A lπk into the #Algorand Blockchain
π Historic Overview & Team
π± How it Works / Specs
πͺ Market Cap, etc.
π» Ecosystem Review
π Historic Overview & Team
π± How it Works / Specs
πͺ Market Cap, etc.
π» Ecosystem Review
π
Algorand is a 2-tiered, public blockchain founded in 2019 by Dr. #SilvioMicali. The grandfather of #cryptography, and co-inventor of zero knowledge proofs.
Additionally, technical leads John Wood & Dr. Dan Boneh support & contribute to its growth.
Algorand is a 2-tiered, public blockchain founded in 2019 by Dr. #SilvioMicali. The grandfather of #cryptography, and co-inventor of zero knowledge proofs.
Additionally, technical leads John Wood & Dr. Dan Boneh support & contribute to its growth.
π
Algorand launched to solve the #trilemma, a theory that believes a blockchain can only have 2 of 3 -- Decentralization, Security, and Scalability.
Algorand launched to solve the #trilemma, a theory that believes a blockchain can only have 2 of 3 -- Decentralization, Security, and Scalability.
π±
Algorandβs native token is an $ALGO. Their cryptocurrencies are considered Algorand Standard Assets. Their virtual machine is referred to as the Algorand Virtual Machine (AVM).
Algorandβs native token is an $ALGO. Their cryptocurrencies are considered Algorand Standard Assets. Their virtual machine is referred to as the Algorand Virtual Machine (AVM).
π±
Algorand uses a Pure Proof of Stake (PPoS) consensus mechanism. PPoS is democratized PoS consensus with a low minimum staking required to participate (1 $ALGO to be exact).
Let's dive deeper...
Algorand uses a Pure Proof of Stake (PPoS) consensus mechanism. PPoS is democratized PoS consensus with a low minimum staking required to participate (1 $ALGO to be exact).
Let's dive deeper...
π±
Consensus refers to the way blocks are selected confirmed on to the blockchain. Algorand uses Verifiable Random Functions (VRF). Validator nodes are selected at random.
βοΈFun Fact: Dr. Micali is one of the firsts to propose VRF to the world in 1999
Consensus refers to the way blocks are selected confirmed on to the blockchain. Algorand uses Verifiable Random Functions (VRF). Validator nodes are selected at random.
βοΈFun Fact: Dr. Micali is one of the firsts to propose VRF to the world in 1999
π±
The PPoS consensus mechanism utilizes a two-phase block one for proposing and the other for voting.
Any member of the network can participate in the proposing and voting procedure by staking $ALGO and generating a valid participation key to become a Participation Node.
The PPoS consensus mechanism utilizes a two-phase block one for proposing and the other for voting.
Any member of the network can participate in the proposing and voting procedure by staking $ALGO and generating a valid participation key to become a Participation Node.
πͺ
Now some numbers as of 10.02.22
Market Cap: $2,468,061,567
Unique Wallets: 23.5+ Million
Transaction Fees: 0.001 $ALGO
TPS: 6,000 / 4 seconds
Now some numbers as of 10.02.22
Market Cap: $2,468,061,567
Unique Wallets: 23.5+ Million
Transaction Fees: 0.001 $ALGO
TPS: 6,000 / 4 seconds
π»
Native Languages are Teal, and pyTeal. Low Level Languages for developers to write smart contracts, and build applications.
You can also use other languages like @reachlang to write your applications, or SDKs.
Most Auditing firms offer code review for Algo DApps.
Native Languages are Teal, and pyTeal. Low Level Languages for developers to write smart contracts, and build applications.
You can also use other languages like @reachlang to write your applications, or SDKs.
Most Auditing firms offer code review for Algo DApps.
π»
Top Projects on Algorand by category
(in no particular rank)
π°DeFi:
@HumbleDefi
@tinymanorg
@algofiorg
@folksfinance
Top Projects on Algorand by category
(in no particular rank)
π°DeFi:
@HumbleDefi
@tinymanorg
@algofiorg
@folksfinance
π»
π¨Entertainment:
@FIFAcom Limited Edition NFTs
@ZestBloom The only multi-chain NFT aggregator with built in Machine Learning
@Dequency_io The only A-synch music licensing app
@RandGallery NFT marketplace
@shuflalgo News & NFTs
π¨Entertainment:
@FIFAcom Limited Edition NFTs
@ZestBloom The only multi-chain NFT aggregator with built in Machine Learning
@Dequency_io The only A-synch music licensing app
@RandGallery NFT marketplace
@shuflalgo News & NFTs
π»
π€Ecosystem review...
I, @nftmami, have spent a few months in the Algorand ecosystem, and I have had the opportunity to get to know the NFT community, DeFi ecosystem, the builders, and a few other aspects that makes it up. Here are my thoughts...
π€Ecosystem review...
I, @nftmami, have spent a few months in the Algorand ecosystem, and I have had the opportunity to get to know the NFT community, DeFi ecosystem, the builders, and a few other aspects that makes it up. Here are my thoughts...
π»
The NFT collectors on the Algorand ecosystem are few but mighty. The community interacts regularly on discord and on CT. Via spaces, or comment threads.
The collections are released in smaller portions due to Algorand's Asset standards and limitations.
The NFT collectors on the Algorand ecosystem are few but mighty. The community interacts regularly on discord and on CT. Via spaces, or comment threads.
The collections are released in smaller portions due to Algorand's Asset standards and limitations.
π»
Emphasis on scarcity amongst collections that stay small. The art among the NFTs varies in style, but many keep the animal theme, and Profile Picture utility as the main use case.
Emphasis on scarcity amongst collections that stay small. The art among the NFTs varies in style, but many keep the animal theme, and Profile Picture utility as the main use case.
Gaming on Algorand is still in development.
Some to keep a lookout for are @playalloy, @FracctalLabs, @polynize
Some to keep a lookout for are @playalloy, @FracctalLabs, @polynize
Some recent news includes its recent release of State Proof. Up next is its implementation of Box Storage.
I am curious to learn how the foundation will continue to push for projects to build on Algorand. Also curious to learn how the grant ecosystem works, currently they just seem to have a few emails you can send your ideas to, but no proper forum or proposal form.
Algorand Consensus 
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