I looked into #Avalanche#Elrond and #NEAR lately. pretty surprised how centralized they are compared to #Algorand. there's one pattern in L1s that makes you understand Algorand better /1
#Avalanche#Elrond#NEAR have like many L1s great engineers in their teams. the tech they provide is solid but and here comes the big difference to Algorand: complete lack of world leading cryptographers /2
I would go as far as to say Silvio and Shafi alone (just 2 members of Algorand) have invented more in cryptography than n L1 teams put together. and Algorand has more cryptographers at the Inc and Foundation all leading innovators /3
this explains why Pure Proof of Stake is unique (no delegation or bonding of stake, no minimum stake): the entire validator set is statistically sampled in 3 steps for every block: all done in secret. perfectly scalable participation and inclusion /4
and one thing is clear: we can expect much more groundbreaking cryptographic innovation from #Algorand. state proofs are a good example. engineers don't come up with this stuff. this needs cryptographers /5
#Algorand is working on a unique L2 solution for heavy smart contracts and a privacy layer. we can expect both to be first-class tech. the question is: what more? I don't know! but I do know what Silvio and his team are capable of /6
at the end of the day that's the competitive advantage of Algorand. will it be enough? nobody knows! I start to understand why Algorand can win pitches where serious CTOs look under the hood: the cryptography is world-class. you don't get a Turing Award for free!
/end
note: why did I call the other networks centralized relative to Algorand? look at the requirements to run a validator node: it's incredibly high! Algorand doesn't have a concept of minimum stake to participate in the 2 random committees to approve proposed blocks!
additional questions: how much does decentralization really matter? how much is "just enough?" what use cases deeply care about it as a priority? open questions! not even clear what use cases actually need a blockchain to begin with!
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two underrated "secret" powers of #Algorand:
✅ unprecedented team 🧠 power
✅ control of the tech stack
// a few words on that ⬇️
let's start with: "unprecedented team power"
at the end of the day #blockchain networks will be a boring platform for products built on them. technically speaking they will turn into lesser known backend protocols. this has major consequences:
1. nobody will care about the protocol 2. products need to choose the best tech 3. UX and capabilities will be all that matters
people want: faster, cheaper, more capable, more secure products
it will be a tech competition at the end of the day
you need to understand #Bitcoin#BTC first, to really understand #Algorand $ALGO 🎰 🎲 🤯
// a thread on why only randomness can bring decentralization and security in consensus
before we start: #Bitcoin $BTC and #Algorand $ALGO are completely different things: one is money, one is a high-tech digital asset and smart contract platform
El Salvador will be the first country that will introduce exactly that unique combo ✅