and tokens for both new and existing assets.Īlgorand aims to solve the three main problems faced by blockchains today, known as the blockchain trilemma: security, scalability, and decentralization. Officially launched in 2019, Algorand is a disruptive project that seeks to question how cryptocurrencies have been traditionally designed. How are Rewards Distributed on Algorand?. ![]()
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