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