Overview

  • Country USA
  • CategoryFinance/ Cryptocurrency

Algorand is a scalable, secure and decentralized digital currency and transactions platform.

Project stage

Only a whitepaper

Detailed description

Algorand is a truly democratic and efficient way to implement a public ledger. Unlike prior implementations based on proof of work, it requires a negligible amount of computation, and generates a transaction history that will not “fork” with overwhelmingly high probability.

Algorand is based on (a novel and super fast) message-passing Byzantine agreement.

Problem

Bitcoin’s Assumption and Technical Problems:

Assumption: Honest Majority of Computational Power Bitcoin assumes that no malicious entity (nor a coalition of coordinated malicious entities) controls the majority of the computational power devoted to block generation. Such an entity, in fact, would be able to modify the blockchain, and thus re-write the payment history, as it pleases. In particular, it could make a payment ℘, obtain the benefits paid for, and then “erase” any trace of ℘.

Technical Problem 1: Computational Waste Bitcoin’s proof-of-work approach to block generation requires an extraordinary amount of computation.

Technical Problem 2: Concentration of Power Today, due to the exorbitant amount of computation required, a user, trying to generate a new block using an ordinary desktop (let alone a cell phone), expects to lose money.

Technical Problem 3: Ambiguity In Bitcoin, the blockchain is not necessarily unique.

Solution

Permissionless and Permissioned Environments
Algorand works efficiently and securely even in a totally permissionless environment, where arbitrarily many users are allowed to join the system at any time, without any vetting or permission of any kind. Of course, Algorand works even better in a permissioned environment.

Very Adversarial Environments
Algorand withstands a very powerful Adversary, who can:

  • Instantaneously corrupt any user he wants, at any time he wants, provided that, in a permissionless environment, 2/3 of the money in the system belongs to honest user
  • Totally control and perfectly coordinate all corrupted users
  • Schedule the delivery of all messages, provided that each message m sent by a honest user reaches 95% of the honest users within a time λm, which solely depends on the size of m.

Features

Scales to billions of users
For each block of transactions, Algorand randomly selects a small, one-time group of users in a safe and fair way. To protect them from attackers, the identities of these users are hidden until the block is confirmed. The size of this group remains constant as the network grows.

Secure
Any currency representing a significant fraction of the world’s money will be attacked at the user level, the protocol level, and the network level. Algorand remains secure in the face of attacks.

No computational waste. Low transaction costs
Confirming transactions with Algorand does not require solving cryptographic puzzles. The consensus protocol is both computationally and energy efficient, which keeps transaction costs low. With no heavy lifting, even small players can transact.

No forks. Fast and final
Transactions are confirmed within seconds, and transferred money is immediately available.

No censorship. Transaction neutrality
Algorand is truly decentralized. Every decision is reached by consensus and represents the will of the majority. All transactions are created and treated equally, regardless of size.

Frictionless evolution
Algorand’s unique consensus protocol allows the system to evolve and meet the future needs of the community, whether those changes are technical or monetary, without hard forks.

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Additional links

  • Token details

    • Token symbol ? Token symbol — a shorten token name. It is used during an ICO and after the coin listing at the cryptocurrency exchanges. : ALGORAND
    • Fundrasing target ? Fundraising target — the maximum amount of funds to be raised during an ICO. When it is reached, the developers stop selling the tokens because they do not need to raise more money for the project development. : NA
    • Token type ? Token type — a platform for a startup launch that influences the stability of blockchain operation, the speed of transactions and the fees. :Own blockchain ()
    • Soft cap ? Soft cap — the minimum amount of funds to be raised for the project development. Sometimes when the soft cap has not been reached, the money is returned to the participants. : NA
    • Role of token ? Role of Token — type of token depending on the opportunities it offers to its owner. Utility tokens give their owners a right to use the project services, security tokens are aimed at bringing profit, and currency tokens are a money substitute. :Currency token
    • Total supply ? Total supply — a total amount of tokens that will be released by the developers. :NA
    • Escrow agent ? Escrow agent — a qualified agent who has the right of signature in a multisig wallet. An escrow agent participates in an ICO, monitors the financial operations of the developers and confirms their fairness. :No
    • Tokens for sale ? Tokens for sale — the number of tokens offered to the participants of an ICO. :NA
    • Whitelist ? Whitelist — a list of participants, who get an opportunity to buy tokens. To be whitelisted, you need to register on time because the number of participants and the registration period are usually limited. :Whitelist N/A
    • Additional emission ? Additional emission — an additional release of tokens. It can be done once after the crowd sale or on an ongoing basis. In the projects with a limited emission there is no additional emission. :No
    • Exchange listing ? Exchange listing — an assumed date when the token will be listed at a cryptocurrency exchange. The developers usually indicate it in a roadmap and a white paper. :NA
    • Accepting currencies ? Accepting currencies — cryptocurrencies and fiat currencies that can be used for buying the project tokens. :NA
    • Can't participate ? Can't participate — the countries where it is prohibited to buy tokens. These can be countries where ICOs are prohibited altogether, or countries that have the requirements that a particular project does not meet. :No
    • Know Your Customer (KYC) ? Know Your Customer — a verification procedure for ICO participants, during which the developers can ask for personal data, a photo and a scanned copy of a passport of a potential investor. :No
    Get details
  • Token and Funds Distribution

    Token distribution date

    NA

    Unsold tokens

    NA

Sale schedule

Round Token Price Bonus Min / Max Purchase Soft Cap Hard Cap
Public sale — Soon
Start Soon
NA No - Uncapped Uncapped
  • Team

    • Silvio Micali photo
      Silvio Micali
      Research & Development
    • Naveed Ihsanullah photo
      Naveed Ihsanullah
      Research & Development
    • Nickolai Zeldovich photo
      Nickolai Zeldovich
      Research & Development
    • Jing Chen photo
      Jing Chen
      Research & Development
    • Sergey Gorbunov photo
      Sergey Gorbunov
      Research & Development
    • Rotem Hemo photo
      Rotem Hemo
      Research & Development
    • Georgios Vlachos photo
      Georgios Vlachos
      Research & Development
    • Derek Leung photo
      Derek Leung
      Research & Development
    • David Shoots photo
      David Shoots
      Research & Development
    • Adam Suhl photo
      Adam Suhl
      Research & Development
    • Jamie Goldstein photo
      Jamie Goldstein
      Governance
    • Albert Wenger photo
      Albert Wenger
      Governance
    • Steven Kokinos photo
      Steven Kokinos
      Governance
  • Advisors

    • Andrew Lo
      Economic Advisor
    • Christian Catalini
      Economic Advisor
    • Kenneth Rogoff
      Economic Advisor
    • Shafi Goldwasser
      Scientific Advisor
    • Costantinos Daskalakis
      Scientific Advisor
    • Vinod Vaikuntanathan
      Scientific Advisor
    • Maurice Herlihy
      Scientific Advisor
    • Naval Ravikant
      Cryptocurrency Advisor
    • Alessandro Chiesa
      Cryptocurrency Advisor
    • Joseph Bonneau
      Cryptocurrency Advisor
    • Jill Carlson
      Cryptocurrency Advisor

Roadmap

No information

Activity