Algorand… The Best Crypto Nobody’s Talking About

Algorand seeks to solve the Blockchain trilemma. This entails creating a balance between the following three elements:

1. Decentralization: the network should not rely on a single point of control
2. Scalability: the blockchain should scale to accommodate a large number of users
3. Security: the system should be resilient to bugs, malicious attacks, and other problems

Algorand solves these problems using a protocol it calls pure proof-of-stake (PPoS). Full details can be found on the Algorand website.

Due to the lightweight nature of the protocol Algorand transactions are extremely fast and cheap. Here are some key statistics about Algorand transactions:

• Algorand transactions typically take less than 5 seconds to complete
• Transactions can be very small (as little as 0.0001 ALGO)
• Transaction fees are tiny at 0.001 ALGO (currently $0.0014)

These qualities make Algorand a prime candidate for creating a national or Central Bank Digital Currency. In fact, one country, the Marshall Islands is already using the Algorand network for its national digital currency, the SOV. I wouldn’t be surprised if others follow suit.

NFT

NFT’s (Non-fungible tokens) are a huge deal these days, with companies adopting them for many purposes. Algorand is a leading platform for NFTs, with Italy’s largest copyright agency (SIAE) rolling out NFTs representing authors’ rights on the Algorand blockchain.

In addition to being a leading platform for NFTs, Algorand also supports fractional NFTs enabling multiple people to co-own tokenized assets.

DApps

Finally, Algorand has first-class DApp support. Decentralized apps are a hot topic, and Algorand provides a web API along with SDKs for JavaScript, Python, Java, and Go. All extremely well documented with a thriving community.

Existing DApps on Algorand go from crowdfunding apps to voting, to a Covid tracker. The range is constantly expanding.

Source: https://medium.com/yardcouch-com/algorand-the-best-crypto-nobodys-talking-about-339f52e52870?source=rss——-8—————–cryptocurrency