Key persons: prof. Silvio Micali
Trading volume (24h): $422,211,655
CoinMarketCap rank: 19
Algorand (ALGO) general project description
Algorand (ALGO) has an exceptional academic background — founded by MIT professor Silvio Micali - cryptography pioneer, and Turing award winner. Most of the team is still affiliated with MIT. The project is a standalone blockchain that combines the PoS mechanism and Byzantine Agreement consensus with Verifiable Random Function to conduct fairly fast (around 1000 transactions per second) transfers while maintaining the highest levels of network privacy and security. Algorand project has developed two types of nodes — Relay nodes, responsible for the infrastructure and communication between the nodes, and Participation nodes — involved in voting and transactions validation.
Algorand has established partnerships with major universities.
Current state (ecosystem and partners)
ALGO (ALGO) has a wide range of features. Apart from the ability to write native smart contracts, the blockchain incorporates its own virtual machine function (Algorand Virtual Machine). An additional advantage (compared with the other blockchains) is the implementation of instant transfers — Atomic Swaps, as they were called by developers. This option allows a transfer to be made and acknowledged in the same blockchain, allowing the decentralized application functions to be utilized without any delays in execution time.
Future plans and development (roadmap)
After launching the core network and successfully implementing its core functions, the project team now focuses on developing the ecosystem and attracting new developers who will enable the project to fully realize its potential. The Algorand Foundation was set up for this purpose, focusing on the distribution of grants to various projects (about 100M ALGO tokens have been set aside for a period of three years). In addition, a decentralized collective protocol management programme was announced in the spring of 2021, with incentives for voting and code development (the incentive fund launched on October 1, 2021 and consisted of 60M ALGO tokens). By adopting such ambitious initiatives, projects can stand out from the competition and have a clear path for development and growth.